Brookfield Renewable Partners (NYSE:BEP) Given New $42.00 Price Target at Scotiabank

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price target raised by Scotiabank from $36.00 to $42.00 in a research note published on Friday,Benzinga reports. Scotiabank currently has a sector outperform rating on the utilities provider’s stock.

Other research analysts have also recently issued research reports about the stock. Wall Street Zen cut shares of Brookfield Renewable Partners from a “sell” rating to a “strong sell” rating in a research report on Sunday, May 10th. Mizuho set a $31.00 target price on Brookfield Renewable Partners and gave the stock a “neutral” rating in a research note on Monday, February 2nd. National Bank Financial boosted their target price on Brookfield Renewable Partners from $34.00 to $36.00 and gave the company a “sector outperform” rating in a report on Monday, May 4th. TD upped their price objective on Brookfield Renewable Partners from $38.00 to $39.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating and set a $40.00 price objective (up from $37.00) on shares of Brookfield Renewable Partners in a report on Monday, April 20th. Eleven analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Brookfield Renewable Partners has an average rating of “Moderate Buy” and an average price target of $37.71.

Brookfield Renewable Partners Trading Down 0.4%

Shares of BEP stock opened at $37.16 on Friday. The stock’s fifty day moving average is $33.87 and its two-hundred day moving average is $30.79. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.75 and a current ratio of 0.75. The firm has a market capitalization of $11.27 billion, a P/E ratio of -119.88 and a beta of 1.06. Brookfield Renewable Partners has a fifty-two week low of $23.52 and a fifty-two week high of $37.66.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last announced its quarterly earnings data on Friday, May 1st. The utilities provider reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.04). The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Brookfield Renewable Partners had a net margin of 8.28% and a return on equity of 1.57%. Research analysts expect that Brookfield Renewable Partners will post -1.53 earnings per share for the current fiscal year.

Brookfield Renewable Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Friday, May 29th will be paid a dividend of $0.392 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.57 annualized dividend and a yield of 4.2%. Brookfield Renewable Partners’s payout ratio is presently -506.45%.

Institutional Investors Weigh In On Brookfield Renewable Partners

A number of institutional investors and hedge funds have recently modified their holdings of BEP. Kelleher Financial Advisors purchased a new position in shares of Brookfield Renewable Partners during the third quarter valued at $26,000. Russell Investments Group Ltd. purchased a new position in Brookfield Renewable Partners in the second quarter valued at about $34,000. CENTRAL TRUST Co purchased a new position in Brookfield Renewable Partners in the first quarter valued at about $55,000. Triumph Capital Management purchased a new position in Brookfield Renewable Partners in the third quarter valued at about $55,000. Finally, Global Retirement Partners LLC grew its stake in Brookfield Renewable Partners by 284.5% in the fourth quarter. Global Retirement Partners LLC now owns 2,207 shares of the utilities provider’s stock valued at $60,000 after purchasing an additional 1,633 shares in the last quarter. 63.16% of the stock is owned by institutional investors and hedge funds.

Brookfield Renewable Partners Company Profile

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.