Brookfield Renewable Partners (NYSE:BEP) Coverage Initiated at Canadian Imperial Bank of Commerce

Stock analysts at Canadian Imperial Bank of Commerce started coverage on shares of Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) in a research report issued to clients and investors on Wednesday. The firm set a “sector outperform” rating and a $37.00 price target on the utilities provider’s stock. Canadian Imperial Bank of Commerce’s price target indicates a potential upside of 21.56% from the company’s previous close.

BEP has been the topic of a number of other research reports. Mizuho set a $31.00 price objective on shares of Brookfield Renewable Partners and gave the company a “neutral” rating in a research note on Monday, February 2nd. Morgan Stanley reiterated an “overweight” rating and issued a $38.00 price objective (up from $36.00) on shares of Brookfield Renewable Partners in a report on Monday, November 24th. National Bank Financial raised their target price on Brookfield Renewable Partners from $33.00 to $34.00 and gave the company an “outperform” rating in a research note on Monday, February 2nd. Scotiabank reiterated an “outperform” rating and issued a $35.00 price target (up from $30.00) on shares of Brookfield Renewable Partners in a research note on Thursday, November 6th. Finally, UBS Group restated a “buy” rating and set a $39.00 price objective (up from $38.00) on shares of Brookfield Renewable Partners in a research note on Friday, December 5th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $34.93.

Brookfield Renewable Partners Stock Down 1.3%

NYSE:BEP traded down $0.41 during mid-day trading on Wednesday, hitting $30.44. The company had a trading volume of 88,795 shares, compared to its average volume of 573,674. The business has a fifty day simple moving average of $29.36 and a 200-day simple moving average of $28.10. The firm has a market capitalization of $8.64 billion, a price-to-earnings ratio of -117.08 and a beta of 1.13. Brookfield Renewable Partners has a 1 year low of $19.29 and a 1 year high of $32.78. The company has a current ratio of 0.19, a quick ratio of 0.58 and a debt-to-equity ratio of 0.91.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its earnings results on Friday, January 30th. The utilities provider reported $0.54 earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.88. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.49 billion. Brookfield Renewable Partners had a return on equity of 2.15% and a net margin of 11.11%. Equities analysts forecast that Brookfield Renewable Partners will post -1.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Brookfield Renewable Partners

Several large investors have recently added to or reduced their stakes in the company. Kelleher Financial Advisors bought a new stake in Brookfield Renewable Partners during the third quarter valued at $26,000. Russell Investments Group Ltd. acquired a new position in shares of Brookfield Renewable Partners in the 2nd quarter valued at about $34,000. Root Financial Partners LLC bought a new stake in shares of Brookfield Renewable Partners during the 3rd quarter valued at about $46,000. Hilltop National Bank raised its stake in Brookfield Renewable Partners by 37.6% during the third quarter. Hilltop National Bank now owns 1,830 shares of the utilities provider’s stock worth $47,000 after acquiring an additional 500 shares during the period. Finally, Triumph Capital Management acquired a new stake in Brookfield Renewable Partners during the third quarter worth about $55,000. 63.16% of the stock is currently owned by institutional investors.

About Brookfield Renewable Partners

Brookfield Renewable Partners L.P. is a leading global owner, operator and developer of renewable power assets. Listed on the New York Stock Exchange under the ticker BEP, the partnership focuses on generating clean electricity from a diversified mix of hydroelectric, wind, solar and energy storage facilities. As part of the Brookfield Asset Management group, Brookfield Renewable leverages a long-term, asset-backed approach to investing in sustainable energy projects that support the transition to a low-carbon economy.

The company’s platform encompasses approximately 23,000 megawatts of installed capacity across four continents.