Brookfield Renewable Partners (NYSE:BEP) Stock Rating Raised to Buy at Desjardins

Desjardins upgraded shares of Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) from a hold rating to a buy rating in a research note published on Thursday, Marketbeat.com reports.

BEP has been the topic of several other research reports. JPMorgan Chase & Co. reduced their price objective on shares of Brookfield Renewable Partners from $36.00 to $32.00 and set a “neutral” rating on the stock in a research note on Monday, October 19th. Weiss Ratings restated a “hold (c-)” rating on shares of Brookfield Renewable Partners in a report on Monday, September 21st. Zacks Research raised Brookfield Renewable Partners from a “strong sell” rating to a “hold” rating in a research report on Friday, August 14th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating and set a $41.00 target price on shares of Brookfield Renewable Partners in a research report on Friday, July 17th. Finally, BMO Capital Markets set a $41.00 target price on Brookfield Renewable Partners in a report on Monday, August 17th. Eight research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Brookfield Renewable Partners currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.73.

Brookfield Renewable Partners Stock Down 0.8%

NYSE:BEP opened at $30.67 on Thursday. The firm’s 50 day simple moving average is $29.51 and its 200 day simple moving average is $32.07. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.80 and a quick ratio of 0.80. Brookfield Renewable Partners has a one year low of $26.30 and a one year high of $38.12. The company has a market cap of $9.29 billion, a PE ratio of -40.89 and a beta of 1.08.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last posted its earnings results on Wednesday, November 4th. The utilities provider reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.50) by ($0.02). Brookfield Renewable Partners had a negative return on equity of 0.33% and a negative net margin of 1.77%. The business had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.46 billion. On average, research analysts anticipate that Brookfield Renewable Partners will post -1.88 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE grew its holdings in Brookfield Renewable Partners by 413.2% during the 1st quarter. Bank of America Corp DE now owns 973,260 shares of the utilities provider’s stock worth $31,767,000 after acquiring an additional 783,620 shares during the period. Oak Grove Capital LLC raised its position in shares of Brookfield Renewable Partners by 71.8% in the 3rd quarter. Oak Grove Capital LLC now owns 1,202,100 shares of the utilities provider’s stock worth $33,827,000 after acquiring an additional 502,300 shares in the last quarter. Guardian Partners Inc. acquired a new position in shares of Brookfield Renewable Partners in the 3rd quarter valued at about $4,721,000. Bank of Nova Scotia lifted its stake in shares of Brookfield Renewable Partners by 11.0% in the 1st quarter. Bank of Nova Scotia now owns 1,148,128 shares of the utilities provider’s stock valued at $37,444,000 after purchasing an additional 114,127 shares during the period. Finally, Groupe la Francaise lifted its stake in shares of Brookfield Renewable Partners by 194.5% in the 1st quarter. Groupe la Francaise now owns 159,894 shares of the utilities provider’s stock valued at $5,214,000 after purchasing an additional 105,599 shares during the period. Institutional investors own 63.16% of the company’s stock.

About Brookfield Renewable Partners

Brookfield Renewable Partners L.P. is a global renewable power and sustainable solutions company. The partnership develops, owns and operates a diversified portfolio of renewable energy facilities, with hydroelectric generation complemented by onshore and offshore wind, utility-scale and distributed solar, battery storage, and other energy transition assets.

Through its operating platforms, Brookfield Renewable supplies electricity and related energy services to utilities, corporations and other customers.