Brookfield Renewable Partners (BEP) Rating Increased to Buy at Zacks Investment Research

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports. The brokerage currently has a $35.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 13.20% from the company’s previous close.

According to Zacks, “Brookfield Renewable Energy Partners L.P. owns and operates renewable power platform. The company’s power generating portfolio comprised of hydroelectric generating, wind facilities and natural gas-fired plants. It operates in the United States, Canada and Brazil. The company sells its generation output to public power authorities, load-serving utilities and industrial users. Brookfield Renewable Energy Partners L.P., is based in Hamilton, Bermuda. “

Several other equities research analysts have also weighed in on the company. Desjardins lifted their price objective on Brookfield Renewable Partners from $44.50 to $45.00 in a report on Friday, May 3rd. Raymond James reissued a “market perform” rating and issued a $31.00 price objective on shares of Brookfield Renewable Partners in a report on Friday, May 3rd. Wells Fargo & Co reissued a “buy” rating and issued a $36.00 price objective on shares of Brookfield Renewable Partners in a report on Thursday, April 4th. ValuEngine raised Brookfield Renewable Partners from a “hold” rating to a “buy” rating in a report on Wednesday, March 6th. Finally, TheStreet raised Brookfield Renewable Partners from a “d+” rating to a “c” rating in a report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $34.64.

Shares of BEP opened at $30.92 on Wednesday. Brookfield Renewable Partners has a fifty-two week low of $24.51 and a fifty-two week high of $32.15. The stock has a market capitalization of $5.53 billion, a P/E ratio of 237.85, a PEG ratio of 9.48 and a beta of 0.55. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.57.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last announced its quarterly earnings data on Thursday, February 28th. The utilities provider reported $0.29 earnings per share for the quarter. Brookfield Renewable Partners had a return on equity of 1.47% and a net margin of 7.20%. The company had revenue of $780.00 million during the quarter. Sell-side analysts expect that Brookfield Renewable Partners will post 0.47 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of BEP. JPMorgan Chase & Co. grew its holdings in Brookfield Renewable Partners by 113.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 10,900 shares of the utilities provider’s stock valued at $329,000 after buying an additional 5,800 shares in the last quarter. Neuberger Berman Group LLC grew its holdings in Brookfield Renewable Partners by 46.4% during the 3rd quarter. Neuberger Berman Group LLC now owns 29,197 shares of the utilities provider’s stock valued at $885,000 after buying an additional 9,250 shares in the last quarter. Marshall Wace North America L.P. purchased a new position in Brookfield Renewable Partners during the 3rd quarter valued at about $301,000. Intact Investment Management Inc. purchased a new position in Brookfield Renewable Partners during the 4th quarter valued at about $2,964,000. Finally, Karpas Strategies LLC grew its holdings in Brookfield Renewable Partners by 2.4% during the 4th quarter. Karpas Strategies LLC now owns 128,075 shares of the utilities provider’s stock valued at $3,317,000 after buying an additional 3,000 shares in the last quarter. 54.60% of the stock is owned by institutional investors and hedge funds.

About Brookfield Renewable Partners

Brookfield Renewable Partners L.P. owns a portfolio of renewable power generating facilities primarily in North America, Colombia, Brazil, Europe, India, and China. The company generates electricity through hydro, wind, solar, cogeneration, and biomass sources. Its portfolio consists of approximately 17,400 megawatts of installed capacity.

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