Brookfield Renewable Partners (NYSE:BEP) Price Target Raised to $36.00

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its target price increased by investment analysts at National Bank Financial from $34.00 to $36.00 in a report issued on Monday,BayStreet.CA reports. The brokerage currently has a “sector outperform” rating on the utilities provider’s stock. National Bank Financial’s price objective would suggest a potential upside of 9.39% from the stock’s current price.

A number of other research analysts have also issued reports on the company. Wall Street Zen lowered Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research report on Saturday. Zacks Research upgraded Brookfield Renewable Partners from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 6th. Mizuho set a $31.00 price target on Brookfield Renewable Partners and gave the stock a “neutral” rating in a research report on Monday, February 2nd. JPMorgan Chase & Co. boosted their price target on Brookfield Renewable Partners from $34.00 to $40.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Finally, Canadian Imperial Bank of Commerce reiterated an “outperform” rating and set a $40.00 price target (up from $37.00) on shares of Brookfield Renewable Partners in a research report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $36.53.

Brookfield Renewable Partners Stock Performance

BEP traded down $0.44 during trading on Monday, reaching $32.91. 703,604 shares of the company were exchanged, compared to its average volume of 747,495. 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 has a 52 week low of $22.17 and a 52 week high of $35.97. The firm has a 50 day moving average of $32.40 and a 200 day moving average of $30.10. The stock has a market cap of $9.98 billion, a P/E ratio of -106.13 and a beta of 1.06.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last announced its quarterly earnings results on Friday, May 1st. The utilities provider reported ($0.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.04). Brookfield Renewable Partners had a return on equity of 1.59% and a net margin of 8.28%.The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.50 billion. On average, sell-side analysts forecast that Brookfield Renewable Partners will post -1.18 EPS for the current fiscal year.

Institutional Investors Weigh In On Brookfield Renewable Partners

Several hedge funds have recently modified their holdings of BEP. Goldman Sachs Group Inc. lifted its holdings in shares of Brookfield Renewable Partners by 57.0% during the first quarter. Goldman Sachs Group Inc. now owns 919,693 shares of the utilities provider’s stock valued at $20,380,000 after purchasing an additional 333,789 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in Brookfield Renewable Partners during the second quarter valued at $34,000. Cresset Asset Management LLC raised its position in Brookfield Renewable Partners by 42.8% during the second quarter. Cresset Asset Management LLC now owns 20,031 shares of the utilities provider’s stock valued at $511,000 after buying an additional 6,000 shares during the period. Diversify Advisory Services LLC acquired a new position in Brookfield Renewable Partners during the second quarter valued at $648,000. Finally, Ameriprise Financial Inc. raised its position in Brookfield Renewable Partners by 4.4% during the second quarter. Ameriprise Financial Inc. now owns 1,490,603 shares of the utilities provider’s stock valued at $38,025,000 after buying an additional 62,774 shares during the period. 63.16% of the stock is owned by hedge funds and other 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.