Canadian Imperial Bank of Commerce Issues Positive Forecast for Brookfield Renewable Partners (NYSE:BEP) Stock Price

Key Points

• Canadian Imperial Bank of Commerce raised its price target on Brookfield Renewable Partners to $40 from $37 and kept an "outperformer" rating, implying about a 15.7% upside from the current price.
• Analyst coverage is mixed-but-positive: the consensus is a Moderate Buy with a $35.93 average target, while firms like Morgan Stanley have higher targets (up to $42) and others rate it neutral or equal weight.
• Recent fundamentals showed an earnings beat—$0.54 EPS vs. a ($0.34) estimate and revenue of $1.54B—while the stock trades around $34.58 with a market cap of about $10.5 billion.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP had its target price lifted by investment analysts at Canadian Imperial Bank of Commerce from $37.00 to $40.00 in a research report issued on Monday,Benzinga reports. The firm currently has an "outperformer" rating on the utilities provider's stock. Canadian Imperial Bank of Commerce's price target would suggest a potential upside of 15.69% from the stock's current price.

Other research analysts have also issued research reports about the stock. Wall Street Zen upgraded shares of Brookfield Renewable Partners from a "sell" rating to a "hold" rating in a research note on Saturday, March 7th. Barclays set a $28.00 price target on shares of Brookfield Renewable Partners and gave the stock an "equal weight" rating in a research note on Friday, January 23rd. Mizuho set a $31.00 target price on shares of Brookfield Renewable Partners and gave the company a "neutral" rating in a research note on Monday, February 2nd. National Bank Financial raised their target price on shares of Brookfield Renewable Partners from $33.00 to $34.00 and gave the company an "outperform" rating in a research note on Monday, February 2nd. Finally, Morgan Stanley raised their target price on shares of Brookfield Renewable Partners from $38.00 to $42.00 and gave the company an "overweight" rating in a research note on Monday, March 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, Brookfield Renewable Partners presently has a consensus rating of "Moderate Buy" and a consensus target price of $35.93.

Brookfield Renewable Partners Stock Down 0.0%

Shares of BEP traded down $0.01 during mid-day trading on Monday, hitting $34.58. 236,303 shares of the company's stock were exchanged, compared to its average volume of 692,353. The firm has a fifty day moving average of $32.04 and a two-hundred day moving average of $29.71. Brookfield Renewable Partners has a twelve month low of $21.15 and a twelve month high of $35.97. The stock has a market cap of $10.49 billion, a price-to-earnings ratio of -133.08 and a beta of 1.09. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 0.80.

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

Institutional Trading of Brookfield Renewable Partners

A number of hedge funds have recently bought and sold shares of the stock. CENTRAL TRUST Co bought a new stake in Brookfield Renewable Partners in the 1st quarter valued at $55,000. Purpose Unlimited Inc. bought a new stake in Brookfield Renewable Partners in the 4th quarter valued at $12,576,000. Ovata Capital Management Ltd boosted its holdings in Brookfield Renewable Partners by 3.3% in the 4th quarter. Ovata Capital Management Ltd now owns 180,781 shares of the utilities provider's stock valued at $4,876,000 after purchasing an additional 5,855 shares during the period. Ketron Financial bought a new stake in Brookfield Renewable Partners in the 4th quarter valued at $305,000. Finally, Mackenzie Financial Corp boosted its holdings in Brookfield Renewable Partners by 3.5% in the 4th quarter. Mackenzie Financial Corp now owns 48,359 shares of the utilities provider's stock valued at $1,297,000 after purchasing an additional 1,623 shares during the period. 63.16% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.