Brookfield Renewable Partners (NYSE:BEP) Stock Price Expected to Rise, CIBC Analyst Says

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price objective upped by equities research analysts at CIBC from $39.00 to $40.00 in a note issued to investors on Thursday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the utilities provider’s stock. CIBC’s target price suggests a potential upside of 76.83% from the stock’s previous close.

Several other equities research analysts also recently issued reports on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $31.00 price objective on shares of Brookfield Renewable Partners in a research note on Wednesday, October 9th. JPMorgan Chase & Co. raised shares of Brookfield Renewable Partners from a “neutral” rating to an “overweight” rating and set a $30.00 price target for the company in a research report on Thursday, December 12th. UBS Group upgraded Brookfield Renewable Partners from a “neutral” rating to a “buy” rating and increased their price target for the company from $24.00 to $31.00 in a report on Monday, September 30th. StockNews.com cut Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research note on Thursday, December 26th. Finally, National Bankshares lowered their target price on Brookfield Renewable Partners from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $32.44.

Brookfield Renewable Partners Trading Down 0.0 %

Shares of BEP opened at $22.62 on Thursday. Brookfield Renewable Partners has a twelve month low of $19.92 and a twelve month high of $29.56. The firm has a market capitalization of $6.45 billion, a P/E ratio of -27.59 and a beta of 0.95. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.93. The stock’s fifty day simple moving average is $24.41 and its 200 day simple moving average is $25.21.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last released its quarterly earnings data on Friday, November 8th. The utilities provider reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.28). Brookfield Renewable Partners had a return on equity of 0.24% and a net margin of 1.16%. The firm had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $843.18 million. During the same quarter last year, the business earned ($0.14) earnings per share. On average, equities research analysts forecast that Brookfield Renewable Partners will post -0.88 earnings per share for the current year.

Hedge Funds Weigh In On Brookfield Renewable Partners

Several institutional investors and hedge funds have recently made changes to their positions in the business. Private Advisor Group LLC raised its holdings in Brookfield Renewable Partners by 55.8% in the second quarter. Private Advisor Group LLC now owns 22,016 shares of the utilities provider’s stock valued at $545,000 after acquiring an additional 7,886 shares in the last quarter. CCLA Investment Management increased its position in shares of Brookfield Renewable Partners by 1.9% in the 2nd quarter. CCLA Investment Management now owns 2,578,419 shares of the utilities provider’s stock worth $63,952,000 after purchasing an additional 47,734 shares during the last quarter. APG Asset Management N.V. raised its stake in shares of Brookfield Renewable Partners by 0.3% in 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 purchasing an additional 5,388 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Brookfield Renewable Partners by 0.5% during the second quarter. The Manufacturers Life Insurance Company now owns 282,574 shares of the utilities provider’s stock worth $6,988,000 after purchasing an additional 1,333 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Brookfield Renewable Partners during the second quarter worth about $359,000. 63.16% of the stock is currently owned by hedge funds and other institutional investors.

About Brookfield Renewable Partners

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.