Brookfield Renewable Partners (NYSE:BEP) Price Target Raised to $29.00

Brookfield Renewable Partners (NYSE:BEP - Free Report) TSE: BEP had its price objective upped by Scotiabank from $28.00 to $29.00 in a research report released on Thursday, MarketBeat reports. They currently have an outperform rating on the utilities provider's stock.

Several other research firms also recently issued reports on BEP. JPMorgan Chase & Co. reduced their price objective on Brookfield Renewable Partners from $30.00 to $28.00 and set an "overweight" rating on the stock in a report on Thursday, January 23rd. StockNews.com downgraded Brookfield Renewable Partners from a "buy" rating to a "hold" rating in a research note on Wednesday, February 12th. Royal Bank of Canada reissued an "outperform" rating and issued a $31.00 price target on shares of Brookfield Renewable Partners in a research note on Monday, February 3rd. National Bankshares cut their price target on Brookfield Renewable Partners from $32.00 to $30.00 and set an "outperform" rating on the stock in a research note on Tuesday, February 11th. Finally, Wells Fargo & Company cut their price target on Brookfield Renewable Partners from $31.00 to $29.00 and set an "overweight" rating on the stock in a research note on Monday, February 3rd. One 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 stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $30.50.

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Brookfield Renewable Partners Stock Performance

BEP traded down $0.03 on Thursday, hitting $22.37. 764,471 shares of the stock traded hands, compared to its average volume of 1,104,736. The business has a fifty day moving average price of $22.34 and a two-hundred day moving average price of $24.56. Brookfield Renewable Partners has a 52 week low of $19.92 and a 52 week high of $29.56. The company has a current ratio of 0.25, a quick ratio of 0.73 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $6.38 billion, a PE ratio of -25.14 and a beta of 0.95.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP last posted its quarterly earnings data on Friday, January 31st. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.16. Brookfield Renewable Partners had a negative return on equity of 0.03% and a negative net margin of 0.15%. During the same quarter in the prior year, the business posted $0.01 EPS. On average, research analysts predict that Brookfield Renewable Partners will post -0.99 EPS for the current fiscal year.

Brookfield Renewable Partners Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, February 28th will be issued a dividend of $0.373 per share. This represents a $1.49 dividend on an annualized basis and a yield of 6.67%. The ex-dividend date of this dividend is Friday, February 28th. This is a boost from Brookfield Renewable Partners's previous quarterly dividend of $0.36. Brookfield Renewable Partners's dividend payout ratio is -159.55%.

Hedge Funds Weigh In On Brookfield Renewable Partners

A number of large investors have recently added to or reduced their stakes in BEP. CIBC Asset Management Inc increased its holdings in Brookfield Renewable Partners by 23.8% during the 4th quarter. CIBC Asset Management Inc now owns 8,472,170 shares of the utilities provider's stock worth $192,605,000 after purchasing an additional 1,628,524 shares in the last quarter. AGF Management Ltd. increased its holdings in Brookfield Renewable Partners by 3,234.7% during the 4th quarter. AGF Management Ltd. now owns 1,588,410 shares of the utilities provider's stock worth $36,681,000 after purchasing an additional 1,540,777 shares in the last quarter. Intact Investment Management Inc. bought a new position in Brookfield Renewable Partners during the 3rd quarter worth about $42,331,000. National Bank of Canada FI boosted its stake in shares of Brookfield Renewable Partners by 102.4% during the 4th quarter. National Bank of Canada FI now owns 2,106,264 shares of the utilities provider's stock worth $48,023,000 after buying an additional 1,065,590 shares during the last quarter. Finally, Bank of Nova Scotia boosted its stake in shares of Brookfield Renewable Partners by 31.8% during the 4th quarter. Bank of Nova Scotia now owns 2,338,940 shares of the utilities provider's stock worth $53,263,000 after buying an additional 564,515 shares during the last quarter. Institutional investors 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.