CIBC Increases Brookfield Renewable Partners (NYSE:BEP) Price Target to $34.00

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price objective boosted by equities research analysts at CIBC from $33.00 to $34.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “outperformer” rating on the utilities provider’s stock. CIBC’s price target indicates a potential upside of 22.08% from the company’s previous close.

BEP has been the subject of several other research reports. StockNews.com downgraded shares of Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research note on Friday, August 2nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $31.00 price target on shares of Brookfield Renewable Partners in a research note on Wednesday, October 9th. JPMorgan Chase & Co. reduced their price objective on Brookfield Renewable Partners from $31.00 to $29.00 and set a “neutral” rating on the stock in a research report on Thursday, October 17th. National Bankshares increased their target price on Brookfield Renewable Partners from $32.00 to $33.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Finally, UBS Group upgraded Brookfield Renewable Partners from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $24.00 to $31.00 in a report on Monday, September 30th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $32.50.

Brookfield Renewable Partners Price Performance

Brookfield Renewable Partners stock opened at $27.85 on Tuesday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.52 and a current ratio of 0.52. Brookfield Renewable Partners has a 52 week low of $19.92 and a 52 week high of $29.56. The stock has a market capitalization of $7.94 billion, a P/E ratio of -60.54 and a beta of 0.94. The stock has a fifty day moving average of $26.06 and a 200-day moving average of $25.38.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its earnings results on Friday, August 2nd. The utilities provider reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.13 by ($0.41). Brookfield Renewable Partners had a return on equity of 0.46% and a net margin of 2.37%. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the firm posted ($0.10) EPS. The firm’s revenue was up 23.0% compared to the same quarter last year. On average, sell-side analysts expect that Brookfield Renewable Partners will post -0.57 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC raised its stake in Brookfield Renewable Partners by 86.5% during the third quarter. GAMMA Investing LLC now owns 953 shares of the utilities provider’s stock worth $27,000 after buying an additional 442 shares during the last quarter. Dixon Mitchell Investment Counsel Inc. acquired a new stake in Brookfield Renewable Partners during the 1st quarter worth about $31,000. Evermay Wealth Management LLC bought a new position in shares of Brookfield Renewable Partners in the 1st quarter worth about $49,000. Clear Point Advisors Inc. acquired a new position in shares of Brookfield Renewable Partners in the 1st quarter valued at about $49,000. Finally, PNC Financial Services Group Inc. boosted its position in shares of Brookfield Renewable Partners by 17.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 5,926 shares of the utilities provider’s stock valued at $156,000 after purchasing an additional 900 shares in the last quarter. Institutional investors and hedge funds own 63.16% of the company’s stock.

Brookfield Renewable Partners Company Profile

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.