Innergex Renewable Energy (TSE:INE) Shares Up 54.2% – Still a Buy?

Innergex Renewable Energy Inc. (TSE:INE)’s stock price was up 54.2% on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.43. Approximately 8,219,709 shares changed hands during trading, an increase of 866% from the average daily volume of 850,833 shares. The stock had previously closed at C$8.71.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on INE. Scotiabank dropped their target price on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a 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 research report on Friday. National Bankshares reduced their price objective on Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating for the company in a research note on Tuesday, February 11th. CIBC cut their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. Finally, Raymond James decreased their price target on Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Innergex Renewable Energy has an average rating of “Hold” and an average target price of C$11.63.

Innergex Renewable Energy Stock Up 54.1 %

The firm has a market capitalization of C$2.75 billion, a price-to-earnings ratio of -21.52, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. 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 business’s 50 day moving average is C$7.80 and its 200-day moving average is C$8.79.

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.