Brookfield Renewable Partners (NYSE:BEP) Price Target Increased to $32.00 by Analysts at CIBC

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price objective raised by research analysts at CIBC from $30.00 to $32.00 in a research note issued on Monday, BayStreet.CA reports. The brokerage currently has an “outperform” rating on the utilities provider’s stock. CIBC’s target price would indicate a potential upside of 20.12% from the stock’s previous close.

A number of other research firms also recently commented on BEP. Scotiabank increased their price objective on Brookfield Renewable Partners from $30.00 to $31.00 and gave the stock an “outperform” rating in a report on Monday. BMO Capital Markets raised their price target on shares of Brookfield Renewable Partners from $28.00 to $30.00 and gave the company an “outperform” rating in a report on Monday. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $28.00 price objective (down from $36.00) on shares of Brookfield Renewable Partners in a report on Monday, February 12th. National Bankshares raised their target price on Brookfield Renewable Partners from $29.00 to $31.00 and gave the company an “outperform” rating in a report on Tuesday, January 9th. Finally, Raymond James cut their price objective on Brookfield Renewable Partners from $33.00 to $32.00 and set a “strong-buy” rating on the stock in a research note on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.75.

Brookfield Renewable Partners Stock Up 3.3 %

Shares of NYSE:BEP traded up $0.86 during trading on Monday, reaching $26.64. 498,143 shares of the company traded hands, compared to its average volume of 523,314. The firm has a fifty day simple moving average of $22.43 and a 200 day simple moving average of $23.94. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 0.85. Brookfield Renewable Partners has a 1-year low of $19.92 and a 1-year high of $32.76. The firm has a market cap of $7.62 billion, a P/E ratio of -57.91 and a beta of 0.83.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last released its quarterly earnings data on Friday, February 2nd. The utilities provider reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.03. Brookfield Renewable Partners had a return on equity of 1.31% and a net margin of 7.10%. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter last year, the firm earned ($0.16) earnings per share. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. Analysts anticipate that Brookfield Renewable Partners will post -0.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Brookfield Renewable Partners

Several institutional investors and hedge funds have recently added to or reduced their stakes in BEP. Commonwealth Equity Services LLC lifted its position in shares of Brookfield Renewable Partners by 3.1% in the 3rd quarter. Commonwealth Equity Services LLC now owns 34,683 shares of the utilities provider’s stock worth $754,000 after acquiring an additional 1,047 shares during the period. Stratos Wealth Partners LTD. bought a new position in Brookfield Renewable Partners in the third quarter worth $244,000. Mackenzie Financial Corp boosted its stake in Brookfield Renewable Partners by 12.1% during the third quarter. Mackenzie Financial Corp now owns 176,224 shares of the utilities provider’s stock worth $3,583,000 after buying an additional 19,083 shares in the last quarter. CIBC Asset Management Inc increased its holdings in Brookfield Renewable Partners by 1.5% in the 3rd quarter. CIBC Asset Management Inc now owns 3,786,846 shares of the utilities provider’s stock valued at $82,528,000 after buying an additional 56,651 shares during the period. Finally, Principal Financial Group Inc. raised its stake in shares of Brookfield Renewable Partners by 0.9% in the 3rd quarter. Principal Financial Group Inc. now owns 6,490,296 shares of the utilities provider’s stock valued at $141,099,000 after buying an additional 57,177 shares in the last quarter. 63.16% of the stock is currently owned by institutional investors.

Brookfield Renewable Partners Company Profile

Brookfield Renewable Partners L.P. owns a portfolio of renewable power generating facilities primarily in North America, Colombia, and Brazil. The company generates electricity through hydroelectric, wind, solar, distributed generation, and pumped storage, as well as renewable natural gas, carbon capture and storage, recycling, cogeneration biomass, nuclear services, and power transformation.