Innergex Renewable Energy (TSE:INE) Stock Price Up 54% – Time to Buy?

Shares of Innergex Renewable Energy Inc. (TSE:INE) traded up 54% on Tuesday . The company traded as high as C$13.53 and last traded at C$13.41. 6,520,346 shares changed hands during mid-day trading, an increase of 814% from the average session volume of 713,440 shares. The stock had previously closed at C$8.71.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on INE. National Bankshares decreased 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 upped their price objective on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a report on Friday. CIBC lowered 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 cut their target price 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 lowered their price target 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 given a buy rating to the company’s stock. According to data from MarketBeat, Innergex Renewable Energy presently has a consensus rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Trading Up 54.2 %

The company has a current ratio of 0.56, a quick ratio of 0.58 and a debt-to-equity ratio of 620.44. The stock has a market capitalization of C$2.75 billion, a P/E ratio of -21.54, a P/E/G ratio of 20.61 and a beta of 0.36. The business’s fifty day simple moving average is C$7.80 and its two-hundred day simple moving average is C$8.79.

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.