Brookfield Renewable Partners (NYSE:BEP) Price Target Raised to $34.00 at CIBC

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its target price hoisted by equities research analysts at CIBC from $33.00 to $34.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has an “outperformer” rating on the utilities provider’s stock. CIBC’s target price would suggest a potential upside of 20.48% from the company’s current price.

Several other equities analysts also recently issued reports on BEP. Royal Bank of Canada reaffirmed an “outperform” rating and set a $31.00 price target on shares of Brookfield Renewable Partners in a research note on Wednesday, October 9th. StockNews.com lowered Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research report on Friday, August 2nd. UBS Group raised shares of Brookfield Renewable Partners from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $24.00 to $31.00 in a research report on Monday, September 30th. National Bankshares raised their price objective on Brookfield Renewable Partners from $32.00 to $33.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Finally, JPMorgan Chase & Co. decreased their price target on Brookfield Renewable Partners from $31.00 to $29.00 and set a “neutral” rating for the company in a research report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.50.

Brookfield Renewable Partners Stock Performance

NYSE:BEP traded down $0.67 on Tuesday, hitting $28.22. The company’s stock had a trading volume of 708,509 shares, compared to its average volume of 476,897. Brookfield Renewable Partners has a one year low of $19.92 and a one year high of $29.56. The stock has a fifty day moving average of $25.91 and a two-hundred day moving average of $25.32. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $8.04 billion, a P/E ratio of -61.35 and a beta of 0.94.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its quarterly earnings data on Friday, August 2nd. The utilities provider reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.41). The business had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.49 billion. Brookfield Renewable Partners had a return on equity of 0.46% and a net margin of 2.37%. Brookfield Renewable Partners’s revenue for the quarter was up 23.0% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.10) EPS. Research analysts predict that Brookfield Renewable Partners will post -0.57 earnings per share for the current year.

Hedge Funds Weigh In On Brookfield Renewable Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BEP. Principal Financial Group Inc. grew its stake in Brookfield Renewable Partners by 0.9% in the second quarter. Principal Financial Group Inc. now owns 7,275,031 shares of the utilities provider’s stock worth $180,203,000 after purchasing an additional 66,794 shares in the last quarter. CIBC Asset Management Inc grew its stake in Brookfield Renewable Partners by 0.6% during the 2nd quarter. CIBC Asset Management Inc now owns 6,915,814 shares of the utilities provider’s stock valued at $171,010,000 after purchasing an additional 37,836 shares during the last quarter. CCLA Investment Management boosted its position in Brookfield Renewable Partners by 1.9% in the second quarter. CCLA Investment Management now owns 2,578,419 shares of the utilities provider’s stock valued at $63,952,000 after buying an additional 47,734 shares during the last quarter. TD Asset Management Inc boosted its holdings in shares of Brookfield Renewable Partners by 2.9% in the 2nd quarter. TD Asset Management Inc now owns 2,377,124 shares of the utilities provider’s stock valued at $58,805,000 after acquiring an additional 67,777 shares during the last quarter. Finally, APG Asset Management N.V. raised its stake in shares of Brookfield Renewable Partners by 0.3% during the 2nd quarter. APG Asset Management N.V. now owns 1,747,150 shares of the utilities provider’s stock valued at $40,327,000 after buying an additional 5,388 shares during the last quarter. 63.16% of the stock is owned by institutional investors.

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.