Brookfield Infrastructure Partners (BIP) Raised to “Hold” at Zacks Investment Research
Brookfield Infrastructure Partners (NYSE:BIP) (TSE:BIP.UN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.
According to Zacks, “BROOKFIELD INFRASTRUCTURE PARTNERS L.P. was established by Brookfield Asset Management as its primary vehicle to own and operate certain infrastructure assets on a global basis. Brookfield Infrastructure operates high quality, long-life assets that generate stable cash flows, require relatively minimal maintenance capital expenditures and, by virtue of barriers to entry and other characteristics, tend to appreciate in value over time. Its current business consists of the ownership and operation of premier electricity transmission systems and timberlands in North and South America, and it seeks acquisition opportunities in other infrastructure sectors with similar attributes. “
BIP has been the subject of a number of other reports. TD Securities boosted their price target on shares of Brookfield Infrastructure Partners to $57.00 and gave the company a “buy” rating in a research report on Monday, September 18th. Credit Suisse Group restated a “hold” rating and set a $44.00 price target on shares of Brookfield Infrastructure Partners in a research report on Wednesday, December 27th. Scotiabank set a $46.75 price target on shares of Brookfield Infrastructure Partners and gave the company an “outperform” rating in a research report on Tuesday. National Bank Financial boosted their price target on shares of Brookfield Infrastructure Partners from $46.00 to $48.00 and gave the company an “outperform” rating in a research report on Monday, November 6th. Finally, Royal Bank of Canada boosted their price target on shares of Brookfield Infrastructure Partners from $45.00 to $47.00 and gave the company an “outperform” rating in a research report on Monday, November 6th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Brookfield Infrastructure Partners has a consensus rating of “Buy” and a consensus price target of $48.88.
Brookfield Infrastructure Partners declared that its Board of Directors has initiated a stock repurchase program on Tuesday, November 7th that authorizes the company to repurchase 13,820,000 shares. This repurchase authorization authorizes the utilities provider to purchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
A number of large investors have recently made changes to their positions in the stock. Arcadia Investment Management Corp MI purchased a new stake in Brookfield Infrastructure Partners during the third quarter valued at about $109,000. Tower Research Capital LLC TRC boosted its position in Brookfield Infrastructure Partners by 2,000.0% during the second quarter. Tower Research Capital LLC TRC now owns 2,100 shares of the utilities provider’s stock valued at $111,000 after buying an additional 2,000 shares during the period. Sheaff Brock Investment Advisors LLC purchased a new stake in Brookfield Infrastructure Partners during the second quarter valued at about $203,000. Optimum Investment Advisors purchased a new stake in Brookfield Infrastructure Partners during the third quarter valued at about $208,000. Finally, McKinley Carter Wealth Services Inc. purchased a new stake in Brookfield Infrastructure Partners during the third quarter valued at about $210,000. Institutional investors own 45.70% of the company’s stock.
About Brookfield Infrastructure Partners
Brookfield Infrastructure Partners L.P. owns and operates utilities, transport, energy and communications infrastructure businesses in North and South America, Europe and Asia Pacific. The Company’s segments include utilities, transport, energy, communications infrastructure and other. The utilities segment consists of regulated businesses, including regulated distribution (electricity and natural gas connections), electricity transmission and a regulated terminal (coal export terminal).
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