Brookfield Renewable Partners L.P. (NYSE:BEP) Receives $30.50 Consensus Price Target from Analysts

Shares of Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) have been given an average rating of “Buy” by the nine research firms that are currently covering the firm, MarketBeat Ratings reports. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $30.50.

Several brokerages recently commented on BEP. StockNews.com cut Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a report on Tuesday. Scotiabank upped their target price on Brookfield Renewable Partners from $28.00 to $29.00 and gave the company an “outperform” rating in a report on Thursday, February 13th. JPMorgan Chase & Co. reduced their target price 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. Royal Bank of Canada reiterated an “outperform” rating and issued a $31.00 target price on shares of Brookfield Renewable Partners in a report on Monday, February 3rd. Finally, Wells Fargo & Company dropped 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.

Hedge Funds Weigh In On Brookfield Renewable Partners

A number of institutional investors have recently modified their holdings of the company. Royal Bank of Canada raised its position in shares of Brookfield Renewable Partners by 1.3% during the fourth quarter. Royal Bank of Canada now owns 16,465,478 shares of the utilities provider’s stock worth $375,248,000 after purchasing an additional 211,467 shares during the period. CIBC Asset Management Inc raised its position in shares of Brookfield Renewable Partners by 23.8% during the fourth 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 during the period. Principal Financial Group Inc. raised its position in shares of Brookfield Renewable Partners by 3.2% during the fourth quarter. Principal Financial Group Inc. now owns 7,851,842 shares of the utilities provider’s stock worth $178,943,000 after purchasing an additional 246,163 shares during the period. Bank of Montreal Can raised its position in shares of Brookfield Renewable Partners by 4.7% during the fourth quarter. Bank of Montreal Can now owns 7,059,557 shares of the utilities provider’s stock worth $160,585,000 after purchasing an additional 315,272 shares during the period. Finally, Cibc World Market Inc. raised its position in shares of Brookfield Renewable Partners by 4.4% during the fourth quarter. Cibc World Market Inc. now owns 2,751,587 shares of the utilities provider’s stock worth $62,647,000 after purchasing an additional 116,593 shares during the period. 63.16% of the stock is owned by institutional investors and hedge funds.

Brookfield Renewable Partners Stock Performance

NYSE:BEP opened at $22.51 on Monday. The stock’s 50-day moving average is $22.24 and its 200-day moving average is $24.47. Brookfield Renewable Partners has a 1-year low of $19.92 and a 1-year high of $29.56. The stock has a market cap of $6.42 billion, a P/E ratio of -25.29 and a beta of 0.95. The company has a current ratio of 0.25, a quick ratio of 0.73 and a debt-to-equity ratio of 0.93.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last announced its earnings results on Friday, January 31st. The utilities provider reported ($0.06) EPS for the quarter, beating 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 period in the previous year, the firm earned $0.01 EPS. Equities research analysts anticipate that Brookfield Renewable Partners will post -1.04 earnings per share for the current year.

Brookfield Renewable Partners Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, February 28th will be given a dividend of $0.373 per share. This represents a $1.49 dividend on an annualized basis and a dividend yield of 6.63%. This is a positive change from Brookfield Renewable Partners’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Friday, February 28th. Brookfield Renewable Partners’s dividend payout ratio is presently -167.42%.

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.