FY2024 Earnings Forecast for BBU Issued By Desjardins

Brookfield Business Partners L.P. (NYSE:BBU) – Equities research analysts at Desjardins lifted their FY2024 earnings per share estimates for Brookfield Business Partners in a research note issued to investors on Sunday, November 10th. Desjardins analyst G. Ho now forecasts that the business services provider will post earnings of $5.38 per share for the year, up from their previous estimate of $4.23. The consensus estimate for Brookfield Business Partners’ current full-year earnings is $4.52 per share.

Separately, Royal Bank of Canada reissued an “outperform” rating and issued a $32.00 target price on shares of Brookfield Business Partners in a research report on Monday, August 5th. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $31.40.

Brookfield Business Partners Stock Performance

Shares of BBU opened at $24.45 on Wednesday. The company has a 50-day simple moving average of $22.57 and a two-hundred day simple moving average of $20.50. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.00 and a quick ratio of 0.74. The firm has a market capitalization of $1.82 billion, a PE ratio of 3.09 and a beta of 1.45. Brookfield Business Partners has a one year low of $14.44 and a one year high of $25.64.

Brookfield Business Partners (NYSE:BBU) last issued its quarterly earnings data on Friday, November 8th. The business services provider reported $1.39 EPS for the quarter, topping the consensus estimate of $1.00 by $0.39. The business had revenue of $9.23 billion during the quarter. Brookfield Business Partners had a net margin of 7.34% and a return on equity of 21.76%. During the same quarter last year, the company posted $1.33 earnings per share.

Brookfield Business Partners Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th will be issued a dividend of $0.063 per share. This represents a $0.25 annualized dividend and a dividend yield of 1.03%. This is a positive change from Brookfield Business Partners’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Friday, November 29th. Brookfield Business Partners’s dividend payout ratio (DPR) is presently 3.09%.

Institutional Trading of Brookfield Business Partners

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Scheer Rowlett & Associates Investment Management Ltd. raised its stake in Brookfield Business Partners by 14.7% during the third quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 641,835 shares of the business services provider’s stock valued at $15,047,000 after buying an additional 82,372 shares during the last quarter. PCJ Investment Counsel Ltd. raised its position in shares of Brookfield Business Partners by 14.2% in the 3rd quarter. PCJ Investment Counsel Ltd. now owns 1,518,892 shares of the business services provider’s stock worth $35,528,000 after purchasing an additional 188,743 shares during the last quarter. Gold Investment Management Ltd. raised its position in shares of Brookfield Business Partners by 7.4% in the 3rd quarter. Gold Investment Management Ltd. now owns 31,501 shares of the business services provider’s stock worth $739,000 after purchasing an additional 2,169 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Brookfield Business Partners by 29.9% in the 3rd quarter. Principal Financial Group Inc. now owns 117,189 shares of the business services provider’s stock worth $2,731,000 after purchasing an additional 26,947 shares in the last quarter. Finally, Intact Investment Management Inc. purchased a new stake in Brookfield Business Partners during the 3rd quarter valued at about $45,000. Hedge funds and other institutional investors own 85.04% of the company’s stock.

About Brookfield Business Partners

Brookfield Business Partners L.P. is a private equity firm specializing in acquisition. The firm typically invests in business services, infrastructure services, construction, energy, and industrials sector. It prefers to take majority stake in companies. The firm seeks returns of at least 15% on its investments.