Scotiabank Forecasts Strong Price Appreciation for Brookfield Business Partners (NYSE:BBU) Stock

Brookfield Business Partners (NYSE:BBU) had its price target increased by Scotiabank from $32.00 to $33.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “sector outperform” rating on the business services provider’s stock. Scotiabank’s price target would indicate a potential upside of 60.90% from the stock’s previous close.

Separately, BMO Capital Markets increased their price objective on shares of Brookfield Business Partners from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Brookfield Business Partners presently has a consensus rating of “Buy” and an average price target of $33.00.

Brookfield Business Partners Stock Performance

Shares of Brookfield Business Partners stock traded down $1.43 during trading hours on Monday, reaching $20.51. The company’s stock had a trading volume of 4,126 shares, compared to its average volume of 18,465. The company has a debt-to-equity ratio of 2.12, a quick ratio of 0.95 and a current ratio of 1.17. Brookfield Business Partners has a one year low of $16.85 and a one year high of $26.75. The company’s 50 day simple moving average is $23.24 and its 200 day simple moving average is $22.34. The stock has a market cap of $1.52 billion, a P/E ratio of -41.86 and a beta of 1.50.

Brookfield Business Partners (NYSE:BBU) last released its quarterly earnings data on Friday, January 31st. The business services provider reported $1.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $1.33. Brookfield Business Partners had a net margin of 2.20% and a return on equity of 5.00%. As a group, analysts expect that Brookfield Business Partners will post 5.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Brookfield Business Partners

Several hedge funds have recently made changes to their positions in the business. Caldwell Investment Management Ltd. acquired a new position in shares of Brookfield Business Partners in the 4th quarter worth approximately $1,731,000. Principal Financial Group Inc. grew its stake in shares of Brookfield Business Partners by 29.9% in the 3rd quarter. Principal Financial Group Inc. now owns 117,189 shares of the business services provider’s stock worth $2,731,000 after purchasing an additional 26,947 shares during the last quarter. Toronto Dominion Bank grew its stake in shares of Brookfield Business Partners by 12,276.3% in the 3rd quarter. Toronto Dominion Bank now owns 260,769 shares of the business services provider’s stock worth $6,076,000 after purchasing an additional 258,662 shares during the last quarter. National Bank of Canada FI grew its stake in shares of Brookfield Business Partners by 20.6% in the 3rd quarter. National Bank of Canada FI now owns 97,584 shares of the business services provider’s stock worth $2,274,000 after purchasing an additional 16,684 shares during the last quarter. Finally, Brookfield Corp ON increased its position in shares of Brookfield Business Partners by 1.7% in the third quarter. Brookfield Corp ON now owns 25,602,504 shares of the business services provider’s stock worth $596,538,000 after acquiring an additional 428,511 shares in the last quarter. Institutional investors and hedge funds own 85.04% of the company’s stock.

Brookfield Business Partners Company Profile

Brookfield Business Partners L.P. is a private equity firm specializing in acquisition. The firm typically invests in business services, infrastructure services, construction, energy, and industrials sector. It prefers to take majority stake in companies. The firm seeks returns of at least 15% on its investments.