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

Innergex Renewable Energy Inc. (TSE:INE)’s stock price shot up 54.8% during trading on Tuesday . 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 1,069% from the average session volume of 912,268 shares. The stock had previously closed at C$8.71.

Analysts Set New Price Targets

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

Innergex Renewable Energy Stock Up 54.8 %

The firm has a market capitalization 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 firm’s 50 day moving average is C$7.80 and its two-hundred day moving average is C$8.79. The company has a debt-to-equity ratio of 620.44, a current ratio of 0.56 and a quick ratio of 0.58.

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.