Innergex Renewable Energy (TSE:INE) Sets New 52-Week High – Still a Buy?

Innergex Renewable Energy Inc. (TSE:INE) shares hit a new 52-week high on Tuesday . The company traded as high as C$13.53 and last traded at C$13.44, with a volume of 1715230 shares trading hands. The stock had previously closed at C$8.71.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on INE. Scotiabank dropped their price objective on Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. CIBC dropped their price target on Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. Cormark cut their price objective on Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. National Bankshares decreased their target price on Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating for the company in a report on Tuesday, February 11th. Finally, 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 research report on Friday. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Stock Up 54.0 %

The firm has a market capitalization of C$2.75 billion, a PE ratio of -21.51, a P/E/G ratio of 20.61 and a beta of 0.36. The company has a quick ratio of 0.58, a current ratio of 0.56 and a debt-to-equity ratio of 620.44. The firm’s 50 day moving average price is C$7.80 and its two-hundred day moving average price is C$8.79.

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.