Brookfield Renewable Partners (NYSE:BEP) Price Target Cut to $29.00

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price objective decreased by investment analysts at JPMorgan Chase & Co. from $31.00 to $29.00 in a report issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the utilities provider’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 2.98% from the company’s current price.

Several other equities research analysts also recently issued reports on BEP. StockNews.com downgraded Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a report on Friday, August 2nd. National Bankshares upped their price objective on shares of Brookfield Renewable Partners from $32.00 to $33.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Royal Bank of Canada reiterated an “outperform” rating and issued a $31.00 target price on shares of Brookfield Renewable Partners in a research note on Wednesday, October 9th. Finally, UBS Group upgraded shares of Brookfield Renewable Partners from a “neutral” rating to a “buy” rating and upped their price target for the company from $24.00 to $31.00 in a research note on Monday, September 30th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $32.30.

Brookfield Renewable Partners Trading Down 0.7 %

BEP traded down $0.21 during trading on Thursday, reaching $28.16. 91,606 shares of the stock traded hands, compared to its average volume of 471,231. The stock’s 50-day moving average is $25.68 and its 200 day moving average is $25.19. Brookfield Renewable Partners has a 12 month low of $19.92 and a 12 month high of $28.81. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.91. The stock has a market capitalization of $8.03 billion, a PE ratio of -61.13 and a beta of 0.94.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its earnings results on Friday, August 2nd. The utilities provider reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.41). The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.49 billion. Brookfield Renewable Partners had a return on equity of 0.46% and a net margin of 2.37%. The company’s revenue for the quarter was up 23.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.10) earnings per share. Equities analysts anticipate that Brookfield Renewable Partners will post -0.57 earnings per share for the current year.

Hedge Funds Weigh In On Brookfield Renewable Partners

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. boosted its stake in Brookfield Renewable Partners by 0.9% during the second quarter. Principal Financial Group Inc. now owns 7,275,031 shares of the utilities provider’s stock worth $180,203,000 after acquiring an additional 66,794 shares in the last quarter. CIBC Asset Management Inc lifted its position in Brookfield Renewable Partners by 0.6% in the 2nd quarter. CIBC Asset Management Inc now owns 6,915,814 shares of the utilities provider’s stock valued at $171,010,000 after acquiring an additional 37,836 shares in the last quarter. CCLA Investment Management boosted its stake in Brookfield Renewable Partners by 1.9% during the 2nd quarter. CCLA Investment Management now owns 2,578,419 shares of the utilities provider’s stock valued at $63,952,000 after purchasing an additional 47,734 shares during the last quarter. TD Asset Management Inc increased its holdings in shares of Brookfield Renewable Partners by 2.9% in the 2nd quarter. TD Asset Management Inc now owns 2,377,124 shares of the utilities provider’s stock worth $58,805,000 after purchasing an additional 67,777 shares in the last quarter. Finally, APG Asset Management N.V. raised its stake in shares of Brookfield Renewable Partners by 0.3% in the second quarter. APG Asset Management N.V. now owns 1,747,150 shares of the utilities provider’s stock worth $40,327,000 after purchasing an additional 5,388 shares during the last quarter. 63.16% of the stock is currently owned by 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.