Brookfield Business Partners (NYSE:BBU) Shares Gap Up Following Analyst Upgrade

Brookfield Business Partners L.P. (NYSE:BBU)’s stock price gapped up before the market opened on Monday after Scotiabank raised their price target on the stock from $39.00 to $40.00. The stock had previously closed at $35.02, but opened at $37.00. Scotiabank currently has a sector outperform rating on the stock. Brookfield Business Partners shares last traded at $36.77, with a volume of 6,844 shares.

BBU has been the subject of several other reports. Royal Bank Of Canada restated an “outperform” rating on shares of Brookfield Business Partners in a report on Monday. National Bankshares increased their target price on shares of Brookfield Business Partners from $39.00 to $43.00 and gave the stock an “outperform” rating in a research report on Friday, November 7th. Zacks Research raised shares of Brookfield Business Partners from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 11th. BMO Capital Markets restated an “outperform” rating on shares of Brookfield Business Partners in a report on Friday. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Brookfield Business Partners in a report on Wednesday, January 21st. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.20.

Hedge Funds Weigh In On Brookfield Business Partners

Several hedge funds have recently bought and sold shares of the business. Picton Mahoney Asset Management boosted its stake in shares of Brookfield Business Partners by 74.4% during the 3rd quarter. Picton Mahoney Asset Management now owns 696,679 shares of the business services provider’s stock worth $22,849,000 after acquiring an additional 297,180 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Brookfield Business Partners by 796.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 322,899 shares of the business services provider’s stock worth $10,530,000 after purchasing an additional 286,872 shares during the last quarter. Credit Industriel ET Commercial bought a new stake in Brookfield Business Partners during the third quarter worth approximately $4,905,000. Legal & General Group Plc bought a new stake in Brookfield Business Partners during the second quarter worth approximately $3,373,000. Finally, Alberta Investment Management Corp acquired a new position in Brookfield Business Partners during the third quarter valued at approximately $3,392,000. 85.04% of the stock is owned by institutional investors and hedge funds.

Brookfield Business Partners Stock Performance

The stock’s 50-day moving average price is $35.29 and its 200 day moving average price is $31.64. The company has a quick ratio of 1.41, a current ratio of 1.71 and a debt-to-equity ratio of 2.84. The company has a market cap of $3.21 billion, a P/E ratio of -140.75 and a beta of 1.31.

Brookfield Business Partners (NYSE:BBU) last posted its earnings results on Friday, January 30th. The business services provider reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.38 by ($1.86). The firm had revenue of $7 billion during the quarter, compared to analyst estimates of $3.46 billion. Brookfield Business Partners had a net margin of 1.41% and a return on equity of 2.67%. As a group, research analysts expect that Brookfield Business Partners L.P. will post 5.25 EPS for the current fiscal year.

Brookfield Business Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Friday, November 28th were given a $0.0625 dividend. This represents a $0.25 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend was Friday, November 28th. Brookfield Business Partners’s dividend payout ratio (DPR) is currently -96.15%.

About Brookfield Business Partners

Brookfield Business Partners L.P. (NYSE: BBU) is a publicly traded partnership sponsored by Brookfield Asset Management. The company focuses on acquiring and operating high-quality businesses across a range of industrial and service-oriented sectors. Through a partnership structure, Brookfield Business Partners seeks to provide investors with returns generated from stable, cash-flowing enterprises that benefit from Brookfield Asset Management’s global scale and operational expertise.

The company’s investment strategy centers on businesses within the industrial services, manufacturing, transportation, and business services segments.