Innergex Renewable Energy (TSE:INE) Trading 54.8% Higher – Time to Buy?

Innergex Renewable Energy Inc. (TSE:INE) traded up 54.8% during mid-day trading on Wednesday . The stock traded as high as C$13.53 and last traded at C$13.48. 10,662,261 shares traded hands during 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 Analysts Forecast Growth

INE has been the subject of a number of research analyst reports. 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. 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 report on Tuesday, February 11th. Cormark cut their target price on Innergex Renewable Energy from C$10.00 to C$9.50 in a research note 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 note on Thursday, November 7th. Finally, TD Securities raised 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, February 21st. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Stock Up 54.8 %

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

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.