Royal Bank of Canada Boosts Brookfield Renewable Partners (NYSE:BEP) Price Target to $31.00

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price target lifted by Royal Bank of Canada from $29.00 to $31.00 in a report released on Monday, BayStreet.CA reports. Royal Bank of Canada currently has an outperform rating on the utilities provider’s stock.

Several other equities research analysts also recently weighed in on the company. Raymond James lowered their price target on Brookfield Renewable Partners from $33.00 to $32.00 and set a strong-buy rating for the company in a report on Thursday, April 25th. JPMorgan Chase & Co. reissued a neutral rating and issued a $28.00 price target (down previously from $36.00) on shares of Brookfield Renewable Partners in a report on Monday, February 12th. Scotiabank raised their price target on Brookfield Renewable Partners from $30.00 to $31.00 and gave the stock an outperform rating in a report on Monday. BMO Capital Markets raised their price target on Brookfield Renewable Partners from $28.00 to $30.00 and gave the stock an outperform rating in a report on Monday. Finally, National Bankshares raised their price target on Brookfield Renewable Partners from $29.00 to $31.00 and gave the stock an outperform rating in a report on Tuesday, January 9th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $30.75.

Brookfield Renewable Partners Price Performance

Shares of BEP stock opened at $26.89 on Monday. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.57 and a quick ratio of 0.57. The company has a market cap of $7.69 billion, a P/E ratio of -58.46 and a beta of 0.83. The stock’s 50-day moving average is $22.67 and its 200 day moving average is $24.03. Brookfield Renewable Partners has a 1-year low of $19.92 and a 1-year high of $32.76.

Brookfield Renewable Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be paid a $0.355 dividend. This represents a $1.42 annualized dividend and a dividend yield of 5.28%. The ex-dividend date is Friday, May 31st. Brookfield Renewable Partners’s payout ratio is -219.56%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BEP. Baystate Wealth Management LLC purchased a new position in Brookfield Renewable Partners during the fourth quarter valued at approximately $26,000. Scarborough Advisors LLC purchased a new position in Brookfield Renewable Partners during the fourth quarter valued at approximately $30,000. Dixon Mitchell Investment Counsel Inc. purchased a new position in Brookfield Renewable Partners during the first quarter valued at approximately $31,000. Northwest Financial Advisors purchased a new position in Brookfield Renewable Partners during the fourth quarter valued at approximately $65,000. Finally, Principal Securities Inc. purchased a new position in Brookfield Renewable Partners during the fourth quarter valued at approximately $77,000. 63.16% of the stock is currently owned by hedge funds and other institutional investors.

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.