Brookfield Renewable Partners (NYSE:BEP) Given a $38.00 Price Target at National Bank Financial

Key Points

• National Bank Financial assigned Brookfield Renewable Partners a $38 price target and “outperform” rating, implying 33.24% upside from the prior close.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and average target price of $37.79 from 16 covering analysts.
• BEP shares recently traded at $28.52, while the company’s latest quarterly results missed EPS expectations but exceeded revenue forecasts; institutional investors own 63.16% of the stock.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP has been assigned a $38.00 target price by equities research analysts at National Bank Financial in a research report issued on Thursday, BayStreet reports. The brokerage currently has an "outperform" rating on the utilities provider's stock. National Bank Financial's price objective points to a potential upside of 33.24% from the stock's previous close.

A number of other equities research analysts also recently commented on the stock. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Brookfield Renewable Partners in a research report on Monday, September 21st. Canadian Imperial Bank of Commerce restated an "outperform" rating and issued a $41.00 price target on shares of Brookfield Renewable Partners in a research note on Friday, July 17th. BMO Capital Markets set a $41.00 price objective on Brookfield Renewable Partners in a report on Monday, August 17th. Barclays set a $30.00 target price on Brookfield Renewable Partners and gave the company an "equal weight" rating in a report on Wednesday, July 22nd. Finally, UBS Group reissued a "buy" rating and issued a $34.00 target price (down from $40.00) on shares of Brookfield Renewable Partners in a research report on Thursday. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $37.79.

Brookfield Renewable Partners Stock Performance

Shares of NYSE BEP traded up $0.38 during trading on Thursday, reaching $28.52. 1,138,274 shares of the company traded hands, compared to its average volume of 849,851. The firm has a 50 day simple moving average of $31.62 and a 200-day simple moving average of $33.12. Brookfield Renewable Partners has a 52-week low of $26.29 and a 52-week high of $38.12. The stock has a market capitalization of $8.56 billion, a PE ratio of -62.03 and a beta of 1.10. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.87.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP last released its quarterly earnings data on Friday, July 31st. The utilities provider reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($0.02). The company had revenue of $1.71 billion for the quarter, compared to analysts' expectations of $1.56 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 -1.87 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in BEP. Wellington Altus USA Inc. lifted its holdings in Brookfield Renewable Partners by 600.0% during the second quarter. Wellington Altus USA Inc. now owns 3,500 shares of the utilities provider's stock valued at $114,000 after purchasing an additional 3,000 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of Brookfield Renewable Partners in the second quarter worth $82,000. Corient Private Wealth LP bought a new stake in shares of Brookfield Renewable Partners during the 2nd quarter valued at $250,000. TD Waterhouse Canada Inc. raised its position in shares of Brookfield Renewable Partners by 1.9% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 1,072,131 shares of the utilities provider's stock valued at $36,939,000 after purchasing an additional 19,957 shares during the period. Finally, First Bancorp Inc ME purchased a new position in shares of Brookfield Renewable Partners during the 2nd quarter valued at $71,000. Institutional investors own 63.16% of the company's stock.

About Brookfield Renewable Partners

Brookfield Renewable Partners L.P. is a renewable power and energy transition company that owns and operates a diversified portfolio of clean energy assets. Its main activities include generating electricity from hydroelectric, wind and solar facilities, as well as providing energy storage and other decarbonization solutions.

The company serves electricity markets and commercial, industrial and utility customers across North America, South America, Europe and the Asia-Pacific region. In addition to operating renewable power facilities, Brookfield Renewable develops new projects and invests in businesses supporting the transition to lower-carbon energy, including distributed energy and sustainable solutions.

Brookfield Renewable traces its origins to Brookfield Asset Management's renewable power operations and became publicly listed as Brookfield Renewable Energy Partners in 2011.

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