Innergex Renewable Energy (TSE:INE) Trading 54.8% Higher – Should You Buy?

Innergex Renewable Energy Inc. (TSE:INE)’s share price was up 54.8% during trading on Wednesday . The company traded as high as C$13.53 and last traded at C$13.48. Approximately 10,662,261 shares traded hands during mid-day trading, an increase of 1,052% from the average daily volume of 925,621 shares. The stock had previously closed at C$8.71.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on INE shares. CIBC cut their price target on Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. National Bankshares cut 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. TD Securities lifted their price target on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a report on Friday, February 21st. Cormark reduced their price objective on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. Finally, Raymond James lowered their target price on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of C$11.63.

Innergex Renewable Energy Stock Performance

The company has a debt-to-equity ratio of 620.44, a current ratio of 0.56 and a quick ratio of 0.58. The firm’s 50-day moving average price is C$7.90 and its 200-day moving average price is C$8.82. The stock has a market cap of C$2.76 billion, a P/E ratio of -21.62, a PEG ratio of 20.61 and a beta of 0.36.

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.