CIBC Boosts Brookfield Renewable Partners (NYSE:BEP) Price Target to $40.00

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its target price lifted by analysts at CIBC from $39.00 to $40.00 in a report released on Thursday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the utilities provider’s stock. CIBC’s target price would indicate a potential upside of 76.68% from the company’s previous close.

A number of other research firms have also recently commented on BEP. Royal Bank of Canada reissued an “outperform” rating and issued a $31.00 price target on shares of Brookfield Renewable Partners in a report on Wednesday, October 9th. StockNews.com downgraded shares of Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a report on Thursday, December 26th. National Bankshares reduced their target price on shares of Brookfield Renewable Partners from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Wednesday, December 18th. JPMorgan Chase & Co. upgraded shares of Brookfield Renewable Partners from a “neutral” rating to an “overweight” rating and set a $30.00 target price on the stock in a report on Thursday, December 12th. Finally, UBS Group raised shares of Brookfield Renewable Partners from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $24.00 to $31.00 in a research note on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $32.44.

Brookfield Renewable Partners Stock Performance

Shares of NYSE BEP traded down $0.97 during midday trading on Thursday, hitting $22.64. 722,740 shares of the stock traded hands, compared to its average volume of 550,040. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.73 and a current ratio of 0.73. Brookfield Renewable Partners has a one year low of $19.92 and a one year high of $29.56. The firm has a market capitalization of $6.45 billion, a P/E ratio of -27.61 and a beta of 0.95. The firm has a 50-day moving average of $24.52 and a two-hundred day moving average of $25.25.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its quarterly earnings results on Friday, November 8th. The utilities provider reported ($0.32) earnings per share (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 business had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $843.18 million. During the same quarter in the previous year, the company posted ($0.14) EPS. On average, equities analysts forecast that Brookfield Renewable Partners will post -0.88 EPS for the current fiscal year.

Institutional Investors Weigh In On Brookfield Renewable Partners

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Intact Investment Management Inc. acquired a new stake in Brookfield Renewable Partners in the third quarter valued at $42,331,000. Principal Financial Group Inc. increased its holdings in shares of Brookfield Renewable Partners by 4.5% in the third quarter. Principal Financial Group Inc. now owns 7,605,679 shares of the utilities provider’s stock valued at $214,328,000 after purchasing an additional 330,648 shares during the period. Mirabella Financial Services LLP raised its stake in shares of Brookfield Renewable Partners by 145.2% during the third quarter. Mirabella Financial Services LLP now owns 466,736 shares of the utilities provider’s stock worth $13,153,000 after purchasing an additional 276,374 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new stake in shares of Brookfield Renewable Partners during the third quarter worth $6,191,000. Finally, Toronto Dominion Bank increased its holdings in Brookfield Renewable Partners by 11.1% during the 3rd quarter. Toronto Dominion Bank now owns 1,735,462 shares of the utilities provider’s stock valued at $48,905,000 after acquiring an additional 173,882 shares in the last quarter. Institutional investors and hedge funds own 63.16% of the company’s stock.

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.