Royal Bank of Canada Reaffirms Outperform Rating for Brookfield Renewable Partners (NYSE:BEP)

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP)‘s stock had its “outperform” rating reiterated by Royal Bank of Canada in a note issued to investors on Monday,Benzinga reports. They currently have a $31.00 price objective on the utilities provider’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 43.35% from the company’s current price.

A number of other equities research analysts have also commented on BEP. Wells Fargo & Company dropped their target price on Brookfield Renewable Partners from $31.00 to $29.00 and set an “overweight” rating on the stock in a research report on Monday. JPMorgan Chase & Co. dropped their price objective on shares of Brookfield Renewable Partners from $30.00 to $28.00 and set an “overweight” rating on the stock in a report on Thursday, January 23rd. Scotiabank reduced their target price on shares of Brookfield Renewable Partners from $32.00 to $28.00 and set an “outperform” rating for the company in a report on Thursday, January 30th. National Bankshares lowered their price target on shares of Brookfield Renewable Partners from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Wednesday, December 18th. Finally, StockNews.com lowered Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research note on Thursday, December 26th. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $30.60.

Brookfield Renewable Partners Trading Up 3.3 %

NYSE:BEP opened at $21.63 on Monday. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.93. The firm has a fifty day simple moving average of $22.93 and a 200-day simple moving average of $24.69. Brookfield Renewable Partners has a 12 month low of $19.92 and a 12 month high of $29.56. The company has a market capitalization of $6.17 billion, a P/E ratio of -24.30 and a beta of 0.95.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its quarterly earnings results on Friday, January 31st. The utilities provider reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates 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 previous year, the company posted $0.01 earnings per share. On average, equities research analysts anticipate that Brookfield Renewable Partners will post -0.76 earnings per share for the current year.

Hedge Funds Weigh In On Brookfield Renewable Partners

A number of large investors have recently bought and sold shares of BEP. GAMMA Investing LLC boosted its position in Brookfield Renewable Partners by 86.5% during the third quarter. GAMMA Investing LLC now owns 953 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 442 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Brookfield Renewable Partners during the 3rd quarter worth approximately $28,000. Allworth Financial LP purchased a new position in shares of Brookfield Renewable Partners during the 4th quarter valued at approximately $68,000. Waverton Investment Management Ltd acquired a new stake in Brookfield Renewable Partners in the 3rd quarter valued at $178,000. Finally, Barclays PLC increased its holdings in Brookfield Renewable Partners by 40.6% in the 3rd quarter. Barclays PLC now owns 7,047 shares of the utilities provider’s stock worth $199,000 after acquiring an additional 2,036 shares in the last quarter. Institutional investors and hedge funds own 63.16% of the company’s stock.

About Brookfield Renewable Partners

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.