Brookfield Renewable Partners (NYSE:BEP) Given New $32.00 Price Target at CIBC

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price target reduced by analysts at CIBC from $34.00 to $32.00 in a research report issued on Wednesday, MarketBeat.com reports. The brokerage presently has an “outperformer” rating on the utilities provider’s stock. CIBC’s target price indicates a potential upside of 41.34% from the company’s current price.

Several other analysts have also recently weighed in on BEP. StockNews.com cut shares of Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research note on Thursday, December 26th. UBS Group upgraded Brookfield Renewable Partners from a “neutral” rating to a “buy” rating and increased their price target for the stock from $24.00 to $31.00 in a research report on Monday, September 30th. JPMorgan Chase & Co. upgraded Brookfield Renewable Partners from a “neutral” rating to an “overweight” rating and set a $30.00 price objective for the company in a research report on Thursday, December 12th. Royal Bank of Canada restated an “outperform” rating and set a $31.00 target price on shares of Brookfield Renewable Partners in a report on Wednesday, October 9th. Finally, National Bankshares cut their price target on Brookfield Renewable Partners from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Brookfield Renewable Partners has an average rating of “Moderate Buy” and a consensus target price of $32.44.

Brookfield Renewable Partners Price Performance

Shares of BEP stock opened at $22.64 on Wednesday. The stock’s fifty day simple moving average is $24.46 and its 200 day simple moving average is $25.23. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.73 and a quick ratio of 0.73. The firm has a market cap of $6.45 billion, a price-to-earnings ratio of -27.61 and a beta of 0.95. Brookfield Renewable Partners has a one year low of $19.92 and a one year high of $29.56.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its quarterly earnings data on Friday, November 8th. The utilities provider reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.28). Brookfield Renewable Partners had a net margin of 1.16% and a return on equity of 0.24%. The company had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $843.18 million. During the same period in the previous year, the business posted ($0.14) earnings per share. On average, analysts expect that Brookfield Renewable Partners will post -0.88 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Principal Financial Group Inc. raised its stake in shares of Brookfield Renewable Partners by 4.5% during the third quarter. Principal Financial Group Inc. now owns 7,605,679 shares of the utilities provider’s stock worth $214,328,000 after buying an additional 330,648 shares during the last quarter. Bank of Montreal Can raised its position in shares of Brookfield Renewable Partners by 0.4% during the 3rd quarter. Bank of Montreal Can now owns 6,744,285 shares of the utilities provider’s stock valued at $190,469,000 after acquiring an additional 26,189 shares during the last quarter. CCLA Investment Management lifted its stake in shares of Brookfield Renewable Partners by 1.9% in the 2nd quarter. CCLA Investment Management now owns 2,578,419 shares of the utilities provider’s stock valued at $63,952,000 after purchasing an additional 47,734 shares during the period. APG Asset Management N.V. boosted its position in shares of Brookfield Renewable Partners by 0.3% in the 2nd quarter. APG Asset Management N.V. now owns 1,747,150 shares of the utilities provider’s stock worth $40,327,000 after purchasing an additional 5,388 shares during the last quarter. Finally, Toronto Dominion Bank grew its stake in shares of Brookfield Renewable Partners by 11.1% during the third quarter. Toronto Dominion Bank now owns 1,735,462 shares of the utilities provider’s stock worth $48,905,000 after purchasing an additional 173,882 shares during the period. Institutional investors 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.