National Bankshares Forecasts Strong Price Appreciation for Brookfield Renewable Partners (NYSE:BEP) Stock

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price target hoisted by research analysts at National Bankshares from $30.00 to $32.00 in a research note issued on Tuesday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the utilities provider’s stock. National Bankshares’ target price suggests a potential upside of 24.47% from the stock’s current price.

Several other equities analysts have also commented on the stock. National Bank Financial upgraded shares of Brookfield Renewable Partners to a “strong-buy” rating in a research note on Sunday, June 8th. Scotiabank increased their price target on shares of Brookfield Renewable Partners from $29.00 to $30.00 and gave the company a “sector outperform” rating in a research note on Friday, July 18th. Wells Fargo & Company dropped their price target on shares of Brookfield Renewable Partners from $29.00 to $27.00 and set an “overweight” rating on the stock in a research note on Monday, May 5th. CIBC increased their price target on shares of Brookfield Renewable Partners from $30.00 to $31.00 and gave the company an “outperformer” rating in a research note on Monday, July 21st. Finally, Raymond James Financial lowered shares of Brookfield Renewable Partners from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday, July 17th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $30.11.

Brookfield Renewable Partners Stock Down 1.1%

Shares of NYSE:BEP opened at $25.71 on Tuesday. The firm’s 50 day moving average price is $25.90 and its 200 day moving average price is $23.61. The stock has a market cap of $7.30 billion, a price-to-earnings ratio of -27.06 and a beta of 1.05. Brookfield Renewable Partners has a fifty-two week low of $19.29 and a fifty-two week high of $29.56. The company has a quick ratio of 0.51, a current ratio of 0.44 and a debt-to-equity ratio of 0.97.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its earnings results on Friday, August 1st. The utilities provider reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.03). The firm had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.64 billion. Brookfield Renewable Partners had a net margin of 2.28% and a return on equity of 0.44%. As a group, equities research analysts predict that Brookfield Renewable Partners will post -1.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Brookfield Renewable Partners

A number of hedge funds have recently modified their holdings of the business. Golden State Wealth Management LLC grew its position in shares of Brookfield Renewable Partners by 103.6% during the first quarter. Golden State Wealth Management LLC now owns 1,138 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 579 shares during the last quarter. Bank of Nova Scotia Trust Co. lifted its holdings in shares of Brookfield Renewable Partners by 0.5% during the first quarter. Bank of Nova Scotia Trust Co. now owns 149,221 shares of the utilities provider’s stock worth $3,307,000 after purchasing an additional 726 shares during the period. Barclays PLC lifted its holdings in shares of Brookfield Renewable Partners by 13.5% during the fourth quarter. Barclays PLC now owns 7,998 shares of the utilities provider’s stock worth $183,000 after purchasing an additional 951 shares during the period. Captrust Financial Advisors lifted its holdings in shares of Brookfield Renewable Partners by 4.2% during the fourth quarter. Captrust Financial Advisors now owns 25,033 shares of the utilities provider’s stock worth $570,000 after purchasing an additional 1,012 shares during the period. Finally, Apollon Wealth Management LLC lifted its holdings in shares of Brookfield Renewable Partners by 7.3% during the second quarter. Apollon Wealth Management LLC now owns 16,202 shares of the utilities provider’s stock worth $413,000 after purchasing an additional 1,102 shares during the period. 63.16% of the stock is currently owned by hedge funds and other institutional investors.

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.