Brookfield Renewable Partners (NYSE:BEP) Raised to “Buy” at Desjardins

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) was upgraded by research analysts at Desjardins from a “hold” rating to a “buy” rating in a report issued on Thursday, Marketbeat Ratings reports.

Other research analysts have also issued research reports about the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Brookfield Renewable Partners in a research report on Monday, September 21st. UBS Group reiterated a “buy” rating and issued a $34.00 price objective (down from $40.00) on shares of Brookfield Renewable Partners in a research report on Thursday, October 1st. Barclays set a $30.00 target price on Brookfield Renewable Partners and gave the company an “equal weight” rating in a research note on Wednesday, July 22nd. Zacks Research upgraded Brookfield Renewable Partners from a “strong sell” rating to a “hold” rating in a report on Friday, August 14th. Finally, BMO Capital Markets set a $41.00 price target on Brookfield Renewable Partners in a research note on Monday, August 17th. Eight equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $36.73.

Brookfield Renewable Partners Trading Up 1.6%

BEP traded up $0.48 during trading on Thursday, hitting $31.12. 1,673,958 shares of the stock traded hands, compared to its average volume of 1,279,477. The firm has a market capitalization of $9.42 billion, a P/E ratio of -41.49 and a beta of 1.08. Brookfield Renewable Partners has a 12-month low of $26.30 and a 12-month high of $38.12. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a 50-day moving average of $29.48 and a 200 day moving average of $32.09.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its quarterly earnings data on Wednesday, November 4th. The utilities provider reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.50) by ($0.02). The firm had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.46 billion. Brookfield Renewable Partners had a net margin of 4.50% and a return on equity of 0.84%. Equities research analysts anticipate that Brookfield Renewable Partners will post -1.88 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. BCV Asset Management Inc. increased its stake in shares of Brookfield Renewable Partners by 11.1% during the third quarter. BCV Asset Management Inc. now owns 75,442 shares of the utilities provider’s stock valued at $2,139,000 after purchasing an additional 7,553 shares in the last quarter. Financial Freedom LLC bought a new stake in Brookfield Renewable Partners in the 3rd quarter worth about $36,000. First Trust Capital Management L.P. bought a new stake in Brookfield Renewable Partners in the 3rd quarter worth about $5,679,000. Allworth Financial LP raised its position in Brookfield Renewable Partners by 48.8% in the 3rd quarter. Allworth Financial LP now owns 7,285 shares of the utilities provider’s stock worth $205,000 after buying an additional 2,390 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in Brookfield Renewable Partners by 19.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 97,305 shares of the utilities provider’s stock worth $2,747,000 after purchasing an additional 15,860 shares during the period. 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 global renewable power and sustainable solutions company. The partnership develops, owns and operates a diversified portfolio of renewable energy facilities, with hydroelectric generation complemented by onshore and offshore wind, utility-scale and distributed solar, battery storage, and other energy transition assets.

Through its operating platforms, Brookfield Renewable supplies electricity and related energy services to utilities, corporations and other customers.