CIBC Raises Brookfield Renewable Partners (NYSE:BEP) Price Target to $32.00

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price objective boosted by CIBC from $30.00 to $32.00 in a research note published on Monday, BayStreet.CA reports. The firm currently has an outperform rating on the utilities provider’s stock.

A number of other equities research analysts have also weighed in on BEP. StockNews.com lowered shares of Brookfield Renewable Partners from a hold rating to a sell rating in a report on Monday, March 4th. National Bankshares boosted their target price on shares of Brookfield Renewable Partners from $29.00 to $31.00 and gave the stock an outperform rating in a report on Tuesday, January 9th. JPMorgan Chase & Co. reissued a neutral rating and set a $28.00 target price (down from $36.00) on shares of Brookfield Renewable Partners in a report on Monday, February 12th. Raymond James reduced their target price on shares of Brookfield Renewable Partners from $33.00 to $32.00 and set a strong-buy rating on the stock in a report on Thursday, April 25th. Finally, BMO Capital Markets boosted their target price on shares of Brookfield Renewable Partners from $28.00 to $30.00 and gave the stock an outperform rating in a report on Monday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $30.75.

Brookfield Renewable Partners Price Performance

BEP stock opened at $26.89 on Monday. The company has a 50 day simple moving average of $22.67 and a 200 day simple moving average of $24.03. The stock has a market cap of $7.69 billion, a price-to-earnings ratio of -58.46 and a beta of 0.83. Brookfield Renewable Partners has a 1 year low of $19.92 and a 1 year high of $32.76. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.57 and a quick ratio of 0.57.

Brookfield Renewable Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 31st will be paid a dividend of $0.355 per share. This represents a $1.42 annualized dividend and a yield of 5.28%. The ex-dividend date is Friday, May 31st. Brookfield Renewable Partners’s dividend payout ratio is presently -219.56%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Avantax Advisory Services Inc. boosted its stake in Brookfield Renewable Partners by 17.2% during the first quarter. Avantax Advisory Services Inc. now owns 20,725 shares of the utilities provider’s stock worth $481,000 after acquiring an additional 3,048 shares in the last quarter. Gold Investment Management Ltd. boosted its stake in Brookfield Renewable Partners by 3.0% during the first quarter. Gold Investment Management Ltd. now owns 78,026 shares of the utilities provider’s stock worth $1,815,000 after acquiring an additional 2,246 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Brookfield Renewable Partners by 2,229.4% during the first quarter. BNP Paribas Financial Markets now owns 25,507 shares of the utilities provider’s stock worth $593,000 after acquiring an additional 24,412 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Brookfield Renewable Partners by 4.4% during the first quarter. Principal Financial Group Inc. now owns 7,208,237 shares of the utilities provider’s stock worth $167,447,000 after acquiring an additional 302,274 shares in the last quarter. Finally, Verity & Verity LLC bought a new position in Brookfield Renewable Partners during the first quarter worth $252,000. 63.16% of the stock is owned by institutional investors.

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.