Brookfield Renewable Partners (NYSE:BEP) Rating Increased to Sector Outperform at CIBC

CIBC upgraded shares of Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) from a neutral rating to a sector outperform rating in a research note released on Tuesday morning, The Fly reports. The brokerage currently has $40.00 price objective on the utilities provider’s stock, down from their previous price objective of $42.00.

BEP has been the subject of a number of other research reports. Raymond James set a $44.00 price objective on shares of Brookfield Renewable Partners and gave the stock an outperform rating in a research report on Monday, November 8th. Zacks Investment Research raised shares of Brookfield Renewable Partners from a sell rating to a hold rating in a research report on Wednesday, October 6th. Tudor Pickering & Holt set a $44.00 price target on shares of Brookfield Renewable Partners and gave the company a buy rating in a research report on Wednesday, September 22nd. Scotiabank raised shares of Brookfield Renewable Partners from a sector perform rating to a sector outperform rating in a research report on Friday, January 7th. Finally, Tudor Pickering restated a buy rating and issued a C$44.00 price objective on shares of Brookfield Renewable Partners in a report on Friday, September 24th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Buy and a consensus target price of $44.08.

Brookfield Renewable Partners stock opened at $32.75 on Tuesday. The firm has a 50 day simple moving average of $35.70 and a 200-day simple moving average of $37.65. Brookfield Renewable Partners has a 1-year low of $32.63 and a 1-year high of $49.85. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.74 and a quick ratio of 0.74.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last posted its quarterly earnings data on Thursday, November 4th. The utilities provider reported ($0.21) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.13). The company had revenue of $966.00 million for the quarter, compared to analysts’ expectations of $988.78 million. Brookfield Renewable Partners had a negative return on equity of 1.92% and a negative net margin of 9.91%. The business’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.29) EPS. Equities analysts forecast that Brookfield Renewable Partners will post -0.34 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, December 31st. Investors of record on Tuesday, November 30th were paid a dividend of $0.304 per share. This is a positive change from Brookfield Renewable Partners’s previous quarterly dividend of $0.30. This represents a $1.22 annualized dividend and a yield of 3.71%. The ex-dividend date of this dividend was Monday, November 29th. Brookfield Renewable Partners’s dividend payout ratio (DPR) is currently -152.50%.

A number of large investors have recently made changes to their positions in the stock. First Trust Advisors LP increased its stake in Brookfield Renewable Partners by 4.6% in the first quarter. First Trust Advisors LP now owns 134,218 shares of the utilities provider’s stock valued at $4,288,000 after purchasing an additional 5,910 shares during the period. Envestnet Asset Management Inc. acquired a new position in Brookfield Renewable Partners in the second quarter valued at $221,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Brookfield Renewable Partners by 745.2% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,946,186 shares of the utilities provider’s stock valued at $75,191,000 after purchasing an additional 1,715,930 shares during the period. Centaurus Financial Inc. acquired a new position in Brookfield Renewable Partners in the second quarter valued at $364,000. Finally, Rockefeller Capital Management L.P. increased its stake in Brookfield Renewable Partners by 14.0% in the second quarter. Rockefeller Capital Management L.P. now owns 202,857 shares of the utilities provider’s stock valued at $7,823,000 after purchasing an additional 24,877 shares during the period. Hedge funds and other institutional investors own 54.69% of the company’s stock.

Brookfield Renewable Partners Company Profile

Brookfield Renewable Partners LP engages in owning a portfolio of renewable power generating facilities primarily in North America, Colombia, Brazil, Europe, India, and China.. It operates through following segments: Hydroelectric, Wind, Solar, Energy Transition, and Corporate. The Energy Transition segment distributes generation, pumped storage, cogeneration, and biomass.

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