Brookfield Renewable Partners (NYSE:BEP) Price Target Raised to $42.00
by Mitch Edgeman · The Markets DailyBrookfield Renewable Partners (NYSE:BEP – Get Free Report) (TSE:BEP) had its target price increased by Morgan Stanley from $38.00 to $42.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the utilities provider’s stock. Morgan Stanley’s target price indicates a potential upside of 36.79% from the stock’s previous close.
BEP has been the subject of a number of other reports. UBS Group restated a “buy” rating and set a $39.00 target price (up from $38.00) on shares of Brookfield Renewable Partners in a research report on Friday, December 5th. National Bank Financial raised their target price on Brookfield Renewable Partners from $33.00 to $34.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. Weiss Ratings reissued a “hold (c-)” rating on shares of Brookfield Renewable Partners in a report on Monday, December 29th. Barclays set a $28.00 price objective on Brookfield Renewable Partners and gave the stock an “equal weight” rating in a research report on Friday, January 23rd. Finally, Mizuho set a $31.00 target price on shares of Brookfield Renewable Partners and gave the company a “neutral” rating in a report on Monday, February 2nd. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $35.21.
Read Our Latest Stock Analysis on Brookfield Renewable Partners
Brookfield Renewable Partners Stock Performance
BEP traded down $0.13 on Monday, reaching $30.70. 1,360,632 shares of the stock were exchanged, compared to its average volume of 665,649. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.57 and a quick ratio of 0.57. The company’s 50-day moving average price is $30.25 and its 200 day moving average price is $28.61. The firm has a market capitalization of $9.38 billion, a PE ratio of -117.29 and a beta of 1.13. Brookfield Renewable Partners has a fifty-two week low of $19.29 and a fifty-two week high of $32.78.
Brookfield Renewable Partners (NYSE:BEP – Get Free Report) (TSE:BEP) last issued its earnings results on Friday, January 30th. The utilities provider reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.88. Brookfield Renewable Partners had a return on equity of 2.15% and a net margin of 11.11%.The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.49 billion. As a group, sell-side analysts forecast that Brookfield Renewable Partners will post -1.04 EPS for the current fiscal year.
Hedge Funds Weigh In On Brookfield Renewable Partners
Several institutional investors and hedge funds have recently bought and sold shares of the company. BROOKFIELD Corp ON raised its position in shares of Brookfield Renewable Partners by 9.4% during the 4th 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. increased its stake in Brookfield Renewable Partners by 1.8% during the fourth quarter. Principal Financial Group Inc. now owns 10,305,148 shares of the utilities provider’s stock worth $277,930,000 after acquiring an additional 177,599 shares during the last quarter. Bank of Montreal Can raised its position in 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 purchasing an additional 1,415,989 shares during the period. State of Wisconsin Investment Board grew its holdings in shares of Brookfield Renewable Partners by 128.0% during the 4th quarter. State of Wisconsin Investment Board now owns 4,867,084 shares of the utilities provider’s stock worth $131,265,000 after purchasing an additional 2,732,542 shares during the period. Finally, Morgan Stanley increased its position in shares of Brookfield Renewable Partners by 41.9% during the 4th quarter. Morgan Stanley now owns 4,029,046 shares of the utilities provider’s stock worth $108,663,000 after purchasing an additional 1,189,130 shares during the last quarter. 63.16% of the stock is currently owned by institutional investors and hedge funds.
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.