FY2024 Earnings Forecast for BBU Issued By Desjardins

Brookfield Business Partners L.P. (NYSE:BBU) – Equities research analysts at Desjardins boosted their FY2024 earnings estimates for shares of Brookfield Business Partners in a research report issued on Sunday, November 10th. Desjardins analyst G. Ho now anticipates that the business services provider will post earnings of $5.38 per share for the year, up from their previous forecast of $4.23. The consensus estimate for Brookfield Business Partners’ current full-year earnings is $5.43 per share.

Separately, Royal Bank of Canada reissued an “outperform” rating and issued a $32.00 target price on shares of Brookfield Business Partners in a research report on Monday, August 5th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $31.40.

Brookfield Business Partners Trading Up 1.2 %

Shares of NYSE BBU opened at $24.75 on Wednesday. The business has a 50 day simple moving average of $22.66 and a 200 day simple moving average of $20.54. Brookfield Business Partners has a 52 week low of $14.71 and a 52 week high of $25.64. The stock has a market cap of $1.84 billion, a price-to-earnings ratio of 3.02 and a beta of 1.45. The company has a debt-to-equity ratio of 2.24, a quick ratio of 0.74 and a current ratio of 0.24.

Brookfield Business Partners (NYSE:BBU) last issued its earnings results on Friday, November 8th. The business services provider reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.39. The company had revenue of $9.23 billion for the quarter. Brookfield Business Partners had a return on equity of 30.68% and a net margin of 11.77%. During the same period in the previous year, the company earned $1.33 earnings per share.

Brookfield Business Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th will be issued a dividend of $0.063 per share. This represents a $0.25 annualized dividend and a yield of 1.02%. The ex-dividend date of this dividend is Friday, November 29th. This is an increase from Brookfield Business Partners’s previous quarterly dividend of $0.06. Brookfield Business Partners’s dividend payout ratio (DPR) is 3.09%.

Institutional Trading of Brookfield Business Partners

A number of institutional investors and hedge funds have recently modified their holdings of the company. PCJ Investment Counsel Ltd. raised its holdings in Brookfield Business Partners by 14.2% in the 3rd quarter. PCJ Investment Counsel Ltd. now owns 1,518,892 shares of the business services provider’s stock worth $35,528,000 after acquiring an additional 188,743 shares during the period. Bank of Montreal Can grew its position in shares of Brookfield Business Partners by 8.7% in the third quarter. Bank of Montreal Can now owns 834,512 shares of the business services provider’s stock valued at $20,193,000 after purchasing an additional 66,786 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of Brookfield Business Partners by 12.7% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 681,562 shares of the business services provider’s stock worth $12,910,000 after purchasing an additional 77,017 shares during the period. Scheer Rowlett & Associates Investment Management Ltd. lifted its holdings in shares of Brookfield Business Partners by 14.7% during the third quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 641,835 shares of the business services provider’s stock worth $15,047,000 after buying an additional 82,372 shares during the last quarter. Finally, K2 Principal Fund L.P. raised its stake in Brookfield Business Partners by 58.3% during the 1st quarter. K2 Principal Fund L.P. now owns 156,353 shares of the business services provider’s stock valued at $3,455,000 after purchasing an additional 57,553 shares during the last quarter. 85.04% of the stock is currently owned by institutional investors and hedge funds.

About Brookfield Business Partners

Brookfield Business Partners L.P. is a private equity firm specializing in acquisition. The firm typically invests in business services, infrastructure services, construction, energy, and industrials sector. It prefers to take majority stake in companies. The firm seeks returns of at least 15% on its investments.