Morgan Stanley Forecasts Strong Price Appreciation for Brookfield Renewable Partners (NYSE:BEP) Stock

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its target price upped by research analysts at Morgan Stanley from $38.00 to $42.00 in a report released on Monday,Benzinga reports. The firm presently has an “overweight” rating on the utilities provider’s stock. Morgan Stanley’s target price would indicate a potential upside of 34.06% from the stock’s previous close.

Several other brokerages also recently issued reports on BEP. Canadian Imperial Bank of Commerce began coverage on Brookfield Renewable Partners in a research report on Wednesday, March 4th. They set an “outperformer” rating and a $37.00 price objective for the company. Barclays set a $28.00 target price on Brookfield Renewable Partners and gave the company an “equal weight” rating in a report on Friday, January 23rd. UBS Group reissued a “buy” rating and set a $39.00 price target (up from $38.00) on shares of Brookfield Renewable Partners in a research report on Friday, December 5th. National Bank Financial boosted their price target on Brookfield Renewable Partners from $33.00 to $34.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. Finally, Mizuho set a $31.00 price objective on Brookfield Renewable Partners and gave the company a “neutral” rating in a research report on Monday, February 2nd. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $35.21.

Brookfield Renewable Partners Price Performance

Shares of NYSE BEP opened at $31.33 on Monday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 0.80. The company’s 50-day moving average price is $30.37 and its 200 day moving average price is $28.70. Brookfield Renewable Partners has a 52 week low of $19.29 and a 52 week high of $32.78. The stock has a market cap of $9.57 billion, a price-to-earnings ratio of -120.50 and a beta of 1.13.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last announced its earnings results on Friday, January 30th. The utilities provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.88. Brookfield Renewable Partners had a net margin of 11.11% and a return on equity of 2.15%. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.49 billion. As a group, research analysts forecast that Brookfield Renewable Partners will post -1.04 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Kelleher Financial Advisors purchased a new stake in shares of Brookfield Renewable Partners in the third quarter valued at $26,000. Russell Investments Group Ltd. purchased a new position in Brookfield Renewable Partners during the second quarter worth about $34,000. Root Financial Partners LLC purchased a new position in Brookfield Renewable Partners during the third quarter worth about $46,000. Hilltop National Bank boosted its stake in Brookfield Renewable Partners by 37.6% in the 3rd quarter. Hilltop National Bank now owns 1,830 shares of the utilities provider’s stock worth $47,000 after buying an additional 500 shares during the last quarter. Finally, Triumph Capital Management acquired a new stake in Brookfield Renewable Partners in the 3rd quarter worth about $55,000. 63.16% of the stock is currently owned by institutional investors and hedge funds.

About Brookfield Renewable Partners

Brookfield Renewable Partners L.P. is a leading global owner, operator and developer of renewable power assets. Listed on the New York Stock Exchange under the ticker BEP, the partnership focuses on generating clean electricity from a diversified mix of hydroelectric, wind, solar and energy storage facilities. As part of the Brookfield Asset Management group, Brookfield Renewable leverages a long-term, asset-backed approach to investing in sustainable energy projects that support the transition to a low-carbon economy.

The company’s platform encompasses approximately 23,000 megawatts of installed capacity across four continents.