Brookfield Renewable Partners (NYSE:BEP) Price Target Raised to $42.00

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its target price upped by Morgan Stanley from $38.00 to $42.00 in a research note published on Monday,Benzinga reports. The brokerage currently has an overweight rating on the utilities provider’s stock.

Several other brokerages have also recently issued reports on BEP. Wall Street Zen raised shares of Brookfield Renewable Partners from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. UBS Group restated a “buy” rating and issued a $39.00 target price (up from $38.00) on shares of Brookfield Renewable Partners in a research note on Friday, December 5th. Desjardins raised shares of Brookfield Renewable Partners to a “hold” rating in a report on Wednesday, November 26th. Mizuho set a $31.00 price target on shares of Brookfield Renewable Partners and gave the stock a “neutral” rating in a research note on Monday, February 2nd. Finally, National Bank Financial increased their price target on shares of Brookfield Renewable Partners from $33.00 to $34.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $35.21.

Brookfield Renewable Partners Stock Up 1.4%

Brookfield Renewable Partners stock opened at $31.74 on Monday. The stock has a 50 day moving average of $30.44 and a two-hundred day moving average of $28.72. Brookfield Renewable Partners has a twelve month low of $19.29 and a twelve month high of $32.78. The stock has a market capitalization of $9.69 billion, a price-to-earnings ratio of -122.07 and a beta of 1.13. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 0.80.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last released its earnings results on Friday, January 30th. The utilities provider reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.88. Brookfield Renewable Partners had a return on equity of 2.15% and a net margin of 11.11%.The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.49 billion. As a group, research analysts expect that Brookfield Renewable Partners will post -1.04 earnings per share for the current year.

Brookfield Renewable Partners Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, February 27th will be issued a $0.392 dividend. This represents a $1.57 dividend on an annualized basis and a yield of 4.9%. This is an increase from Brookfield Renewable Partners’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Friday, February 27th. Brookfield Renewable Partners’s dividend payout ratio is -603.85%.

Hedge Funds Weigh In On Brookfield Renewable Partners

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Liontrust Investment Partners LLP acquired a new stake in shares of Brookfield Renewable Partners in the 2nd quarter worth approximately $24,180,000. HB Wealth Management LLC acquired a new position in Brookfield Renewable Partners during the third quarter worth $979,000. Ovata Capital Management Ltd purchased a new stake in Brookfield Renewable Partners during the third quarter worth $4,511,000. NINE MASTS CAPITAL Ltd purchased a new stake in Brookfield Renewable Partners during the second quarter worth $5,552,000. Finally, Principal Financial Group Inc. grew its holdings in Brookfield Renewable Partners by 16.2% in the third quarter. Principal Financial Group Inc. now owns 10,127,549 shares of the utilities provider’s stock valued at $261,189,000 after purchasing an additional 1,414,837 shares during the last quarter. 63.16% of the stock is owned by institutional investors and hedge funds.

Brookfield Renewable Partners Company Profile

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.