Brookfield Renewable Partners (NYSE:BEP) Price Target Raised to $31.00 at Royal Bank of Canada

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price objective increased by research analysts at Royal Bank of Canada from $29.00 to $31.00 in a research report issued on Monday, BayStreet.CA reports. The brokerage currently has an “outperform” rating on the utilities provider’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 16.37% from the stock’s previous close.

Several other research firms also recently commented on BEP. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $28.00 target price (down from $36.00) on shares of Brookfield Renewable Partners in a research report on Monday, February 12th. National Bankshares boosted their price objective on shares of Brookfield Renewable Partners from $29.00 to $31.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 9th. Scotiabank raised their target price on Brookfield Renewable Partners from $30.00 to $31.00 and gave the stock an “outperform” rating in a research report on Monday. CIBC lifted their target price on Brookfield Renewable Partners from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Monday. Finally, BMO Capital Markets increased their price target on Brookfield Renewable Partners from $28.00 to $30.00 and gave the company an “outperform” rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Brookfield Renewable Partners currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.75.

Brookfield Renewable Partners Price Performance

Shares of BEP traded up $0.86 during trading hours on Monday, reaching $26.64. The stock had a trading volume of 498,143 shares, compared to its average volume of 523,314. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.57 and a current ratio of 0.57. Brookfield Renewable Partners has a 12 month low of $19.92 and a 12 month high of $32.76. The stock has a market capitalization of $7.62 billion, a PE ratio of -57.91 and a beta of 0.83. The company’s 50-day moving average is $22.43 and its two-hundred day moving average is $23.94.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last posted its earnings results on Friday, February 2nd. The utilities provider reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.03. Brookfield Renewable Partners had a return on equity of 1.31% and a net margin of 7.10%. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period last year, the company earned ($0.16) earnings per share. The business’s quarterly revenue was up 10.6% on a year-over-year basis. Research analysts expect that Brookfield Renewable Partners will post -0.01 EPS for the current year.

Institutional Investors Weigh In On Brookfield Renewable Partners

Several hedge funds and other institutional investors have recently bought and sold shares of BEP. FIL Ltd grew its stake in shares of Brookfield Renewable Partners by 37.1% in the 4th quarter. FIL Ltd now owns 12,842,634 shares of the utilities provider’s stock valued at $337,385,000 after buying an additional 3,474,522 shares during the period. CIBC Asset Management Inc lifted its holdings in shares of Brookfield Renewable Partners by 63.2% in the 4th quarter. CIBC Asset Management Inc now owns 6,181,699 shares of the utilities provider’s stock worth $162,917,000 after purchasing an additional 2,394,853 shares in the last quarter. CCLA Investment Management grew its position in Brookfield Renewable Partners by 37.2% in the 4th quarter. CCLA Investment Management now owns 2,495,770 shares of the utilities provider’s stock valued at $65,558,000 after purchasing an additional 676,754 shares during the period. Invesco Ltd. increased its stake in Brookfield Renewable Partners by 36.0% during the 3rd quarter. Invesco Ltd. now owns 1,851,866 shares of the utilities provider’s stock valued at $40,260,000 after purchasing an additional 489,704 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Brookfield Renewable Partners by 6.4% during the fourth quarter. Principal Financial Group Inc. now owns 6,905,963 shares of the utilities provider’s stock worth $181,489,000 after buying an additional 415,667 shares during the last quarter. 63.16% of the stock is owned by 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.