Scotiabank Boosts Brookfield Renewable Partners (NYSE:BEP) Price Target to $42.00

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price target boosted by equities research analysts at Scotiabank from $36.00 to $42.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “sector outperform” rating on the utilities provider’s stock. Scotiabank’s price objective indicates a potential upside of 13.62% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Morgan Stanley boosted their price target on Brookfield Renewable Partners from $38.00 to $42.00 and gave the company an “overweight” rating in a report on Monday, March 23rd. National Bank Financial boosted their price target on Brookfield Renewable Partners from $34.00 to $36.00 and gave the company a “sector outperform” rating in a report on Monday, May 4th. TD boosted their price target on Brookfield Renewable Partners from $38.00 to $39.00 and gave the company a “buy” rating in a report on Monday, May 4th. Wall Street Zen downgraded Brookfield Renewable Partners from a “sell” rating to a “strong sell” rating in a report on Sunday, May 10th. Finally, Mizuho set a $31.00 price target on Brookfield Renewable Partners and gave the company a “neutral” rating in a report on Monday, February 2nd. Eleven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $37.71.

Brookfield Renewable Partners Stock Performance

Shares of NYSE BEP traded down $0.34 during trading on Friday, reaching $36.97. The stock had a trading volume of 192,470 shares, compared to its average volume of 776,458. Brookfield Renewable Partners has a one year low of $23.52 and a one year high of $37.66. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.75 and a current ratio of 0.75. The stock has a market cap of $11.21 billion, a PE ratio of -119.29 and a beta of 1.06. The firm’s 50 day moving average price is $33.76 and its two-hundred day moving average price is $30.75.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its quarterly earnings results on Friday, May 1st. The utilities provider reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.50 billion. On average, research analysts forecast that Brookfield Renewable Partners will post -1.53 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in BEP. BROOKFIELD Corp ON lifted its holdings in shares of Brookfield Renewable Partners by 9.4% in the fourth quarter. BROOKFIELD Corp ON now owns 81,306,719 shares of the utilities provider’s stock valued at $2,192,842,000 after buying an additional 6,967,670 shares during the period. Principal Financial Group Inc. lifted 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 buying an additional 177,599 shares during the period. Bank of Montreal Can lifted its holdings in shares of Brookfield Renewable Partners by 20.3% in the fourth quarter. Bank of Montreal Can now owns 8,394,947 shares of the utilities provider’s stock valued at $226,859,000 after buying an additional 1,415,989 shares during the period. State of Wisconsin Investment Board lifted its holdings in shares of Brookfield Renewable Partners by 128.0% in the fourth quarter. State of Wisconsin Investment Board now owns 4,867,084 shares of the utilities provider’s stock valued at $131,265,000 after buying an additional 2,732,542 shares during the period. Finally, Morgan Stanley lifted its holdings in shares of Brookfield Renewable Partners by 41.9% in the fourth quarter. Morgan Stanley now owns 4,029,046 shares of the utilities provider’s stock valued at $108,663,000 after buying an additional 1,189,130 shares during the period. Institutional investors and hedge funds own 63.16% of the company’s stock.

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.