Innergex Renewable Energy (TSE:INE) Shares Up 54.8% – Time to Buy?

Innergex Renewable Energy Inc. (TSE:INE) shot up 54.8% on Wednesday . The stock traded as high as C$13.53 and last traded at C$13.48. 10,662,261 shares changed hands 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.

Wall Street Analyst Weigh In

INE has been the subject of several recent research reports. Cormark reduced their price target on Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. TD Securities increased their price objective on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a report on Friday, February 21st. CIBC decreased their target price on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. Scotiabank dropped their price target on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. Finally, Raymond James decreased their price objective on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of C$11.63.

Innergex Renewable Energy Stock Up 54.8 %

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

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.