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

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

Other equities analysts have also issued reports about the company. Wall Street Zen lowered Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research report on Saturday. Barclays set a $28.00 price target on Brookfield Renewable Partners and gave the stock an “equal weight” rating in a research report on Friday, January 23rd. Morgan Stanley lifted their price objective on Brookfield Renewable Partners from $38.00 to $42.00 and gave the stock an “overweight” rating in a report on Monday, March 23rd. Canadian Imperial Bank of Commerce restated an “outperform” rating and set a $40.00 price objective (up from $37.00) on shares of Brookfield Renewable Partners in a report on Monday, April 20th. Finally, Zacks Research upgraded Brookfield Renewable Partners from a “hold” rating to a “strong-buy” rating in a report on Monday, April 6th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $36.53.

Brookfield Renewable Partners Stock Down 1.3%

Brookfield Renewable Partners stock traded down $0.44 during midday trading on Monday, hitting $32.91. 703,604 shares of the company were exchanged, compared to its average volume of 747,495. The company’s fifty day moving average price is $32.40 and its 200-day moving average price is $30.10. The company has a market cap of $9.98 billion, a PE ratio of -106.13 and a beta of 1.06. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.57 and a quick ratio of 0.57. Brookfield Renewable Partners has a fifty-two week low of $22.17 and a fifty-two week high of $35.97.

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

Institutional Investors Weigh In On Brookfield Renewable Partners

A number of institutional investors have recently made changes to their positions in BEP. BROOKFIELD Corp ON grew its stake in Brookfield Renewable Partners by 9.4% during the 4th quarter. BROOKFIELD Corp ON now owns 81,306,719 shares of the utilities provider’s stock worth $2,192,842,000 after buying an additional 6,967,670 shares during the last quarter. State of Wisconsin Investment Board grew its stake 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 buying an additional 2,732,542 shares during the last quarter. Bank of Montreal Can grew its stake in Brookfield Renewable Partners by 20.3% during the 4th quarter. Bank of Montreal Can now owns 8,394,947 shares of the utilities provider’s stock worth $226,859,000 after buying an additional 1,415,989 shares during the last quarter. Principal Financial Group Inc. grew its stake in Brookfield Renewable Partners by 16.2% during the 3rd quarter. Principal Financial Group Inc. now owns 10,127,549 shares of the utilities provider’s stock worth $261,189,000 after buying an additional 1,414,837 shares during the last quarter. Finally, Morgan Stanley grew its stake in Brookfield Renewable Partners by 41.9% during the 4th quarter. Morgan Stanley now owns 4,029,046 shares of the utilities provider’s stock worth $108,663,000 after buying an additional 1,189,130 shares during the last quarter. 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.