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

Innergex Renewable Energy Inc. (TSE:INE)’s share price traded up 54.8% during mid-day 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 1,052% from the average session volume of 925,621 shares. The stock had previously closed at C$8.71.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on INE shares. Raymond James dropped their price objective on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. National Bankshares dropped their price target on Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 11th. Cormark reduced their price objective on Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. CIBC dropped their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. Finally, Scotiabank reduced their price target on Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Trading Up 54.8 %

The firm has a market capitalization of C$2.76 billion, a PE ratio of -21.62, a P/E/G ratio of 20.61 and a beta of 0.36. The firm has a 50 day simple moving average of C$7.90 and a 200 day simple moving average of C$8.82. 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.