Innergex Renewable Energy (TSE:INE) Sets New 1-Year High - Should You Buy?

Shares of Innergex Renewable Energy Inc. (TSE:INE - Get Free Report) hit a new 52-week high during trading on Monday . The company traded as high as C$13.59 and last traded at C$13.48, with a volume of 867276 shares trading hands. The stock had previously closed at C$13.60.

Analysts Set New Price Targets

Several research analysts recently commented on INE shares. Scotiabank cut their price objective on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Raymond James cut Innergex Renewable Energy from an "outperform" rating to a "market perform" rating and lifted their price target for the company from C$11.50 to C$13.75 in a research report on Wednesday, February 26th. National Bank Financial lowered Innergex Renewable Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Cormark reduced their target price on Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. Finally, TD Securities upped their price target on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a "hold" rating in a research report on Friday, February 21st. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Innergex Renewable Energy has a consensus rating of "Hold" and an average price target of C$11.59.

Innergex Renewable Energy Trading Up 0.1 %

The firm's 50-day simple moving average is C$8.53 and its 200-day simple moving average is C$8.98. The firm has a market capitalization of C$2.76 billion, a P/E ratio of -21.62, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. The company has a quick ratio of 0.58, a current ratio of 0.56 and a debt-to-equity ratio of 620.44.

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Innergex Renewable Energy Company Profile

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.