Innergex Renewable Energy (TSE:INE) Trading 54.8% Higher – Should You Buy?

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

Analyst Ratings Changes

A number of equities analysts have recently issued reports on INE shares. TD Securities raised their price target on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a research note on Friday. CIBC dropped their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. Scotiabank cut their price target on Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. National Bankshares lowered their price objective on shares of Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 11th. Finally, Cormark cut their target price on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of C$11.63.

Innergex Renewable Energy Stock Performance

The company has a quick ratio of 0.58, a current ratio of 0.56 and a debt-to-equity ratio of 620.44. The stock has a market cap of C$2.76 billion, a P/E ratio of -21.62, a PEG ratio of 20.61 and a beta of 0.36. The business has a 50 day moving average price of C$7.90 and a 200 day moving average price of C$8.82.

About Innergex Renewable Energy

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.