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

Innergex Renewable Energy Inc. (TSE:INE - Get Free Report) experienced a remarkable increase of 54.8% in its stock price during trading on Wednesday. The shares reached a high of C$13.53 before settling at C$13.48. The trading session saw approximately 10,662,261 shares exchanged, which represented a dramatic 1,052% rise from the average daily trading volume of 925,621 shares. Prior to this surge, the stock closed at C$8.71.

Analysts Set New Price Targets

In light of the stock's recent performance, various analysts have issued updated price targets for Innergex Renewable Energy. CIBC downgraded their price target from C$11.50 to C$11.00 in a report released on November 7. Moreover, Scotiabank revised its target price downward from C$11.50 to C$10.50 on January 30. National Bankshares adjusted their target from C$17.00 to C$16.00, maintaining an "outperform" rating for the stock as of February 11. Additionally, Raymond James reduced its target price from C$13.00 to C$11.50, while Cormark lowered its estimate from C$10.00 to C$9.50 in a report on January 30. Currently, four analysts have rated the stock as a hold, while three analysts have issued a buy rating. According to MarketBeat, the stock has an overall average rating of "Hold" with a target price estimate of C$11.63.

Innergex Renewable Energy Stock Performance

As for Innergex's recent stock performance, it has a 50-day moving average of C$7.90 and a 200-day moving average at C$8.82. The company's market capitalization stands at C$2.76 billion, with a price-to-earnings ratio of -21.62 and a P/E/G ratio of 20.61. It has a beta value of 0.36, a quick ratio of 0.58, and a current ratio of 0.56. However, the company shows a substantial debt-to-equity ratio of 620.44, which potential investors might consider when evaluating the financial health of the company.

About Innergex Renewable Energy

Innergex Renewable Energy, for over three decades, has advocated for a future fueled by renewable energy, which it believes fosters healthier communities and shared prosperity. In recognition of its efforts, Innergex was named one of Canada's best corporate citizens in 2023 by Corporate Knights. As an independent power producer, the company is engaged in the development, acquisition, ownership, and operation of hydroelectric plants, wind farms, solar facilities, and energy storage systems. Innergex is committed to harnessing renewable sources of energy to contribute positively to the future.

Should You Consider Investing $1,000 in Innergex Renewable Energy Now?

Before making an investment decision regarding Innergex Renewable Energy, it's important to consider recent evaluations from industry experts.

MarketBeat tracks top-rated analysts and their stock recommendations for their clients on a daily basis. Interestingly, Innergex Renewable Energy is not featured among the five stocks that leading analysts are currently recommending based on their performance predictions. Presently, Innergex holds a "Hold" rating among analysts; however, there are superior monitored stock opportunities suggested by top analysts that may require attention.

In conclusion, as the demand for renewable energy sources increases due to factors like the rise of electric vehicles and the expansion of data centers, Innergex Renewable Energy's performance will be worth monitoring. Potential investors would do well to analyze how energy stocks can be integrated into their portfolios amid growing energy demands worldwide.

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