Brookfield Renewable Partners (NYSE:BEP) Stock Rating Upgraded by Desjardins

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) was upgraded by stock analysts at Desjardins from a “hold” rating to a “buy” rating in a report issued on Thursday, MarketBeat.com reports.

Several other research analysts also recently weighed in on BEP. National Bank Financial set a $38.00 target price on shares of Brookfield Renewable Partners and gave the company an “outperform” rating in a research note on Thursday, October 1st. Zacks Research raised shares of Brookfield Renewable Partners from a “strong sell” rating to a “hold” rating in a research note on Friday, August 14th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating and issued a $41.00 price objective on shares of Brookfield Renewable Partners in a report on Friday, July 17th. UBS Group reissued a “buy” rating and issued a $34.00 price objective (down from $40.00) on shares of Brookfield Renewable Partners in a research report on Thursday, October 1st. Finally, JPMorgan Chase & Co. lowered their target price on Brookfield Renewable Partners from $36.00 to $32.00 and set a “neutral” rating for the company in a research note on Monday, October 19th. Eight equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $36.73.

Brookfield Renewable Partners Stock Up 1.8%

NYSE BEP opened at $30.85 on Thursday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.87. Brookfield Renewable Partners has a fifty-two week low of $26.30 and a fifty-two week high of $38.12. The business has a 50 day moving average price of $29.54 and a two-hundred day moving average price of $32.06. The stock has a market cap of $9.34 billion, a PE ratio of -67.06 and a beta of 1.08.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last posted its quarterly earnings data on Wednesday, November 4th. The utilities provider reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.11). The firm had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.46 billion. Brookfield Renewable Partners had a net margin of 4.50% and a return on equity of 0.84%. As a group, sell-side analysts predict that Brookfield Renewable Partners will post -1.88 EPS for the current fiscal year.

Hedge Funds Weigh In On Brookfield Renewable Partners

A number of institutional investors have recently made changes to their positions in the business. Oak Grove Capital LLC boosted its stake in shares of Brookfield Renewable Partners by 71.8% during the 3rd quarter. Oak Grove Capital LLC now owns 1,202,100 shares of the utilities provider’s stock valued at $33,827,000 after buying an additional 502,300 shares during the last quarter. Bank of Nova Scotia increased its stake in shares of Brookfield Renewable Partners by 11.0% in the first quarter. Bank of Nova Scotia now owns 1,148,128 shares of the utilities provider’s stock worth $37,444,000 after buying an additional 114,127 shares during the last quarter. TD Waterhouse Canada Inc. increased its stake in shares of Brookfield Renewable Partners by 5.0% in the third quarter. TD Waterhouse Canada Inc. now owns 1,125,447 shares of the utilities provider’s stock worth $31,986,000 after buying an additional 53,316 shares during the last quarter. Bank of America Corp DE raised its holdings in Brookfield Renewable Partners by 413.2% in the first quarter. Bank of America Corp DE now owns 973,260 shares of the utilities provider’s stock valued at $31,767,000 after acquiring an additional 783,620 shares in the last quarter. Finally, Guardian Partners Inc. acquired a new stake in Brookfield Renewable Partners in the third quarter valued at $4,721,000. 63.16% of the stock is owned by institutional investors and hedge funds.

About Brookfield Renewable Partners

Brookfield Renewable Partners L.P. is a global renewable power and sustainable solutions company. The partnership develops, owns and operates a diversified portfolio of renewable energy facilities, with hydroelectric generation complemented by onshore and offshore wind, utility-scale and distributed solar, battery storage, and other energy transition assets.

Through its operating platforms, Brookfield Renewable supplies electricity and related energy services to utilities, corporations and other customers.