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

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its target price raised by Scotiabank from $31.00 to $32.00 in a report issued on Wednesday morning, MarketBeat reports. The firm currently has a sector outperform rating on the utilities provider’s stock.

BEP has been the topic of several other reports. TD Securities raised their price objective on Brookfield Renewable Partners from $32.00 to $34.00 and gave the stock a buy rating in a report on Wednesday, May 29th. National Bankshares raised their price objective on Brookfield Renewable Partners from $30.00 to $32.00 and gave the stock an outperform rating in a report on Tuesday, May 28th. StockNews.com downgraded Brookfield Renewable Partners from a hold rating to a sell rating in a report on Monday, March 4th. CIBC raised their price objective on Brookfield Renewable Partners from $30.00 to $32.00 and gave the stock an outperform rating in a report on Monday, May 6th. Finally, BMO Capital Markets raised their price objective on Brookfield Renewable Partners from $28.00 to $30.00 and gave the stock an outperform rating in a report on Monday, May 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Brookfield Renewable Partners has a consensus rating of Moderate Buy and an average price target of $31.17.

Brookfield Renewable Partners Trading Down 1.6 %

Shares of NYSE BEP opened at $25.22 on Wednesday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.56 and a current ratio of 0.56. The business’s 50 day moving average price is $25.11 and its 200-day moving average price is $24.82. Brookfield Renewable Partners has a fifty-two week low of $19.92 and a fifty-two week high of $30.32. The company has a market cap of $7.19 billion, a price-to-earnings ratio of -54.82 and a beta of 0.94.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its quarterly earnings results on Friday, May 3rd. The utilities provider reported ($0.23) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.24). The business had revenue of $875.00 million during the quarter, compared to analysts’ expectations of $828.39 million. Brookfield Renewable Partners had a return on equity of 1.30% and a net margin of 7.10%. On average, sell-side analysts expect that Brookfield Renewable Partners will post -0.49 earnings per share for the current year.

Brookfield Renewable Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be given a $0.355 dividend. The ex-dividend date is Friday, May 31st. This represents a $1.42 dividend on an annualized basis and a dividend yield of 5.63%. Brookfield Renewable Partners’s payout ratio is -308.69%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BEP. FIL Ltd increased its holdings in shares of Brookfield Renewable Partners by 37.1% during the fourth quarter. FIL Ltd now owns 12,842,634 shares of the utilities provider’s stock valued at $337,385,000 after acquiring an additional 3,474,522 shares in the last quarter. CIBC Asset Management Inc increased its holdings in shares of Brookfield Renewable Partners by 63.2% during the fourth quarter. CIBC Asset Management Inc now owns 6,181,699 shares of the utilities provider’s stock valued at $162,917,000 after acquiring an additional 2,394,853 shares in the last quarter. CCLA Investment Management increased its holdings in shares of Brookfield Renewable Partners by 37.2% during the fourth quarter. CCLA Investment Management now owns 2,495,770 shares of the utilities provider’s stock valued at $65,558,000 after acquiring an additional 676,754 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Brookfield Renewable Partners by 103.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,171,448 shares of the utilities provider’s stock valued at $27,214,000 after acquiring an additional 595,335 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Brookfield Renewable Partners by 36.0% during the third quarter. Invesco Ltd. now owns 1,851,866 shares of the utilities provider’s stock valued at $40,260,000 after acquiring an additional 489,704 shares in the last quarter. 63.16% of the stock is owned by institutional investors and hedge funds.

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.