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

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its target price boosted by investment analysts at National Bank Financial from $36.00 to $39.00 in a report issued on Thursday,BayStreet.CA reports. The firm presently has an “outperform” rating on the utilities provider’s stock. National Bank Financial’s price objective suggests a potential upside of 9.30% from the stock’s previous close.

BEP has been the topic of several other reports. Zacks Research lowered shares of Brookfield Renewable Partners from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Wall Street Zen cut shares of Brookfield Renewable Partners from a “sell” rating to a “strong sell” rating in a research report on Sunday, May 10th. JPMorgan Chase & Co. raised their price target on shares of Brookfield Renewable Partners from $34.00 to $40.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Morgan Stanley increased their price objective on shares of Brookfield Renewable Partners from $38.00 to $42.00 and gave the stock an “overweight” rating in a research report on Monday, March 23rd. Finally, Scotiabank restated an “outperform” rating and issued a $42.00 price target (up from $36.00) on shares of Brookfield Renewable Partners in a report on Friday, May 29th. Eleven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $37.93.

Brookfield Renewable Partners Price Performance

NYSE:BEP traded up $0.41 during mid-day trading on Thursday, hitting $35.68. The company’s stock had a trading volume of 285,168 shares, compared to its average volume of 787,821. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.82. The company has a market capitalization of $10.82 billion, a price-to-earnings ratio of -115.11 and a beta of 1.09. Brookfield Renewable Partners has a fifty-two week low of $24.13 and a fifty-two week high of $38.12. The stock has a fifty day moving average of $34.68 and a 200-day moving average of $31.22.

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). Brookfield Renewable Partners had a net margin of 8.28% and a return on equity of 1.57%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.50 billion. As a group, equities analysts forecast that Brookfield Renewable Partners will post -1.53 EPS for the current fiscal year.

Institutional Investors Weigh In On Brookfield Renewable Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ovata Capital Management Ltd bought a new position in Brookfield Renewable Partners during the 3rd quarter valued at about $4,511,000. Citigroup Inc. grew its holdings in shares of Brookfield Renewable Partners by 246.1% in the third quarter. Citigroup Inc. now owns 169,621 shares of the utilities provider’s stock valued at $4,373,000 after purchasing an additional 120,618 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Brookfield Renewable Partners by 1.8% in the fourth quarter. Principal Financial Group Inc. now owns 10,305,148 shares of the utilities provider’s stock valued at $277,930,000 after purchasing an additional 177,599 shares in the last quarter. Picton Mahoney Asset Management grew its holdings in shares of Brookfield Renewable Partners by 95.6% in the third quarter. Picton Mahoney Asset Management now owns 1,070,639 shares of the utilities provider’s stock valued at $27,589,000 after purchasing an additional 523,263 shares in the last quarter. Finally, CIBC Bancorp USA Inc. bought a new stake in Brookfield Renewable Partners in the third quarter worth $19,944,000. 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.