Innergex Renewable Energy (TSE:INE) Stock Surges 54.8% - Is It a Good Time to Invest?

Innergex Renewable Energy Inc. (TSE:INE) saw a remarkable increase of 54.8% in its stock price during midday trading on Wednesday. The stock reached a peak of C$13.53 before trading at C$13.48. This surge came with significant trading activity, as around 10,662,261 shares exchanged hands, marking a staggering increase of 1,052% compared to the average daily trading volume of 925,621 shares. The stock had closed at C$8.71 prior to this uptick.

Wall Street Analysts Weigh In

Several brokerages have offered their views on Innergex Renewable Energy (INE). Cormark, for instance, adjusted its price target from C$10.00 to C$9.50 in a report released on January 30th. Similarly, CIBC reduced its price objective from C$11.50 to C$11.00 in a note dated November 7th. Raymond James has also lowered its target price from C$13.00 to C$11.50. Scotiabank made a similar move, adjusting their price target from C$11.50 to C$10.50 on January 30th. On February 21st, TD Securities raised its price objective from C$8.00 to C$9.00 while maintaining a 'hold' rating. Currently, four analysts rate the stock as a hold, while three give it a buy rating. According to MarketBeat, Innergex Renewable Energy has a consensus rating of "Hold" with an average price target of C$11.63.

Stock Performance Overview

Innergex's financial ratios include a quick ratio of 0.58 and a current ratio of 0.56. The company has a debt-to-equity ratio of 620.44 and a market capitalization of C$2.76 billion. The price-to-earnings ratio stands at -21.62 with a P/E/G ratio of 20.61, along with a beta of 0.36. The company’s 50-day simple moving average is C$7.90, while the 200-day simple moving average is C$8.82.

About Innergex Renewable Energy

Founded over 30 years ago, Innergex Renewable Energy is dedicated to fostering a world reliant on renewable energy sources for a healthier community and shared prosperity. This commitment earned Innergex recognition as Canada’s best corporate citizen in 2023 by Corporate Knights. As an independent power producer, Innergex develops, acquires, owns, and operates hydroelectric, wind, solar, and energy storage facilities. The company believes that harnessing renewable energy sources is essential for a sustainable future.

Is Now the Time to Invest?

Before making any investment in Innergex Renewable Energy, it's important to consider the current market conditions and analysts' recommendations.

MarketBeat has identified several other stocks that top analysts suggest as more favorable investments at this time compared to Innergex Renewable Energy.

Investing, Energy, Renewable