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

Innergex Renewable Energy Inc. (TSE:INE) experienced a remarkable surge of 54.8% on Wednesday, reaching a peak price of C$13.53 before closing at C$13.48. During midday trading, the company saw 10,662,261 shares change hands. This trading volume marked a significant increase of 1,052% compared to the average session volume of 925,621 shares. The stock had previously closed at C$8.71.

Wall Street Analyst Overview

Innergex has recently been the focus of several research reports from analysts. Cormark updated their price target for Innergex Renewable Energy, lowering it from C$10.00 to C$9.50 in a report released on January 30th. Meanwhile, TD Securities raised their price objective from C$8.00 to C$9.00, assigning a "hold" rating in a report dated February 21st. CIBC also revised their target price, reducing it from C$11.50 to C$11.00, as noted in a report published on November 7th. Scotiabank similarly decreased their price target from C$11.50 to C$10.50 on January 30th. Raymond James also cut their price objective from C$13.00 to C$11.50 in a report issued on Monday. In total, four research analysts have recommended a hold rating for the stock, while three others have rated it as a buy. According to MarketBeat data, the consensus rating for Innergex is currently "Hold" with a consensus price target of C$11.63.

Check Out Our Latest Stock Insights on Innergex Renewable Energy

Performance Metrics of Innergex Renewable Energy

The company boasts a fifty-day simple moving average of C$7.90 and a two-hundred-day simple moving average of C$8.82. Its financial ratios indicate a high debt-to-equity ratio of 620.44, alongside a quick ratio and current ratio of 0.58 and 0.56, respectively. Innergex has an estimated market capitalization of C$2.76 billion, while its price-to-earnings ratio stands at -21.62 and a P/E/G ratio of 20.61. The stock has a beta of 0.36, indicating lower volatility in the market.

About Innergex Renewable Energy

Founded over 30 years ago, Innergex Renewable Energy has been dedicated to a vision where abundant renewable energy enhances community well-being and supports shared prosperity. In 2023, the company was honored as one of Canada’s best corporate citizens by Corporate Knights. As an independent renewable power producer, Innergex develops, acquires, owns, and operates hydroelectric facilities, wind farms, solar farms, and energy storage facilities. The company is committed to promoting a sustainable future through renewable energy generation.

Should You Invest in Innergex Renewable Energy?

Before considering an investment in Innergex Renewable Energy, it is crucial to review insights provided by financial analysts. Although analysts currently rate Innergex with a "Hold" position, there are five other stocks that top analysts suggest may offer better investment opportunities right now.

For those interested in identifying promising investment opportunities, it is advisable to explore alternatives beyond Innergex Renewable Energy.

Innergex, Stocks, Investment