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

Innergex Renewable Energy Inc. (TSE:INE) shares traded up 54.8% on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.48. 10,662,261 shares traded 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 a number of recent analyst reports. Scotiabank dropped their price target on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. National Bankshares dropped their target price on Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating for the company in a research report on Tuesday, February 11th. TD Securities increased their price target 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 decreased their price target 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 objective on Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Trading Up 54.8 %

The firm has a market capitalization of C$2.76 billion, a P/E ratio of -21.62, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. The stock has a 50-day simple moving average of C$7.80 and a two-hundred day simple moving average of C$8.79. 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.