Scotiabank Issues Positive Forecast for Brookfield Renewable Partners (NYSE:BEP) Stock Price

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price objective boosted by stock analysts at Scotiabank from $28.00 to $29.00 in a research note issued to investors on Thursday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the utilities provider’s stock. Scotiabank’s price target indicates a potential upside of 29.06% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Royal Bank of Canada restated an “outperform” rating and set a $31.00 target price on shares of Brookfield Renewable Partners in a research report on Monday, February 3rd. Wells Fargo & Company lowered their target price on shares of Brookfield Renewable Partners from $31.00 to $29.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. JPMorgan Chase & Co. lowered their target price on shares of Brookfield Renewable Partners from $30.00 to $28.00 and set an “overweight” rating on the stock in a research report on Thursday, January 23rd. National Bankshares lowered their price objective on shares of Brookfield Renewable Partners from $32.00 to $30.00 and set an “outperform” rating on the stock in a research report on Tuesday. Finally, StockNews.com lowered shares of Brookfield Renewable Partners from a “buy” rating to a “hold” rating in a research report on Wednesday. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Brookfield Renewable Partners currently has a consensus rating of “Buy” and a consensus price target of $30.50.

Brookfield Renewable Partners Stock Up 1.1 %

Shares of BEP traded up $0.25 during mid-day trading on Thursday, hitting $22.47. 225,318 shares of the company’s stock were exchanged, compared to its average volume of 939,487. The stock’s 50-day moving average is $22.42 and its 200-day moving average is $24.58. The company has a market cap of $6.41 billion, a price-to-earnings ratio of -25.27 and a beta of 0.95. Brookfield Renewable Partners has a fifty-two week low of $19.92 and a fifty-two week high of $29.56. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.73 and a current ratio of 0.25.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its earnings results on Friday, January 31st. The utilities provider reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.16. Brookfield Renewable Partners had a negative net margin of 0.15% and a negative return on equity of 0.03%. During the same period in the previous year, the business earned $0.01 EPS. On average, sell-side analysts anticipate that Brookfield Renewable Partners will post -0.99 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in BEP. GAMMA Investing LLC lifted its holdings in Brookfield Renewable Partners by 86.5% in the 3rd quarter. GAMMA Investing LLC now owns 953 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 442 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Brookfield Renewable Partners in the 3rd quarter valued at about $28,000. Promus Capital LLC purchased a new position in shares of Brookfield Renewable Partners during the 4th quarter worth about $37,000. Jones Financial Companies Lllp lifted its holdings in shares of Brookfield Renewable Partners by 26.2% during the 4th quarter. Jones Financial Companies Lllp now owns 2,587 shares of the utilities provider’s stock worth $59,000 after acquiring an additional 537 shares during the period. Finally, Allworth Financial LP purchased a new position in shares of Brookfield Renewable Partners during the 4th quarter worth about $68,000. Institutional investors and hedge funds own 63.16% of the company’s stock.

Brookfield Renewable Partners Company Profile

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.