Royal Bank of Canada Reiterates Outperform Rating for Brookfield Renewable Partners (NYSE:BEP)

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP)‘s stock had its “outperform” rating restated by Royal Bank of Canada in a research note issued to investors on Monday, Benzinga reports. They presently have a $29.00 price target on the utilities provider’s stock. Royal Bank of Canada’s target price suggests a potential upside of 20.68% from the stock’s previous close.

Several other equities analysts have also commented on the stock. Raymond James dropped their price target on shares of Brookfield Renewable Partners from $37.00 to $33.00 and set a “strong-buy” rating on the stock in a research note on Monday, November 6th. National Bankshares reduced their price target on shares of Brookfield Renewable Partners from $30.00 to $29.00 and set an “outperform” rating for the company in a research report on Monday, November 6th. Scotiabank dropped their price objective on Brookfield Renewable Partners from $38.00 to $30.00 and set an “outperform” rating on the stock in a report on Wednesday, October 25th. Wells Fargo & Company reduced their target price on Brookfield Renewable Partners from $35.00 to $32.00 and set an “overweight” rating for the company in a report on Friday, September 22nd. Finally, TD Securities decreased their target price on Brookfield Renewable Partners from $38.00 to $32.00 and set an “action list buy” rating for the company in a research report on Wednesday, October 18th. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Brookfield Renewable Partners presently has an average rating of “Moderate Buy” and an average price target of $31.67.

Brookfield Renewable Partners Stock Up 9.4 %

Brookfield Renewable Partners stock opened at $24.03 on Monday. The stock has a market cap of $6.91 billion, a PE ratio of -49.04 and a beta of 0.82. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.76 and a quick ratio of 0.76. The stock’s fifty day moving average is $22.95 and its two-hundred day moving average is $26.98. Brookfield Renewable Partners has a 1-year low of $19.97 and a 1-year high of $32.76.

Institutional Trading of Brookfield Renewable Partners

Several hedge funds have recently modified their holdings of BEP. Financial Freedom LLC purchased a new stake in Brookfield Renewable Partners during the fourth quarter worth $28,000. Clear Street Markets LLC acquired a new position in Brookfield Renewable Partners during the fourth quarter worth about $34,000. Geneos Wealth Management Inc. raised its position in Brookfield Renewable Partners by 363.6% during the first quarter. Geneos Wealth Management Inc. now owns 1,275 shares of the utilities provider’s stock worth $52,000 after acquiring an additional 1,000 shares during the last quarter. Steward Partners Investment Advisory LLC raised its holdings in shares of Brookfield Renewable Partners by 69.4% in the first quarter. Steward Partners Investment Advisory LLC now owns 2,155 shares of the utilities provider’s stock worth $68,000 after acquiring an additional 883 shares during the last quarter. Finally, Spire Wealth Management lifted its position in shares of Brookfield Renewable Partners by 101.8% in the second quarter. Spire Wealth Management now owns 2,702 shares of the utilities provider’s stock valued at $80,000 after acquiring an additional 1,363 shares in the last quarter. 60.36% of the stock is owned by institutional investors and hedge funds.

About Brookfield Renewable Partners

Brookfield Renewable Partners L.P. owns a portfolio of renewable power generating facilities primarily in North America, Colombia, Brazil, Europe, and Asia. The company generates electricity through hydroelectric, wind, solar, distributed generation, pumped storage, cogeneration, and biomass sources.