Innergex Renewable Energy (TSE:INE) Shares Up 54.8% – Still a Buy?

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

Wall Street Analyst Weigh In

Several research firms recently commented on INE. National Bankshares reduced their target price on shares of Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating on the stock in a report on Tuesday, February 11th. Cormark lowered their target price on Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. Scotiabank dropped their target price on Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. TD Securities lifted 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, February 21st. Finally, Raymond James dropped their price objective on Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Innergex Renewable Energy has an average rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Price Performance

The stock has a market cap of C$2.76 billion, a PE ratio of -21.62, a P/E/G ratio of 20.61 and a beta of 0.36. The business has a fifty day simple moving average of C$7.90 and a two-hundred day simple moving average of C$8.82. The company has a current ratio of 0.56, a quick ratio of 0.58 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.