Brookfield Renewable Partners (NYSE:BEP) Upgraded at Zacks Research

Zacks Research upgraded shares of Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) from a hold rating to a strong-buy rating in a research note issued to investors on Monday morning,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. Barclays set a $28.00 price target on Brookfield Renewable Partners and gave the stock an “equal weight” rating in a report on Friday, January 23rd. Morgan Stanley increased their price target on Brookfield Renewable Partners from $38.00 to $42.00 and gave the stock an “overweight” rating in a report on Monday, March 23rd. Mizuho set a $31.00 price target on Brookfield Renewable Partners and gave the stock a “neutral” rating in a report on Monday, February 2nd. Wall Street Zen upgraded Brookfield Renewable Partners from a “sell” rating to a “hold” rating in a report on Saturday, March 7th. Finally, Canadian Imperial Bank of Commerce assumed coverage on Brookfield Renewable Partners in a report on Wednesday, March 4th. They issued an “outperformer” rating and a $37.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $35.21.

Brookfield Renewable Partners Trading Up 4.2%

NYSE:BEP opened at $34.21 on Monday. Brookfield Renewable Partners has a 1-year low of $19.49 and a 1-year high of $34.32. The business’s 50-day moving average price is $31.35 and its two-hundred day moving average price is $29.25. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $10.44 billion, a price-to-earnings ratio of -131.56 and a beta of 1.09.

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

Brookfield Renewable Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, February 27th were given a dividend of $0.392 per share. This is an increase from Brookfield Renewable Partners’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Friday, February 27th. This represents a $1.57 dividend on an annualized basis and a yield of 4.6%. Brookfield Renewable Partners’s payout ratio is currently -603.85%.

Hedge Funds Weigh In On Brookfield Renewable Partners

A number of large investors have recently bought and sold shares of the company. Purpose Unlimited Inc. acquired a new position in Brookfield Renewable Partners during the 4th quarter worth approximately $12,576,000. Ovata Capital Management Ltd grew its stake in Brookfield Renewable Partners by 3.3% in the fourth quarter. Ovata Capital Management Ltd now owns 180,781 shares of the utilities provider’s stock valued at $4,876,000 after purchasing an additional 5,855 shares in the last quarter. Ketron Financial bought a new position in Brookfield Renewable Partners in the fourth quarter valued at approximately $305,000. Mackenzie Financial Corp grew its stake in Brookfield Renewable Partners by 3.5% in the fourth quarter. Mackenzie Financial Corp now owns 48,359 shares of the utilities provider’s stock valued at $1,297,000 after purchasing an additional 1,623 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in Brookfield Renewable Partners in the fourth quarter valued at approximately $1,073,000. Institutional investors and hedge funds 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.