Brookfield Renewable Partners L.P. (NYSE:BEP) is included among the 13 Best Canadian Dividend Stocks to Buy and Hold for the Long Term.
On November 7, Mizuho raised its price target for Brookfield Renewable Partners L.P. to $33 from $27 while maintaining a Neutral rating on the stock, as reported by The Fly.
Brookfield Renewable Partners L.P. is already one of the largest renewable power companies globally, with 47.5 GW of operating capacity across various technologies. Its assets generate stable and steadily growing cash flow, supported by long-term power purchase agreements with utilities and large corporations, most of which include inflation-linked rate escalation clauses.
The company plans to invest more than $10 billion over the next five years to expand its platform through acquisitions and development projects. Its extensive development pipeline supports a target of increasing annual development capacity to 10 GW by 2027. Brookfield Renewable Partners L.P. is also reviewing approximately $100 billion in potential M&A opportunities. These investments are expected to enhance the growth already delivered by its existing power portfolio.
With these growth drivers, Brookfield Renewable Partners L.P. expects to grow funds from operations (FFO) per share by more than 10% annually through at least 2030, giving the company the ability to increase its high-yield dividend by 5% to 9% per year.
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