Zacks Research Upgrades Brookfield Renewable Partners (NYSE:BEP) to Strong-Buy

Key Points

• Zacks Research upgraded Brookfield Renewable Partners (NYSE:BEP) from a "hold" to a strong-buy rating in its latest report.
• Brookfield posted an earnings beat with $0.54 EPS versus consensus (‑$0.34) and $1.54B revenue, while analysts' consensus is a "Moderate Buy" (1 Strong Buy, 11 Buy, 4 Hold) with an average target of $35.21.
• Shares trade around $32.86 with a $10.03B market cap, a 52-week range of $19.49–$34.05, a negative P/E, and roughly 63% institutional ownership.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP was upgraded by research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report released on Monday,Zacks.com reports.

A number of other equities research analysts have also weighed in on the stock. Canadian Imperial Bank of Commerce started coverage on shares of Brookfield Renewable Partners in a report on Wednesday, March 4th. They issued an "outperformer" rating and a $37.00 price objective for the company. Wall Street Zen upgraded shares of Brookfield Renewable Partners from a "sell" rating to a "hold" rating in a report on Saturday, March 7th. Mizuho set a $31.00 price target on shares of Brookfield Renewable Partners and gave the company a "neutral" rating in a report on Monday, February 2nd. Barclays set a $28.00 price target on shares of Brookfield Renewable Partners and gave the company an "equal weight" rating in a report on Friday, January 23rd. Finally, Morgan Stanley upped their price target on shares of Brookfield Renewable Partners from $38.00 to $42.00 and gave the company an "overweight" rating in a report on Monday, March 23rd. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $35.21.

Brookfield Renewable Partners Trading Down 1.7%

Shares of BEP opened at $32.86 on Monday. The firm has a market cap of $10.03 billion, a price-to-earnings ratio of -126.37 and a beta of 1.09. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.57 and a current ratio of 0.57. Brookfield Renewable Partners has a fifty-two week low of $19.49 and a fifty-two week high of $34.05. The firm has a 50 day moving average price of $31.25 and a 200-day moving average price of $29.21.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP last announced its quarterly earnings data 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. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.49 billion. Brookfield Renewable Partners had a net margin of 11.11% and a return on equity of 2.15%. As a group, equities research analysts forecast that Brookfield Renewable Partners will post -1.04 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Purpose Unlimited Inc. purchased a new position in Brookfield Renewable Partners during the 4th quarter valued at $12,576,000. Ovata Capital Management Ltd increased its position in Brookfield Renewable Partners by 3.3% during 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 purchased a new position in Brookfield Renewable Partners during the 4th quarter valued at $305,000. Mackenzie Financial Corp increased its position in Brookfield Renewable Partners by 3.5% during 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. Finally, XTX Topco Ltd purchased a new position in Brookfield Renewable Partners during the 4th quarter valued at $1,073,000. 63.16% of the stock is owned by hedge funds and other institutional investors.

About Brookfield Renewable Partners

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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