Brookfield Renewable Partners (NYSE:BEP) Price Target Raised to $34.00

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its target price hoisted by CIBC from $33.00 to $34.00 in a research note published on Tuesday, Benzinga reports. They currently have an outperformer rating on the utilities provider’s stock.

Several other equities analysts also recently weighed in on the stock. National Bankshares raised their target price on shares of Brookfield Renewable Partners from $32.00 to $33.00 and gave the company an “outperform” rating in a report on Friday, July 19th. StockNews.com downgraded Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research report on Friday, August 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $31.00 target price on shares of Brookfield Renewable Partners in a research note on Wednesday, October 9th. JPMorgan Chase & Co. cut their price target on Brookfield Renewable Partners from $31.00 to $29.00 and set a “neutral” rating for the company in a report on Thursday, October 17th. Finally, UBS Group upgraded Brookfield Renewable Partners from a “neutral” rating to a “buy” rating and upped their price objective for the company from $24.00 to $31.00 in a research report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Brookfield Renewable Partners currently has a consensus rating of “Moderate Buy” and an average target price of $32.50.

Brookfield Renewable Partners Price Performance

BEP stock opened at $27.77 on Tuesday. The firm has a 50 day moving average of $26.06 and a 200-day moving average of $25.38. The company has a market cap of $7.91 billion, a price-to-earnings ratio of -60.35 and a beta of 0.94. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.91. Brookfield Renewable Partners has a 12-month low of $19.92 and a 12-month high of $29.56.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its quarterly earnings data on Friday, August 2nd. The utilities provider reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.41). The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.49 billion. Brookfield Renewable Partners had a return on equity of 0.46% and a net margin of 2.37%. The business’s revenue for the quarter was up 23.0% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.10) earnings per share. As a group, equities analysts expect that Brookfield Renewable Partners will post -0.57 EPS for the current fiscal year.

Brookfield Renewable Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, August 30th were paid a dividend of $0.355 per share. This represents a $1.42 dividend on an annualized basis and a dividend yield of 5.11%. The ex-dividend date of this dividend was Friday, August 30th. Brookfield Renewable Partners’s dividend payout ratio is currently -308.70%.

Institutional Investors Weigh In On Brookfield Renewable Partners

Several hedge funds have recently modified their holdings of BEP. Principal Financial Group Inc. increased its position in Brookfield Renewable Partners by 0.9% during the second quarter. Principal Financial Group Inc. now owns 7,275,031 shares of the utilities provider’s stock worth $180,203,000 after purchasing an additional 66,794 shares during the last quarter. CIBC Asset Management Inc raised its holdings in Brookfield Renewable Partners by 0.6% in the second quarter. CIBC Asset Management Inc now owns 6,915,814 shares of the utilities provider’s stock valued at $171,010,000 after buying an additional 37,836 shares during the period. CCLA Investment Management grew its stake in Brookfield Renewable Partners by 1.9% during the second quarter. CCLA Investment Management now owns 2,578,419 shares of the utilities provider’s stock worth $63,952,000 after buying an additional 47,734 shares during the period. TD Asset Management Inc boosted its position in Brookfield Renewable Partners by 2.9% during the 2nd quarter. TD Asset Management Inc now owns 2,377,124 shares of the utilities provider’s stock worth $58,805,000 after purchasing an additional 67,777 shares during the period. Finally, APG Asset Management N.V. raised its holdings in shares of Brookfield Renewable Partners by 0.3% during the 2nd quarter. APG Asset Management N.V. now owns 1,747,150 shares of the utilities provider’s stock valued at $40,327,000 after buying an additional 5,388 shares during the period. 63.16% of the stock is owned by institutional investors and hedge funds.

Brookfield Renewable Partners Company Profile

Brookfield Renewable Partners L.P. owns a portfolio of renewable power generating facilities primarily in North America, Colombia, and Brazil. The company generates electricity through hydroelectric, wind, solar, distributed generation, and pumped storage, as well as renewable natural gas, carbon capture and storage, recycling, cogeneration biomass, nuclear services, and power transformation.