Brookfield Renewable Partners (NYSE:BEP) PT Set at $38.00 by National Bank Financial

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) has been assigned a $38.00 price target by analysts at National Bank Financial in a research report issued to clients and investors on Thursday, BayStreet reports. The firm currently has an “outperform” rating on the utilities provider’s stock. National Bank Financial’s price objective would indicate a potential upside of 33.24% from the company’s current price.

Several other analysts have also recently commented on the stock. Barclays set a $30.00 price target on shares of Brookfield Renewable Partners and gave the stock an “equal weight” rating in a research note on Wednesday, July 22nd. UBS Group reaffirmed a “buy” rating and issued a $34.00 target price (down from $40.00) on shares of Brookfield Renewable Partners in a report on Thursday. Zacks Research upgraded Brookfield Renewable Partners from a “strong sell” rating to a “hold” rating in a research report on Friday, August 14th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $36.00 price target on shares of Brookfield Renewable Partners in a research note on Tuesday, July 21st. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating and set a $41.00 price target on shares of Brookfield Renewable Partners in a report on Friday, July 17th. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $37.79.

Brookfield Renewable Partners Price Performance

BEP traded up $0.38 during trading on Thursday, reaching $28.52. 1,138,274 shares of the company traded hands, compared to its average volume of 849,851. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.80 and a current ratio of 0.80. Brookfield Renewable Partners has a 12-month low of $26.29 and a 12-month high of $38.12. The firm has a fifty day simple moving average of $31.62 and a 200 day simple moving average of $33.12. The company has a market cap of $8.56 billion, a P/E ratio of -62.03 and a beta of 1.10.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last released its earnings results on Friday, July 31st. The utilities provider reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.02). Brookfield Renewable Partners had a return on equity of 0.84% and a net margin of 4.50%.The company had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.56 billion. On average, equities analysts forecast that Brookfield Renewable Partners will post -1.87 EPS for the current year.

Hedge Funds Weigh In On Brookfield Renewable Partners

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. State of Wisconsin Investment Board grew its holdings in Brookfield Renewable Partners by 128.0% during the 4th quarter. State of Wisconsin Investment Board now owns 4,867,084 shares of the utilities provider’s stock worth $131,265,000 after acquiring an additional 2,732,542 shares in the last quarter. Cibc World Market Inc. lifted its position in shares of Brookfield Renewable Partners by 4.5% in the 4th quarter. Cibc World Market Inc. now owns 2,989,622 shares of the utilities provider’s stock worth $80,809,000 after purchasing an additional 127,450 shares during the period. TD Asset Management Inc lifted its position in shares of Brookfield Renewable Partners by 23.4% in the 4th quarter. TD Asset Management Inc now owns 2,696,678 shares of the utilities provider’s stock worth $72,967,000 after purchasing an additional 511,529 shares during the period. Bank of Nova Scotia boosted its stake in shares of Brookfield Renewable Partners by 11.0% during the first quarter. Bank of Nova Scotia now owns 1,148,128 shares of the utilities provider’s stock valued at $37,444,000 after purchasing an additional 114,127 shares in the last quarter. Finally, TD Waterhouse Canada Inc. boosted its stake in shares of Brookfield Renewable Partners by 1.9% during the second quarter. TD Waterhouse Canada Inc. now owns 1,072,131 shares of the utilities provider’s stock valued at $36,939,000 after purchasing an additional 19,957 shares in the last quarter. Institutional investors own 63.16% of the company’s stock.

About Brookfield Renewable Partners

Brookfield Renewable Partners L.P. is a renewable power and energy transition company that owns and operates a diversified portfolio of clean energy assets. Its main activities include generating electricity from hydroelectric, wind and solar facilities, as well as providing energy storage and other decarbonization solutions.

The company serves electricity markets and commercial, industrial and utility customers across North America, South America, Europe and the Asia-Pacific region. In addition to operating renewable power facilities, Brookfield Renewable develops new projects and invests in businesses supporting the transition to lower-carbon energy, including distributed energy and sustainable solutions.

Brookfield Renewable traces its origins to Brookfield Asset Management’s renewable power operations and became publicly listed as Brookfield Renewable Energy Partners in 2011.