Innergex Renewable Energy (TSE:INE) Stock Price Up 54.8% – Time to Buy?

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

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Raymond James cut their target price on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a report on Monday. Cormark cut their price target on Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. TD Securities upped their price objective on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a research note on Friday. National Bankshares cut their target price on Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 11th. Finally, Scotiabank reduced their price target on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Innergex Renewable Energy presently has a consensus rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Trading Up 54.8 %

The company has a current ratio of 0.56, a quick ratio of 0.58 and a debt-to-equity ratio of 620.44. The stock has a market cap of C$2.76 billion, a price-to-earnings ratio of -21.62, a P/E/G ratio of 20.61 and a beta of 0.36. The company has a fifty day simple moving average of C$7.90 and a 200-day simple moving average of C$8.82.

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.