Canadian Imperial Bank of Commerce Issues Positive Forecast for Brookfield Renewable Partners (NYSE:BEP) Stock Price

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price objective lifted by Canadian Imperial Bank of Commerce from $37.00 to $40.00 in a report issued on Monday, Marketbeat Ratings reports. The firm currently has an outperformer rating on the utilities provider’s stock.

Other equities research analysts also recently issued research reports about the stock. Zacks Research upgraded shares of Brookfield Renewable Partners from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 6th. JPMorgan Chase & Co. increased their target price on shares of Brookfield Renewable Partners from $34.00 to $40.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Brookfield Renewable Partners in a research report on Friday, March 27th. National Bank Financial increased their target price on shares of Brookfield Renewable Partners from $33.00 to $34.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. Finally, Barclays set a $28.00 target price on shares of Brookfield Renewable Partners and gave the stock an “equal weight” rating in a research report on Friday, January 23rd. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $35.93.

Brookfield Renewable Partners Stock Up 0.2%

Shares of NYSE:BEP opened at $34.65 on Monday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.57 and a current ratio of 0.57. The company has a market cap of $10.51 billion, a PE ratio of -133.27 and a beta of 1.09. Brookfield Renewable Partners has a 52 week low of $21.15 and a 52 week high of $35.97. The firm has a 50 day simple moving average of $32.11 and a 200 day simple moving average of $29.77.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its quarterly earnings results on Friday, January 30th. The utilities provider reported $0.54 EPS for the quarter, beating the consensus estimate of ($0.34) by $0.88. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.49 billion. Brookfield Renewable Partners had a net margin of 11.11% and a return on equity of 2.15%. As a group, research analysts expect that Brookfield Renewable Partners will post -0.83 earnings per share for the current year.

Brookfield Renewable Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, February 27th were given a $0.392 dividend. This represents a $1.57 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date was Friday, February 27th. This is a positive change from Brookfield Renewable Partners’s previous quarterly dividend of $0.37. Brookfield Renewable Partners’s payout ratio is currently -603.85%.

Institutional Investors Weigh In On Brookfield Renewable Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kelleher Financial Advisors bought a new position in shares of Brookfield Renewable Partners during the 3rd quarter valued at $26,000. Russell Investments Group Ltd. bought a new position in shares of Brookfield Renewable Partners during the 2nd quarter valued at $34,000. CENTRAL TRUST Co bought a new position in shares of Brookfield Renewable Partners during the 1st quarter valued at $55,000. Root Financial Partners LLC bought a new position in shares of Brookfield Renewable Partners during the 3rd quarter valued at $46,000. Finally, Triumph Capital Management bought a new position in shares of Brookfield Renewable Partners during the 3rd quarter valued at $55,000. Hedge funds and other institutional investors own 63.16% of the company’s stock.

About Brookfield Renewable Partners

Brookfield Renewable Partners L.P. is a leading global owner, operator and developer of renewable power assets. Listed on the New York Stock Exchange under the ticker BEP, the partnership focuses on generating clean electricity from a diversified mix of hydroelectric, wind, solar and energy storage facilities. As part of the Brookfield Asset Management group, Brookfield Renewable leverages a long-term, asset-backed approach to investing in sustainable energy projects that support the transition to a low-carbon economy.

The company’s platform encompasses approximately 23,000 megawatts of installed capacity across four continents.