Royal Bank of Canada Increases Brookfield Infrastructure Partners (NYSE:BIP) Price Target to $50.00

Brookfield Infrastructure Partners (NYSE:BIP) (TSE:BIP.UN) had its price target boosted by Royal Bank of Canada from $47.00 to $50.00 in a report issued on Wednesday, BayStreet.CA reports. Royal Bank of Canada currently has an outperform rating on the utilities provider’s stock.

Other equities analysts have also issued reports about the stock. Barclays reissued a hold rating on shares of Brookfield Infrastructure Partners in a research report on Friday, August 2nd. Credit Suisse Group started coverage on shares of Brookfield Infrastructure Partners in a research report on Thursday, July 18th. They set a neutral rating and a $47.50 price target for the company. National Bank Financial reissued an outperform rating and set a $50.00 price target on shares of Brookfield Infrastructure Partners in a research report on Thursday, July 18th. Industrial Alliance Securities raised their price target on shares of Brookfield Infrastructure Partners from $47.00 to $48.00 and gave the stock a buy rating in a research report on Tuesday, July 2nd. Finally, Zacks Investment Research lowered shares of Brookfield Infrastructure Partners from a buy rating to a hold rating in a research report on Tuesday, July 2nd. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $47.41.

BIP traded up $0.06 during trading on Wednesday, reaching $44.22. 371,079 shares of the company’s stock were exchanged, compared to its average volume of 498,363. Brookfield Infrastructure Partners has a 1 year low of $32.26 and a 1 year high of $44.74. The stock has a market capitalization of $12.36 billion, a PE ratio of 74.95, a P/E/G ratio of 0.92 and a beta of 0.90. The stock has a fifty day moving average of $43.65.

Brookfield Infrastructure Partners (NYSE:BIP) (TSE:BIP.UN) last posted its quarterly earnings results on Friday, August 2nd. The utilities provider reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.02. Brookfield Infrastructure Partners had a net margin of 3.32% and a return on equity of 1.40%. The company had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period last year, the firm posted $0.75 EPS. Brookfield Infrastructure Partners’s revenue for the quarter was up 61.4% compared to the same quarter last year. On average, equities research analysts forecast that Brookfield Infrastructure Partners will post 3.44 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of BIP. CIBC World Markets Inc. grew its stake in shares of Brookfield Infrastructure Partners by 89.3% during the 1st quarter. CIBC World Markets Inc. now owns 3,943,658 shares of the utilities provider’s stock worth $165,121,000 after purchasing an additional 1,860,702 shares during the period. Bank of Montreal Can grew its stake in shares of Brookfield Infrastructure Partners by 6.5% during the 2nd quarter. Bank of Montreal Can now owns 18,008,806 shares of the utilities provider’s stock worth $773,298,000 after purchasing an additional 1,097,680 shares during the period. CIBC Asset Management Inc grew its stake in shares of Brookfield Infrastructure Partners by 57.6% during the 1st quarter. CIBC Asset Management Inc now owns 2,631,973 shares of the utilities provider’s stock worth $109,918,000 after purchasing an additional 962,098 shares during the period. Toronto Dominion Bank grew its stake in shares of Brookfield Infrastructure Partners by 17.2% during the 1st quarter. Toronto Dominion Bank now owns 5,535,550 shares of the utilities provider’s stock worth $231,162,000 after purchasing an additional 814,234 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Brookfield Infrastructure Partners by 9.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 4,603,499 shares of the utilities provider’s stock worth $192,749,000 after purchasing an additional 413,425 shares during the period. 48.07% of the stock is currently owned by institutional investors and hedge funds.

About Brookfield Infrastructure Partners

Brookfield Infrastructure Partners L.P. owns and operates utilities, transport, energy, and data infrastructure businesses. The Utilities segment operates approximately 2,000 kilometers (km) of natural gas transportation pipelines in the states of Rio de Janeiro, Sao Paulo, and Minas Gerais; approximately 2,200 km of electricity transmission lines in North and South America; and approximately 6.6 million electricity and natural gas connections and 1.1 million smart meters, as well as operates metallurgical coal export terminals.

Featured Article: What is a blue-chip stock?

Analyst Recommendations for Brookfield Infrastructure Partners (NYSE:BIP)

Receive News & Ratings for Brookfield Infrastructure Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Brookfield Infrastructure Partners and related companies with MarketBeat.com's FREE daily email newsletter.