CIBC Raises Brookfield Renewable Partners (NYSE:BEP) Price Target to $31.00

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price objective upped by research analysts at CIBC from $30.00 to $31.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “outperformer” rating on the utilities provider’s stock. CIBC’s price objective indicates a potential upside of 13.21% from the company’s previous close.

BEP has been the topic of a number of other reports. Barclays began coverage on Brookfield Renewable Partners in a research note on Wednesday, April 2nd. They set an “equal weight” rating and a $27.00 target price on the stock. Wells Fargo & Company cut their target price on Brookfield Renewable Partners from $29.00 to $27.00 and set an “overweight” rating for the company in a research note on Monday, May 5th. National Bank Financial raised Brookfield Renewable Partners to a “strong-buy” rating in a research note on Sunday, June 8th. Scotiabank increased their price objective on Brookfield Renewable Partners from $29.00 to $30.00 and gave the stock a “sector outperform” rating in a report on Friday, July 18th. Finally, Raymond James Financial cut Brookfield Renewable Partners from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, July 17th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $29.89.

Brookfield Renewable Partners Trading Up 0.2%

BEP stock opened at $27.38 on Monday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.51 and a current ratio of 0.51. The company’s 50-day simple moving average is $25.14 and its 200 day simple moving average is $23.22. Brookfield Renewable Partners has a 52 week low of $19.29 and a 52 week high of $29.56. The company has a market capitalization of $7.77 billion, a PE ratio of -27.11 and a beta of 0.99.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last posted its earnings results on Friday, May 2nd. The utilities provider reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.09). The company had revenue of $907.00 million during the quarter, compared to the consensus estimate of $1.73 billion. Brookfield Renewable Partners had a negative return on equity of 0.15% and a negative net margin of 0.79%. As a group, sell-side analysts anticipate that Brookfield Renewable Partners will post -1.04 earnings per share for the current year.

Institutional Investors Weigh In On Brookfield Renewable Partners

Several institutional investors have recently modified their holdings of BEP. Golden State Wealth Management LLC raised its holdings in Brookfield Renewable Partners by 103.6% in the 1st quarter. Golden State Wealth Management LLC now owns 1,138 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 579 shares during the last quarter. Hilltop National Bank bought a new position in shares of Brookfield Renewable Partners during the second quarter worth about $34,000. Rossby Financial LCC bought a new position in Brookfield Renewable Partners in the first quarter worth about $41,000. NBC Securities Inc. acquired a new stake in shares of Brookfield Renewable Partners in the first quarter valued at approximately $42,000. Finally, Northwestern Mutual Wealth Management Co. lifted its position in Brookfield Renewable Partners by 136.6% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 2,730 shares of the utilities provider’s stock worth $60,000 after purchasing an additional 1,576 shares during the period. Hedge funds and other institutional investors own 63.16% of the company’s stock.

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.