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

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its target price hoisted by equities research analysts at Desjardins from $42.00 to $46.00 in a research note issued to investors on Wednesday,BayStreet.CA reports. The brokerage currently has a “hold” rating on the utilities provider’s stock. Desjardins’ price objective points to a potential upside of 52.47% from the stock’s current price.

A number of other analysts also recently weighed in on BEP. Scotiabank upped their price target on shares of Brookfield Renewable Partners from $29.00 to $30.00 and gave the stock a “sector outperform” rating in a report on Friday, July 18th. Weiss Ratings restated a “sell (d+)” rating on shares of Brookfield Renewable Partners in a research note on Wednesday, October 8th. JPMorgan Chase & Co. upped their target price on Brookfield Renewable Partners from $32.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. National Bankshares upped their target price on Brookfield Renewable Partners from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 5th. Finally, Raymond James Financial restated an “outperform” rating and set a $35.00 price objective on shares of Brookfield Renewable Partners in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $33.42.

Brookfield Renewable Partners Trading Down 1.8%

BEP opened at $30.17 on Wednesday. Brookfield Renewable Partners has a twelve month low of $19.29 and a twelve month high of $32.72. The company has a 50-day simple moving average of $26.65 and a 200 day simple moving average of $25.40. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $8.57 billion, a price-to-earnings ratio of -31.76 and a beta of 1.13.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last posted its quarterly earnings data 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). Brookfield Renewable Partners had a return on equity of 0.44% and a net margin of 2.28%.The firm had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.64 billion. Analysts predict that Brookfield Renewable Partners will post -1.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Brookfield Renewable Partners

Large investors have recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. raised its position in Brookfield Renewable Partners by 16.8% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 25,921 shares of the utilities provider’s stock valued at $574,000 after purchasing an additional 3,722 shares during the last quarter. Royal Bank of Canada raised its holdings in Brookfield Renewable Partners by 2.3% in the 1st quarter. Royal Bank of Canada now owns 16,839,565 shares of the utilities provider’s stock valued at $373,164,000 after buying an additional 374,087 shares during the last quarter. Raymond James Financial Inc. raised its holdings in Brookfield Renewable Partners by 18.1% in the 1st quarter. Raymond James Financial Inc. now owns 135,895 shares of the utilities provider’s stock valued at $3,011,000 after buying an additional 20,799 shares during the last quarter. Groupe la Francaise raised its holdings in Brookfield Renewable Partners by 20.9% in the 1st quarter. Groupe la Francaise now owns 162,557 shares of the utilities provider’s stock valued at $3,967,000 after buying an additional 28,058 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in Brookfield Renewable Partners in the 1st quarter valued at approximately $414,000. 63.16% of the stock is currently owned by 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.