Innergex Renewable Energy (TSE:INE) Shares Up 53.8% – Still a Buy?

Innergex Renewable Energy Inc. (TSE:INE)’s share price rose 53.8% during trading on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.40. Approximately 7,428,104 shares traded hands during mid-day trading, an increase of 795% from the average daily volume of 830,219 shares. The stock had previously closed at C$8.71.

Analyst Ratings Changes

A number of brokerages have recently commented on INE. Raymond James cut their price target on Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. 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. CIBC decreased their price target on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. National Bankshares dropped their price target on shares of 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. Finally, TD Securities boosted 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 research note on Friday. 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 currently has an average rating of “Hold” and a consensus price target of C$11.63.

Innergex Renewable Energy Trading Up 54.1 %

The firm has a market cap of C$2.75 billion, a P/E ratio of -21.52, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. The firm has a fifty day simple moving average of C$7.80 and a 200-day simple moving average of C$8.79. The company has a debt-to-equity ratio of 620.44, a current ratio of 0.56 and a quick ratio of 0.58.

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.