Canadian Imperial Bank of Commerce Issues Positive Forecast for Brookfield Renewable Partners (NYSE:BEP) Stock Price

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price objective lifted by analysts at Canadian Imperial Bank of Commerce from $37.00 to $40.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “outperformer” rating on the utilities provider’s stock. Canadian Imperial Bank of Commerce’s price objective suggests a potential upside of 15.69% from the company’s previous close.

A number of other equities analysts also recently commented on BEP. National Bank Financial raised their price objective on shares of Brookfield Renewable Partners from $33.00 to $34.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. Zacks Research raised shares of Brookfield Renewable Partners from a “hold” rating to a “strong-buy” rating in a report on Monday, April 6th. Barclays set a $28.00 price objective on shares of Brookfield Renewable Partners and gave the stock an “equal weight” rating in a report on Friday, January 23rd. Mizuho set a $31.00 price objective on shares of Brookfield Renewable Partners and gave the stock a “neutral” rating in a report on Monday, February 2nd. Finally, Wall Street Zen raised shares of Brookfield Renewable Partners from a “sell” rating to a “hold” rating in a report on Saturday, March 7th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $35.93.

Brookfield Renewable Partners Price Performance

Shares of NYSE:BEP traded down $0.01 during midday trading on Monday, reaching $34.58. 236,303 shares of the company’s stock were exchanged, compared to its average volume of 692,353. The company’s 50 day simple moving average is $32.04 and its two-hundred day simple moving average is $29.71. The firm has a market capitalization of $10.49 billion, a PE ratio of -133.08 and a beta of 1.09. Brookfield Renewable Partners has a 12 month low of $21.15 and a 12 month high of $35.97. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.57 and a current ratio of 0.57.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last released its quarterly earnings data on Friday, January 30th. The utilities provider reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.88. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.49 billion. Brookfield Renewable Partners had a net margin of 11.11% and a return on equity of 2.15%. Equities research analysts expect that Brookfield Renewable Partners will post -1.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Brookfield Renewable Partners

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CENTRAL TRUST Co acquired a new stake in Brookfield Renewable Partners in the 1st quarter valued at about $55,000. Purpose Unlimited Inc. acquired a new stake in Brookfield Renewable Partners in the 4th quarter valued at about $12,576,000. Ovata Capital Management Ltd increased its position in Brookfield Renewable Partners by 3.3% in the 4th quarter. Ovata Capital Management Ltd now owns 180,781 shares of the utilities provider’s stock valued at $4,876,000 after acquiring an additional 5,855 shares in the last quarter. Ketron Financial acquired a new stake in Brookfield Renewable Partners in the 4th quarter valued at about $305,000. Finally, Mackenzie Financial Corp increased its position in Brookfield Renewable Partners by 3.5% in the 4th quarter. Mackenzie Financial Corp now owns 48,359 shares of the utilities provider’s stock valued at $1,297,000 after acquiring an additional 1,623 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. 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.