Innergex Renewable Energy Shares Surge 54.8% - Is It Time to Invest?

Innergex Renewable Energy Inc. (TSE:INE) experienced a remarkable increase of 54.8% in its share price on Wednesday. The stock reached a high of C$13.53 and ended the day at C$13.48. A significant trading volume of 10,662,261 shares was recorded, which is a staggering increase of 1,052% compared to the average trading volume of 925,621 shares. Prior to this surge, the stock had closed at C$8.71.

Analyst Opinions on Innergex Renewable Energy

Numerous research reports have been published regarding INE. Notably, Cormark adjusted their price target for Innergex Renewable Energy from C$10.00 to C$9.50 in a report released on January 30th. Similarly, TD Securities raised their price target from C$8.00 to C$9.00 while maintaining a "hold" rating in a report from February 21st. Meanwhile, CIBC lowered their target price from C$11.50 to C$11.00 in a note dated November 7th, and Scotiabank reduced their target from C$11.50 to C$10.50 in a report on January 30th. Additionally, Raymond James trimmed their price objective from C$13.00 to C$11.50 this past Monday. Currently, four analysts rate the stock as a hold, while three recommend a buy. As per MarketBeat, the stock holds a consensus rating of "Hold" with a collective price target of C$11.63.

Performance of Innergex Renewable Energy Stock

The company’s fifty-day simple moving average stands at C$7.90, while the 200-day average is C$8.82. Innergex has a high debt-to-equity ratio of 620.44, with a quick ratio of 0.58 and a current ratio of 0.56. The firm’s market capitalization is C$2.76 billion, and it has a price-to-earnings ratio of -21.62 and a P/E/G ratio of 20.61, along with a beta of 0.36.

About Innergex Renewable Energy

Innergex Renewable Energy has been a proponent of renewable energy for over 30 years, advocating for a future where clean energy enhances community health and economic prosperity. The company has been recognized as one of Canada’s best corporate citizens in 2023 by Corporate Knights. As a leading independent power producer, Innergex develops, acquires, owns, and operates a wide range of renewable energy facilities, including hydroelectric plants, wind farms, solar installations, and energy storage systems. The organization firmly believes in the potential of renewable energy to create a sustainable world.

Investment Considerations for Innergex Renewable Energy

Before considering an investment in Innergex Renewable Energy, it’s important to take into account that MarketBeat tracks top-rated analysts who regularly recommend stocks to their clients. Currently, Innergex Renewable Energy is not on the list of stocks that these analysts are suggesting to buy. Although the consensus rating is "Hold," research analysts favor five other stocks deemed better investment opportunities at this moment.

Innergex, Energy, Stocks