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

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price objective cut by Scotiabank from $32.00 to $28.00 in a report published on Thursday,BayStreet.CA reports. They currently have an outperform rating on the utilities provider’s stock.

BEP has been the topic of several other reports. StockNews.com lowered Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research note on Thursday, December 26th. JPMorgan Chase & Co. decreased their price target on shares of Brookfield Renewable Partners from $30.00 to $28.00 and set an “overweight” rating on the stock in a report on Thursday, January 23rd. National Bankshares cut their target price on shares of Brookfield Renewable Partners from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 18th. CIBC boosted their target price on shares of Brookfield Renewable Partners from $39.00 to $40.00 and gave the stock an “outperform” rating in a research note on Thursday, January 9th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $31.00 price target on shares of Brookfield Renewable Partners in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $31.78.

Brookfield Renewable Partners Stock Up 0.2 %

BEP opened at $20.68 on Thursday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.73 and a current ratio of 0.73. The stock has a fifty day moving average of $23.19 and a 200-day moving average of $24.78. Brookfield Renewable Partners has a fifty-two week low of $19.92 and a fifty-two week high of $29.56. The company has a market capitalization of $5.90 billion, a P/E ratio of -25.22 and a beta of 0.95.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last posted its quarterly earnings data on Friday, November 8th. The utilities provider reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.28). The company had revenue of $1.47 billion for the quarter, compared to the consensus estimate 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 business earned ($0.14) EPS. On average, equities analysts expect that Brookfield Renewable Partners will post -0.88 EPS for the current year.

Brookfield Renewable Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, November 29th were given a dividend of $0.355 per share. This represents a $1.42 annualized dividend and a yield of 6.87%. The ex-dividend date of this dividend was Friday, November 29th. Brookfield Renewable Partners’s payout ratio is -173.17%.

Hedge Funds Weigh In On Brookfield Renewable Partners

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. grew its holdings in shares of Brookfield Renewable Partners by 4.5% in the third 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. Bank of Montreal Can boosted its position in Brookfield Renewable Partners by 0.4% during the 3rd quarter. Bank of Montreal Can now owns 6,744,285 shares of the utilities provider’s stock valued at $190,469,000 after buying an additional 26,189 shares during the period. Cibc World Market Inc. grew its holdings in Brookfield Renewable Partners by 4.4% in the 4th quarter. Cibc World Market Inc. now owns 2,751,587 shares of the utilities provider’s stock worth $62,647,000 after acquiring an additional 116,593 shares during the last quarter. CCLA Investment Management increased its position in shares of Brookfield Renewable Partners by 1.9% in the fourth quarter. CCLA Investment Management now owns 2,627,972 shares of the utilities provider’s stock valued at $59,838,000 after acquiring an additional 49,553 shares during the period. Finally, Toronto Dominion Bank raised its stake in shares of Brookfield Renewable Partners by 11.1% during the third quarter. Toronto Dominion Bank now owns 1,735,462 shares of the utilities provider’s stock valued at $48,905,000 after acquiring an additional 173,882 shares during the last quarter. Hedge funds and other institutional investors own 63.16% of the company’s stock.

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.