Royal Bank of Canada Boosts Brookfield Renewable Partners (NYSE:BEP) Price Target to $31.00

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its target price boosted by research analysts at Royal Bank of Canada from $29.00 to $31.00 in a research note issued on Monday, BayStreet.CA reports. The firm currently has an “outperform” rating on the utilities provider’s stock. Royal Bank of Canada’s price target suggests a potential upside of 16.37% from the stock’s current price.

A number of other equities analysts have also recently commented on BEP. Scotiabank raised their target price on Brookfield Renewable Partners from $30.00 to $31.00 and gave the stock an “outperform” rating in a report on Monday. StockNews.com downgraded Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research note on Monday, March 4th. BMO Capital Markets lifted their price objective on Brookfield Renewable Partners from $28.00 to $30.00 and gave the company an “outperform” rating in a research report on Monday. National Bankshares increased 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. Finally, CIBC lifted their price target on shares of Brookfield Renewable Partners from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Monday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $30.75.

Brookfield Renewable Partners Stock Performance

Shares of NYSE BEP traded up $0.86 during midday trading on Monday, hitting $26.64. 498,143 shares of the company’s stock traded hands, compared to its average volume of 523,314. The firm has a fifty day moving average of $22.43 and a 200 day moving average of $23.94. 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 quick ratio of 0.57 and a current ratio of 0.57. The stock has a market capitalization of $7.62 billion, a price-to-earnings ratio of -57.91 and a beta of 0.83.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last announced its earnings results on Friday, February 2nd. The utilities provider reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.03. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Brookfield Renewable Partners had a net margin of 7.10% and a return on equity of 1.31%. The firm’s revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.16) earnings per share. On average, analysts forecast that Brookfield Renewable Partners will post -0.01 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Commonwealth Equity Services LLC grew its stake in shares of Brookfield Renewable Partners by 3.1% in the 3rd quarter. Commonwealth Equity Services LLC now owns 34,683 shares of the utilities provider’s stock worth $754,000 after buying an additional 1,047 shares in the last quarter. Stratos Wealth Partners LTD. bought a new stake in Brookfield Renewable Partners during the third quarter worth approximately $244,000. Mackenzie Financial Corp increased its stake in Brookfield Renewable Partners by 12.1% during the third quarter. Mackenzie Financial Corp now owns 176,224 shares of the utilities provider’s stock worth $3,583,000 after acquiring an additional 19,083 shares during the last quarter. CIBC Asset Management Inc raised its position in Brookfield Renewable Partners by 1.5% during the third quarter. CIBC Asset Management Inc now owns 3,786,846 shares of the utilities provider’s stock valued at $82,528,000 after purchasing an additional 56,651 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of Brookfield Renewable Partners by 0.9% in the 3rd quarter. Principal Financial Group Inc. now owns 6,490,296 shares of the utilities provider’s stock valued at $141,099,000 after purchasing an additional 57,177 shares during the last quarter. Institutional investors own 63.16% of the company’s stock.

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.