Zacks Research Upgrades Brookfield Renewable Partners (NYSE:BEP) to Strong-Buy

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

A number of other analysts also recently weighed in on the stock. Canadian Imperial Bank of Commerce assumed coverage on shares of Brookfield Renewable Partners in a research report on Wednesday, March 4th. They issued an “outperformer” rating and a $37.00 target price on the stock. Barclays set a $28.00 target price on shares of Brookfield Renewable Partners and gave the stock an “equal weight” rating in a research report on Friday, January 23rd. Mizuho set a $31.00 target price on shares of Brookfield Renewable Partners and gave the stock a “neutral” rating in a research report on Monday, February 2nd. Morgan Stanley upped their target price on shares of Brookfield Renewable Partners from $38.00 to $42.00 and gave the stock an “overweight” rating in a research report on Monday, March 23rd. Finally, National Bank Financial upped their target price on shares of Brookfield Renewable Partners from $33.00 to $34.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $35.21.

Brookfield Renewable Partners Price Performance

BEP opened at $32.86 on Monday. The stock has a fifty day simple moving average of $31.25 and a two-hundred day simple moving average of $29.21. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 0.80. The company has a market cap of $10.03 billion, a price-to-earnings ratio of -126.37 and a beta of 1.09. Brookfield Renewable Partners has a 12-month low of $19.49 and a 12-month high of $34.05.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last released its earnings results on Friday, January 30th. The utilities provider reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.88. The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.49 billion. Brookfield Renewable Partners had a net margin of 11.11% and a return on equity of 2.15%. Research analysts predict that Brookfield Renewable Partners will post -1.04 earnings per share for the current fiscal year.

Institutional Trading of Brookfield Renewable Partners

Several institutional investors have recently bought and sold shares of BEP. Goldman Sachs Group Inc. grew its position in Brookfield Renewable Partners by 57.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 919,693 shares of the utilities provider’s stock valued at $20,380,000 after purchasing an additional 333,789 shares during the last quarter. Russell Investments Group Ltd. bought a new position in Brookfield Renewable Partners during the 2nd quarter valued at about $34,000. Brown Advisory Inc. lifted its stake in Brookfield Renewable Partners by 27.0% during the 2nd quarter. Brown Advisory Inc. now owns 58,419 shares of the utilities provider’s stock valued at $1,490,000 after acquiring an additional 12,419 shares during the period. Cresset Asset Management LLC lifted its stake in Brookfield Renewable Partners by 42.8% during the 2nd quarter. Cresset Asset Management LLC now owns 20,031 shares of the utilities provider’s stock valued at $511,000 after acquiring an additional 6,000 shares during the period. Finally, Northern Right Capital Management L.P. lifted its stake in Brookfield Renewable Partners by 64.6% during the 2nd quarter. Northern Right Capital Management L.P. now owns 64,621 shares of the utilities provider’s stock valued at $1,648,000 after acquiring an additional 25,359 shares during the period. 63.16% of the stock is owned by hedge funds and other institutional investors.

Brookfield Renewable Partners Company Profile

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.