Brookfield Renewable Partners (NYSE:BEP) Price Target Lowered to $28.00 at Scotiabank

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price target dropped by Scotiabank from $32.00 to $28.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the utilities provider’s stock. Scotiabank’s price objective points to a potential upside of 37.66% from the stock’s previous close.

BEP has been the subject of several other research reports. Royal Bank of Canada reissued an “outperform” rating and set a $31.00 price objective on shares of Brookfield Renewable Partners in a research report on Wednesday, October 9th. StockNews.com downgraded shares of Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a report on Thursday, December 26th. JPMorgan Chase & Co. cut their price objective on shares of Brookfield Renewable Partners from $30.00 to $28.00 and set an “overweight” rating for the company in a research report on Thursday. National Bankshares lowered their price target on Brookfield Renewable Partners from $33.00 to $32.00 and set an “outperform” rating on the stock in a research note on Wednesday, December 18th. Finally, UBS Group upgraded Brookfield Renewable Partners from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $24.00 to $31.00 in a research report on Monday, September 30th. One analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Brookfield Renewable Partners has an average rating of “Moderate Buy” and an average price target of $31.78.

Brookfield Renewable Partners Stock Up 1.5 %

Shares of BEP traded up $0.31 during midday trading on Thursday, reaching $20.34. 604,032 shares of the stock were exchanged, compared to its average volume of 920,680. The company has a market cap of $5.80 billion, a price-to-earnings ratio of -24.81 and a beta of 0.95. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.93. Brookfield Renewable Partners has a 12-month low of $19.92 and a 12-month high of $29.56. The firm has a 50 day simple moving average of $23.61 and a 200-day simple moving average of $24.96.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last announced its quarterly earnings results on Friday, November 8th. The utilities provider reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.28). The business had revenue of $1.47 billion for the quarter, compared to analyst estimates of $843.18 million. Brookfield Renewable Partners had a return on equity of 0.24% and a net margin of 1.16%. During the same quarter last year, the company earned ($0.14) EPS. Research analysts forecast that Brookfield Renewable Partners will post -0.88 EPS for the current year.

Hedge Funds Weigh In On Brookfield Renewable Partners

Large investors have recently modified their holdings of the stock. CCLA Investment Management lifted its holdings in Brookfield Renewable Partners by 1.9% during the 4th quarter. CCLA Investment Management now owns 2,627,972 shares of the utilities provider’s stock worth $59,838,000 after buying an additional 49,553 shares in the last quarter. Intact Investment Management Inc. acquired a new position in shares of Brookfield Renewable Partners during the third quarter valued at $42,331,000. MAI Capital Management boosted its holdings in Brookfield Renewable Partners by 294.2% in the third quarter. MAI Capital Management now owns 86,683 shares of the utilities provider’s stock valued at $2,443,000 after acquiring an additional 64,695 shares during the last quarter. Mirabella Financial Services LLP increased its position in Brookfield Renewable Partners by 145.2% in the third quarter. Mirabella Financial Services LLP now owns 466,736 shares of the utilities provider’s stock worth $13,153,000 after purchasing an additional 276,374 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in Brookfield Renewable Partners by 4.5% during the 3rd quarter. Principal Financial Group Inc. now owns 7,605,679 shares of the utilities provider’s stock worth $214,328,000 after purchasing an additional 330,648 shares during the last quarter. 63.16% of the stock is currently owned by institutional investors and hedge funds.

Brookfield Renewable Partners Company Profile

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.