Brookfield Renewable Partners (NYSE:BEP) Given New $40.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan raised its price target on Brookfield Renewable to $40 (from $34) and maintained an overweight rating, implying about a 15.4% upside from the prior close.
• Analyst coverage is mixed but favorable overall: the consensus is a Moderate Buy with a $35.71 average target, while brokers range from Mizuho's neutral to Morgan Stanley's $42 overweight and a ratings tally of 1 Strong Buy, 11 Buy and 4 Hold.
• BEP traded down to $34.67 (≈-2%) with a $10.52B market cap and negative P/E (-133); the company recently beat quarterly revenue and EPS estimates but analysts still forecast -1.04 EPS for the current year.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP had its target price hoisted by research analysts at JPMorgan Chase & Co. from $34.00 to $40.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the utilities provider's stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 15.37% from the company's previous close.

A number of other research firms have also weighed in on BEP. Wall Street Zen upgraded Brookfield Renewable Partners from a "sell" rating to a "hold" rating in a research note on Saturday, March 7th. Morgan Stanley increased their price target on Brookfield Renewable Partners from $38.00 to $42.00 and gave the stock an "overweight" rating in a research report on Monday, March 23rd. Mizuho set a $31.00 price target on Brookfield Renewable Partners and gave the stock a "neutral" rating in a research report on Monday, February 2nd. Canadian Imperial Bank of Commerce initiated coverage on Brookfield Renewable Partners in a research report on Wednesday, March 4th. They set an "outperformer" rating and a $37.00 price target on the stock. Finally, National Bank Financial increased their price target on Brookfield Renewable Partners from $33.00 to $34.00 and gave the stock an "outperform" rating in a research report on Monday, February 2nd. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $35.71.

Brookfield Renewable Partners Trading Down 2.0%

BEP stock traded down $0.71 during midday trading on Thursday, reaching $34.67. The company's stock had a trading volume of 748,223 shares, compared to its average volume of 701,579. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.57 and a current ratio of 0.57. The stock has a fifty day simple moving average of $31.85 and a two-hundred day simple moving average of $29.57. Brookfield Renewable Partners has a 1 year low of $21.11 and a 1 year high of $35.97. The firm has a market capitalization of $10.52 billion, a price-to-earnings ratio of -133.35 and a beta of 1.09.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP last released its earnings results on Friday, January 30th. The utilities provider reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of ($0.34) by $0.88. Brookfield Renewable Partners had a return on equity of 2.15% and a net margin of 11.11%.The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.49 billion. On average, equities research analysts predict that Brookfield Renewable Partners will post -1.04 EPS for the current year.

Institutional Investors Weigh In On Brookfield Renewable Partners

A number of institutional investors have recently added to or reduced their stakes in BEP. Kelleher Financial Advisors bought a new stake in Brookfield Renewable Partners during the third quarter valued at about $26,000. Russell Investments Group Ltd. bought a new stake in Brookfield Renewable Partners during the second quarter valued at about $34,000. Root Financial Partners LLC bought a new stake in Brookfield Renewable Partners during the third quarter valued at about $46,000. Hilltop National Bank boosted its position in Brookfield Renewable Partners by 37.6% during the third quarter. Hilltop National Bank now owns 1,830 shares of the utilities provider's stock valued at $47,000 after purchasing an additional 500 shares in the last quarter. Finally, Triumph Capital Management bought a new stake in Brookfield Renewable Partners during the third quarter valued at about $55,000. Institutional investors own 63.16% of the company's stock.

Brookfield Renewable Partners Company Profile

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.

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