Brookfield Renewable Partners (NYSE:BEP) Given New $31.00 Price Target at Royal Bank of Canada

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price target hoisted by Royal Bank of Canada from $29.00 to $31.00 in a report published on Monday morning, BayStreet.CA reports. The firm currently has an outperform rating on the utilities provider’s stock.

BEP has been the subject of several other research reports. National Bankshares boosted their target price on Brookfield Renewable Partners from $29.00 to $31.00 and gave the stock an outperform rating in a research note on Tuesday, January 9th. Scotiabank raised their price target on shares of Brookfield Renewable Partners from $30.00 to $31.00 and gave the stock an outperform rating in a report on Monday. CIBC boosted their price objective on Brookfield Renewable Partners from $30.00 to $32.00 and gave the company an outperform rating in a report on Monday. Raymond James decreased their target price on shares of Brookfield Renewable Partners from $33.00 to $32.00 and set a strong-buy rating for the company in a research report on Thursday, April 25th. Finally, BMO Capital Markets increased their target price on shares of Brookfield Renewable Partners from $28.00 to $30.00 and gave the company an outperform rating in a report on Monday. One investment analyst has rated the stock with a sell rating, three have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Brookfield Renewable Partners presently has a consensus rating of Moderate Buy and a consensus price target of $30.75.

Brookfield Renewable Partners Price Performance

BEP stock opened at $26.65 on Monday. The stock has a 50-day moving average price of $22.51 and a two-hundred day moving average price of $23.97. Brookfield Renewable Partners has a 1 year low of $19.92 and a 1 year high of $32.76. The stock has a market cap of $7.62 billion, a PE ratio of -57.93 and a beta of 0.83. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 0.85.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last announced its earnings results on Friday, February 2nd. The utilities provider reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.03. Brookfield Renewable Partners had a return on equity of 1.31% and a net margin of 7.10%. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter last year, the firm earned ($0.16) EPS. Brookfield Renewable Partners’s revenue for the quarter was up 10.6% compared to the same quarter last year. Equities analysts forecast that Brookfield Renewable Partners will post -0.01 EPS for the current fiscal year.

Brookfield Renewable Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 31st will be paid a dividend of $0.355 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.42 dividend on an annualized basis and a yield of 5.33%. Brookfield Renewable Partners’s dividend payout ratio is presently -219.56%.

Institutional Trading of Brookfield Renewable Partners

A number of institutional investors have recently bought and sold shares of BEP. Royal Bank of Canada increased its position in Brookfield Renewable Partners by 0.9% during the third quarter. Royal Bank of Canada now owns 13,252,391 shares of the utilities provider’s stock worth $288,107,000 after purchasing an additional 117,246 shares during the last quarter. FIL Ltd boosted its holdings in Brookfield Renewable Partners by 37.1% in the fourth quarter. FIL Ltd now owns 12,842,634 shares of the utilities provider’s stock valued at $337,385,000 after purchasing an additional 3,474,522 shares during the last quarter. 1832 Asset Management L.P. raised its stake in shares of Brookfield Renewable Partners by 1.4% in the 4th quarter. 1832 Asset Management L.P. now owns 12,431,178 shares of the utilities provider’s stock valued at $326,691,000 after purchasing an additional 173,402 shares in the last quarter. Principal Financial Group Inc. raised its stake in Brookfield Renewable Partners by 4.4% during the first quarter. Principal Financial Group Inc. now owns 7,208,237 shares of the utilities provider’s stock valued at $167,447,000 after buying an additional 302,274 shares in the last quarter. Finally, CIBC Asset Management Inc grew its position in shares of Brookfield Renewable Partners by 63.2% in the 4th quarter. CIBC Asset Management Inc now owns 6,181,699 shares of the utilities provider’s stock worth $162,917,000 after acquiring an additional 2,394,853 shares in the last quarter. 63.16% of the stock is currently owned by hedge funds and other institutional investors.

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.