Brookfield Renewable Partners LP (NYSE:BEP) is included among the The 10 Best Renewable Energy Stocks to Buy According to Billionaires.
Brookfield Renewable Partners LP (NYSE:BEP) operates one of the world’s largest publicly traded platforms for decarbonization and renewable energy solutions. The company’s diversified portfolio of hydro, wind, solar, distributed energy, storage and sustainable solutions spans five continents, totaling more than 47.3 GW of generation capacity.
On May 29, Scotiabank raised its price target for Brookfield Renewable Partners LP (NYSE:BEP) from $36 to $42, while maintaining an “outperform” rating on the stock. The target increase indicates a 15% increase from current levels.
According to Scotiabank, there are “numerous strong and obvious tailwinds” for Brookfield Renewable. Additionally, the analyst highlighted the company’s massive scale, strong access to capital and established relationships with hyperscalers as key competitive advantages, allowing it to secure attractive opportunities and ensure long-term growth.
Brookfield Renewable Partners LP (NYSE:BEP) posted record FFO of $375 million, or $0.55 per share, in its first-quarter report last month, up 15% year-over-year, benefiting from the company’s diverse global fleet, growth activities and capital recycling at scale. However, its revenue fell more than 4% year-over-year to $1.51 billion and fell short of Wall Street estimates. Notably, Brookfield ended the quarter with more than $4.7 billion of available liquidity, allowing the company substantial flexibility to invest in growth opportunities.
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