Innergex Renewable Energy (TSE:INE) Sets New 12-Month High – Should You Buy?

Innergex Renewable Energy Inc. (TSE:INE)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$13.59 and last traded at C$13.58, with a volume of 827609 shares. The stock had previously closed at C$13.55.

Analyst Upgrades and Downgrades

A number of analysts have commented on INE shares. 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. Scotiabank lowered their price target on Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. National Bank Financial lowered shares of Innergex Renewable Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 25th. Desjardins cut shares of Innergex Renewable Energy from a “buy” rating to a “tender” rating and decreased their price objective for the stock from C$14.50 to C$13.75 in a research note on Wednesday, February 26th. Finally, Raymond James downgraded Innergex Renewable Energy from an “outperform” rating to a “market perform” rating and lifted their price objective for the company from C$11.50 to C$13.75 in a research report on Wednesday, February 26th. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of C$11.59.

Innergex Renewable Energy Stock Performance

The company has a market cap of C$2.79 billion, a price-to-earnings ratio of -21.80, 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 moving average price is C$10.07 and its 200 day moving average price is C$9.38.

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.