Brookfield Renewable Partners (NYSE:BEP) Price Target Raised to $40.00

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price target hoisted by JPMorgan Chase & Co. from $34.00 to $40.00 in a research report sent to investors on Thursday,Benzinga reports. The firm currently has an overweight rating on the utilities provider’s stock.

Other analysts have also issued reports about the stock. Wall Street Zen upgraded shares of Brookfield Renewable Partners from a “sell” rating to a “hold” rating in a report on Saturday, March 7th. National Bank Financial upped their target price on Brookfield Renewable Partners from $33.00 to $34.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. Barclays set a $28.00 target price on Brookfield Renewable Partners and gave the stock an “equal weight” rating in a research report on Friday, January 23rd. Morgan Stanley raised their target price on Brookfield Renewable Partners from $38.00 to $42.00 and gave the company an “overweight” rating in a research note on Monday, March 23rd. Finally, Mizuho set a $31.00 target price on Brookfield Renewable Partners and gave the company a “neutral” rating in a research note on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Brookfield Renewable Partners has an average rating of “Moderate Buy” and a consensus price target of $35.71.

Brookfield Renewable Partners Stock Performance

Brookfield Renewable Partners stock opened at $34.63 on Thursday. 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 50-day moving average of $32.04 and a 200-day moving average of $29.69. The firm has a market cap of $10.50 billion, a P/E ratio of -133.19 and a beta of 1.09. Brookfield Renewable Partners has a 1-year low of $21.15 and a 1-year high of $35.97.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last posted its 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 company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.49 billion. Brookfield Renewable Partners had a net margin of 11.11% and a return on equity of 2.15%. Sell-side analysts expect that Brookfield Renewable Partners will post -1.04 EPS for the current year.

Brookfield Renewable Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, February 27th were issued a dividend of $0.392 per share. The ex-dividend date was Friday, February 27th. This is a positive change from Brookfield Renewable Partners’s previous quarterly dividend of $0.37. This represents a $1.57 annualized dividend and a dividend yield of 4.5%. Brookfield Renewable Partners’s dividend payout ratio (DPR) is -603.85%.

Hedge Funds Weigh In On Brookfield Renewable Partners

Several large investors have recently made changes to their positions in BEP. Goldman Sachs Group Inc. lifted its holdings in shares of Brookfield Renewable Partners by 57.0% during the first quarter. Goldman Sachs Group Inc. now owns 919,693 shares of the utilities provider’s stock valued at $20,380,000 after purchasing an additional 333,789 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Brookfield Renewable Partners during the second quarter valued at approximately $34,000. Cresset Asset Management LLC lifted its holdings in shares of Brookfield Renewable Partners by 42.8% during the second quarter. Cresset Asset Management LLC now owns 20,031 shares of the utilities provider’s stock valued at $511,000 after purchasing an additional 6,000 shares during the last quarter. Diversify Advisory Services LLC purchased a new position in shares of Brookfield Renewable Partners during the second quarter valued at approximately $648,000. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Brookfield Renewable Partners by 4.4% during the second quarter. Ameriprise Financial Inc. now owns 1,490,603 shares of the utilities provider’s stock valued at $38,025,000 after purchasing an additional 62,774 shares during the last quarter. 63.16% of the stock is currently owned by hedge funds and other institutional investors.

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.