Innergex Renewable Energy (TSE:INE) Stock Price Up 54.8% – Should You Buy?

Innergex Renewable Energy Inc. (TSE:INE) shares traded up 54.8% during trading on Wednesday . The stock traded as high as C$13.53 and last traded at C$13.48. 10,662,261 shares were traded during mid-day trading, an increase of 1,052% from the average session volume of 925,621 shares. The stock had previously closed at C$8.71.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on INE shares. Raymond James cut their price objective on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a report on Monday. Cormark decreased their price target on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. TD Securities boosted their price objective on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a research note on Friday, February 21st. Scotiabank cut their target price on Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. Finally, CIBC lowered their price target on Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Innergex Renewable Energy presently has a consensus rating of “Hold” and an average target price of C$11.63.

Innergex Renewable Energy Trading Up 54.8 %

The stock has a market capitalization of C$2.76 billion, a PE ratio of -21.62, a PEG ratio of 20.61 and a beta of 0.36. The company has a current ratio of 0.56, a quick ratio of 0.58 and a debt-to-equity ratio of 620.44. The business’s 50-day moving average is C$7.90 and its two-hundred day moving average is C$8.82.

Innergex Renewable Energy Company Profile

For over 30 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity, which led to Innergex being recognized as Canada’s best corporate citizens in 2023 by Corporate Knights. As an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world.