Brookfield Renewable Partners (NYSE:BEP) Stock Price Expected to Rise, Scotiabank Analyst Says

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its target price boosted by stock analysts at Scotiabank from $29.00 to $30.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the utilities provider’s stock. Scotiabank’s target price indicates a potential upside of 10.33% from the company’s current price.

Several other equities research analysts have also weighed in on BEP. Wells Fargo & Company decreased their price objective on Brookfield Renewable Partners from $29.00 to $27.00 and set an “overweight” rating for the company in a report on Monday, May 5th. Barclays started coverage on Brookfield Renewable Partners in a research report on Wednesday, April 2nd. They issued an “equal weight” rating and a $27.00 target price for the company. CIBC dropped their target price on Brookfield Renewable Partners from $31.00 to $30.00 and set an “outperformer” rating for the company in a research report on Monday, May 5th. National Bank Financial upgraded Brookfield Renewable Partners to a “strong-buy” rating in a research report on Sunday, June 8th. Finally, Raymond James Financial cut Brookfield Renewable Partners from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, one has assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Brookfield Renewable Partners presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.67.

Brookfield Renewable Partners Price Performance

Brookfield Renewable Partners stock opened at $27.19 on Friday. The stock has a market capitalization of $7.72 billion, a price-to-earnings ratio of -26.92 and a beta of 0.99. Brookfield Renewable Partners has a 52-week low of $19.29 and a 52-week high of $29.56. The stock’s 50 day moving average price is $25.14 and its two-hundred day moving average price is $23.22. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.51 and a current ratio of 0.51.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its earnings results on Friday, May 2nd. The utilities provider reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.09). The firm had revenue of $907.00 million for the quarter, compared to analyst estimates of $1.73 billion. Brookfield Renewable Partners had a negative return on equity of 0.15% and a negative net margin of 0.79%. On average, equities analysts predict that Brookfield Renewable Partners will post -1.04 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BEP. Gold Investment Management Ltd. boosted its position in shares of Brookfield Renewable Partners by 3.0% in the 2nd quarter. Gold Investment Management Ltd. now owns 95,158 shares of the utilities provider’s stock worth $2,426,000 after purchasing an additional 2,810 shares in the last quarter. SOA Wealth Advisors LLC. lifted its holdings in shares of Brookfield Renewable Partners by 7.4% in the 2nd quarter. SOA Wealth Advisors LLC. now owns 28,270 shares of the utilities provider’s stock valued at $721,000 after buying an additional 1,945 shares during the period. U.S. Capital Wealth Advisors LLC lifted its holdings in shares of Brookfield Renewable Partners by 17.3% in the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 28,850 shares of the utilities provider’s stock valued at $736,000 after buying an additional 4,250 shares during the period. Bangor Savings Bank acquired a new position in shares of Brookfield Renewable Partners in the 2nd quarter valued at about $153,000. Finally, Advisors Capital Management LLC increased its stake in shares of Brookfield Renewable Partners by 44.6% in the 1st quarter. Advisors Capital Management LLC now owns 393,847 shares of the utilities provider’s stock valued at $8,728,000 after purchasing an additional 121,462 shares in the last quarter. 63.16% of the stock is currently owned by hedge funds and other 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.