Brookfield Renewable Partners (NYSE:BEP) Coverage Initiated at Canadian Imperial Bank of Commerce

Equities researchers at Canadian Imperial Bank of Commerce assumed coverage on shares of Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) in a report issued on Wednesday, Marketbeat Ratings reports. The firm set an “outperformer” rating and a $37.00 price target on the utilities provider’s stock. Canadian Imperial Bank of Commerce’s price target would suggest a potential upside of 22.11% from the stock’s current price.

A number of other brokerages also recently weighed in on BEP. Barclays set a $28.00 target price on Brookfield Renewable Partners and gave the stock an “equal weight” rating in a report on Friday, January 23rd. Morgan Stanley reaffirmed an “overweight” rating and set a $38.00 price objective (up from $36.00) on shares of Brookfield Renewable Partners in a research report on Monday, November 24th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Brookfield Renewable Partners in a research report on Monday, December 29th. UBS Group reissued a “buy” rating and set a $39.00 target price (up from $38.00) on shares of Brookfield Renewable Partners in a research note on Friday, December 5th. Finally, National Bank Financial raised their price target on shares of Brookfield Renewable Partners from $33.00 to $34.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.93.

Brookfield Renewable Partners Price Performance

BEP stock opened at $30.30 on Wednesday. The firm has a market cap of $8.60 billion, a price-to-earnings ratio of -116.54 and a beta of 1.13. The company has a quick ratio of 0.58, a current ratio of 0.57 and a debt-to-equity ratio of 0.80. Brookfield Renewable Partners has a 12-month low of $19.29 and a 12-month high of $32.78. The company’s fifty day simple moving average is $29.48 and its 200 day simple moving average is $28.13.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its quarterly earnings results on Friday, January 30th. The utilities provider reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.88. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.49 billion. Brookfield Renewable Partners had a return on equity of 2.15% and a net margin of 11.11%. On average, analysts expect that Brookfield Renewable Partners will post -1.04 earnings per share for the current year.

Institutional Investors Weigh In On Brookfield Renewable Partners

Institutional investors have recently bought and sold shares of the stock. Kelleher Financial Advisors purchased a new stake in Brookfield Renewable Partners in the 3rd quarter valued at $26,000. Russell Investments Group Ltd. bought a new stake in shares of Brookfield Renewable Partners in the 2nd quarter worth $34,000. Root Financial Partners LLC bought a new stake in shares of Brookfield Renewable Partners in the 3rd quarter worth $46,000. Hilltop National Bank raised its holdings in shares of Brookfield Renewable Partners by 37.6% in the third quarter. Hilltop National Bank now owns 1,830 shares of the utilities provider’s stock valued at $47,000 after purchasing an additional 500 shares during the last quarter. Finally, Triumph Capital Management bought a new position in shares of Brookfield Renewable Partners during the third quarter valued at about $55,000. Institutional investors own 63.16% of the company’s stock.

Brookfield Renewable Partners Company Profile

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.