JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Brookfield Renewable Partners (NYSE:BEP) Stock

Key Points

• JPMorgan Chase & Co. increased its target price for Brookfield Renewable Partners (NYSE:BEP) from $32.00 to $33.00, suggesting a potential upside of 14.88% from the stock's previous close.
• Various analysts have revised their price targets for BEP stock, with average ratings reflecting a consensus of "Moderate Buy" and a price target of $30.11.
• Brookfield Renewable Partners recently reported earnings of ($0.22) per share, falling short of estimates and indicating lower profitability compared to analyst expectations.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP had its target price hoisted by investment analysts at JPMorgan Chase & Co. from $32.00 to $33.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the utilities provider's stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 14.88% from the company's previous close.

Several other equities research analysts have also weighed in on the stock. CIBC upped their target price on shares of Brookfield Renewable Partners from $30.00 to $31.00 and gave the stock an "outperformer" rating in a report on Monday, July 21st. National Bankshares increased their price objective on shares of Brookfield Renewable Partners from $30.00 to $32.00 and gave the stock an "outperform" rating in a report on Tuesday, August 5th. Raymond James Financial lowered shares of Brookfield Renewable Partners from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, July 17th. Mizuho upped their target price on shares of Brookfield Renewable Partners from $26.00 to $27.00 and gave the company a "neutral" rating in a research report on Friday, September 26th. Finally, Scotiabank upped their target price on shares of Brookfield Renewable Partners from $29.00 to $30.00 and gave the company a "sector outperform" rating in a research report on Friday, July 18th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $30.11.

Brookfield Renewable Partners Price Performance

Shares of BEP stock traded up $0.72 during mid-day trading on Thursday, reaching $28.73. The company's stock had a trading volume of 321,518 shares, compared to its average volume of 622,974. Brookfield Renewable Partners has a 1-year low of $19.29 and a 1-year high of $29.56. The company has a market cap of $8.15 billion, a P/E ratio of -30.26 and a beta of 1.13. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.44 and a current ratio of 0.44. The firm's 50-day moving average is $25.64 and its two-hundred day moving average is $24.77.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP last announced its quarterly earnings data on Friday, August 1st. The utilities provider reported ($0.22) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.03). Brookfield Renewable Partners had a net margin of 2.28% and a return on equity of 0.44%. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.64 billion. On average, research analysts predict that Brookfield Renewable Partners will post -1.04 earnings per share for the current year.

Institutional Trading of Brookfield Renewable Partners

Hedge funds have recently bought and sold shares of the stock. Golden State Wealth Management LLC raised its holdings in Brookfield Renewable Partners by 103.6% during the 1st quarter. Golden State Wealth Management LLC now owns 1,138 shares of the utilities provider's stock worth $25,000 after buying an additional 579 shares during the period. Hilltop National Bank acquired a new stake in Brookfield Renewable Partners during the 2nd quarter worth approximately $34,000. Russell Investments Group Ltd. bought a new position in shares of Brookfield Renewable Partners during the 2nd quarter worth approximately $34,000. Rossby Financial LCC bought a new position in shares of Brookfield Renewable Partners during the 1st quarter worth approximately $41,000. Finally, Activest Wealth Management bought a new position in shares of Brookfield Renewable Partners during the 2nd quarter worth approximately $50,000. 63.16% of the stock is currently 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, and Brazil. The company generates electricity through hydroelectric, wind, solar, distributed generation, and pumped storage, as well as renewable natural gas, carbon capture and storage, recycling, cogeneration biomass, nuclear services, and power transformation.

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