Brookfield Renewable Partners (NYSE:BEP) Upgraded at Desjardins

Key Points

• Desjardins upgraded Brookfield Renewable Partners from “hold” to “buy.” Analysts overall rate the stock “Moderate Buy,” with an average price target of $36.73.
• The partnership reported quarterly revenue of $1.78 billion, above estimates of $1.46 billion, but its loss of $0.52 per share was wider than the expected $0.41 loss.
• Shares opened at $30.85; the stock’s 52-week range is $26.30 to $38.12.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP was upgraded by Desjardins from a "hold" rating to a "buy" rating in a research note issued to investors on Thursday, MarketBeat reports.

BEP has been the topic of several other reports. JPMorgan Chase & Co. cut their price objective on shares of Brookfield Renewable Partners from $36.00 to $32.00 and set a "neutral" rating on the stock in a report on Monday, October 19th. Zacks Research raised shares of Brookfield Renewable Partners from a "strong sell" rating to a "hold" rating in a research report on Friday, August 14th. Morgan Stanley lowered their target price on shares of Brookfield Renewable Partners from $42.00 to $37.00 and set an "overweight" rating for the company in a report on Tuesday, October 13th. Barclays set a $30.00 price target on shares of Brookfield Renewable Partners and gave the stock an "equal weight" rating in a research report on Wednesday, July 22nd. Finally, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Brookfield Renewable Partners in a research note on Monday, September 21st. Eight analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Brookfield Renewable Partners presently has an average rating of "Moderate Buy" and an average target price of $36.73.

Brookfield Renewable Partners Stock Performance

Brookfield Renewable Partners stock opened at $30.85 on Thursday. The stock has a fifty day moving average price of $29.54 and a 200 day moving average price of $32.06. Brookfield Renewable Partners has a 52 week low of $26.30 and a 52 week high of $38.12. The firm has a market capitalization of $9.34 billion, a P/E ratio of -67.06 and a beta of 1.08. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.87.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP last issued its quarterly earnings results on Wednesday, November 4th. The utilities provider reported ($0.52) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.41) by ($0.11). The business had revenue of $1.78 billion during the quarter, compared to analyst estimates of $1.46 billion. Brookfield Renewable Partners had a return on equity of 0.84% and a net margin of 4.50%. Equities research analysts anticipate that Brookfield Renewable Partners will post -1.88 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE boosted its position in Brookfield Renewable Partners by 413.2% during the 1st quarter. Bank of America Corp DE now owns 973,260 shares of the utilities provider's stock worth $31,767,000 after purchasing an additional 783,620 shares during the period. TD Waterhouse Canada Inc. increased its holdings in Brookfield Renewable Partners by 5.0% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 1,125,447 shares of the utilities provider's stock valued at $31,986,000 after purchasing an additional 53,316 shares in the last quarter. Groupe la Francaise raised its position in Brookfield Renewable Partners by 194.5% in the first quarter. Groupe la Francaise now owns 159,894 shares of the utilities provider's stock valued at $5,214,000 after purchasing an additional 105,599 shares during the period. Bank of Nova Scotia raised its position in Brookfield Renewable Partners by 11.0% in the first quarter. Bank of Nova Scotia now owns 1,148,128 shares of the utilities provider's stock valued at $37,444,000 after purchasing an additional 114,127 shares during the period. Finally, Oak Grove Capital LLC raised its position in Brookfield Renewable Partners by 71.8% in the third quarter. Oak Grove Capital LLC now owns 1,202,100 shares of the utilities provider's stock valued at $33,827,000 after purchasing an additional 502,300 shares during the period. 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 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.

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