Brookfield Renewable Partners (NYSE:BEP) Coverage Initiated by Analysts at Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce assumed coverage on shares of Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) in a research note issued to investors on Wednesday. The firm set a “sector outperform” rating and a $37.00 price target on the utilities provider’s stock. Canadian Imperial Bank of Commerce’s target price points to a potential upside of 21.56% from the company’s current price.

A number of other research analysts have also issued reports on the stock. Barclays set a $28.00 target price on shares of Brookfield Renewable Partners and gave the company an “equal weight” rating in a research note on Friday, January 23rd. UBS Group reiterated a “buy” rating and set a $39.00 price objective (up from $38.00) on shares of Brookfield Renewable Partners in a research report on Friday, December 5th. Desjardins raised Brookfield Renewable Partners to a “hold” rating in a report on Wednesday, November 26th. Morgan Stanley restated an “overweight” rating and issued a $38.00 target price (up from $36.00) on shares of Brookfield Renewable Partners in a research report on Monday, November 24th. Finally, Mizuho set a $31.00 price target on Brookfield Renewable Partners and gave the stock a “neutral” rating in a research report on Monday, February 2nd. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Brookfield Renewable Partners presently has a consensus rating of “Moderate Buy” and an average price target of $34.93.

Brookfield Renewable Partners Stock Performance

BEP traded down $0.41 during trading on Wednesday, reaching $30.44. 88,795 shares of the company were exchanged, compared to its average volume of 573,674. Brookfield Renewable Partners has a 52 week low of $19.29 and a 52 week high of $32.78. The company has a current ratio of 0.19, a quick ratio of 0.58 and a debt-to-equity ratio of 0.91. The firm has a 50 day moving average of $29.36 and a 200 day moving average of $28.10. The stock has a market cap of $8.64 billion, a P/E ratio of -117.08 and a beta of 1.13.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last announced its quarterly earnings results on Friday, January 30th. The utilities provider reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.34) by $0.88. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.49 billion. Brookfield Renewable Partners had a net margin of 11.11% and a return on equity of 2.15%. On average, sell-side analysts forecast that Brookfield Renewable Partners will post -1.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Brookfield Renewable Partners

Several hedge funds have recently modified their holdings of the company. Hilltop National Bank raised its stake in shares of Brookfield Renewable Partners by 37.6% in the 3rd quarter. Hilltop National Bank now owns 1,830 shares of the utilities provider’s stock worth $47,000 after buying an additional 500 shares in the last quarter. Aviso Financial Inc. grew its holdings in Brookfield Renewable Partners by 9.6% during the third quarter. Aviso Financial Inc. now owns 8,338 shares of the utilities provider’s stock worth $215,000 after acquiring an additional 733 shares during the period. Envestnet Asset Management Inc. raised its position in Brookfield Renewable Partners by 7.8% in the third quarter. Envestnet Asset Management Inc. now owns 10,223 shares of the utilities provider’s stock worth $264,000 after acquiring an additional 742 shares in the last quarter. U.S. Capital Wealth Advisors LLC lifted its holdings in Brookfield Renewable Partners by 2.6% in the 3rd quarter. U.S. Capital Wealth Advisors LLC now owns 29,600 shares of the utilities provider’s stock valued at $763,000 after acquiring an additional 750 shares during the last quarter. Finally, Allworth Financial LP boosted its position in shares of Brookfield Renewable Partners by 9.5% during the 4th quarter. Allworth Financial LP now owns 8,645 shares of the utilities provider’s stock valued at $233,000 after purchasing an additional 750 shares in the last quarter. 63.16% of the stock is currently owned by institutional investors and hedge funds.

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.