Zacks Research Upgrades Brookfield Renewable Partners (NYSE:BEP) to Strong-Buy

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

Several other equities research analysts have also recently issued reports on the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Brookfield Renewable Partners in a research report on Friday, March 27th. Canadian Imperial Bank of Commerce began coverage on shares of 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. National Bank Financial boosted their price target on shares of Brookfield Renewable Partners from $33.00 to $34.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Barclays set a $28.00 price target on shares of Brookfield Renewable Partners and gave the company an “equal weight” rating in a research report on Friday, January 23rd. Finally, Mizuho set a $31.00 price target on shares of Brookfield Renewable Partners and gave the company a “neutral” rating in a research report on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $35.21.

Brookfield Renewable Partners Price Performance

Brookfield Renewable Partners stock opened at $32.86 on Monday. The stock has a market cap of $10.03 billion, a P/E ratio of -126.37 and a beta of 1.09. The company has a fifty day simple moving average of $31.25 and a 200-day simple moving average of $29.21. Brookfield Renewable Partners has a 12-month low of $19.49 and a 12-month high of $34.05. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 0.80.

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Purpose Unlimited Inc. purchased a new position in Brookfield Renewable Partners during the fourth quarter worth about $12,576,000. Ovata Capital Management Ltd raised its holdings in Brookfield Renewable Partners by 3.3% during the fourth quarter. Ovata Capital Management Ltd now owns 180,781 shares of the utilities provider’s stock worth $4,876,000 after purchasing an additional 5,855 shares in the last quarter. Ketron Financial purchased a new position in Brookfield Renewable Partners during the fourth quarter worth about $305,000. Mackenzie Financial Corp raised its holdings in Brookfield Renewable Partners by 3.5% during the fourth quarter. Mackenzie Financial Corp now owns 48,359 shares of the utilities provider’s stock worth $1,297,000 after purchasing an additional 1,623 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in Brookfield Renewable Partners during the fourth quarter worth about $1,073,000. 63.16% of the stock is owned by hedge funds and other institutional investors.

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.