Innergex Renewable Energy (TSE:INE) Reaches New 52-Week High – Time to Buy?

Innergex Renewable Energy Inc. (TSE:INE) reached a new 52-week high during trading on Wednesday . The company traded as high as C$13.59 and last traded at C$13.58, with a volume of 827609 shares trading hands. The stock had previously closed at C$13.55.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on INE. National Bankshares lowered Innergex Renewable Energy from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from C$16.00 to C$13.75 in a report on Wednesday, February 26th. Cormark lowered their target price on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. TD Securities increased their price objective on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a report on Friday, February 21st. Raymond James cut shares of Innergex Renewable Energy from an “outperform” rating to a “market perform” rating and boosted their price objective for the company from C$11.50 to C$13.75 in a research note on Wednesday, February 26th. Finally, National Bank Financial lowered Innergex Renewable Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of C$11.59.

Innergex Renewable Energy Price Performance

The stock has a market capitalization of C$2.79 billion, a price-to-earnings ratio of -21.80, a P/E/G ratio of 20.61 and a beta of 0.36. The business has a 50-day simple moving average of C$10.07 and a two-hundred day simple moving average of C$9.38. The company has a quick ratio of 0.58, a current ratio of 0.56 and a debt-to-equity ratio of 620.44.

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.