Brookfield Renewable Partners (NYSE:BEP) Price Target Cut to $28.00 by Analysts at Scotiabank

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its target price decreased by Scotiabank from $32.00 to $28.00 in a report released on Thursday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the utilities provider’s stock.

Several other research analysts also recently commented on the company. National Bankshares reduced their target price on Brookfield Renewable Partners from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Wednesday, December 18th. StockNews.com downgraded shares of Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research report on Thursday, December 26th. CIBC increased their price target on Brookfield Renewable Partners from $39.00 to $40.00 and gave the stock an “outperform” rating in a research report on Thursday, January 9th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $31.00 price objective on shares of Brookfield Renewable Partners in a report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. reduced their target price on Brookfield Renewable Partners from $30.00 to $28.00 and set an “overweight” rating on the stock in a report on Thursday. One analyst has rated the stock with a sell rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Brookfield Renewable Partners has a consensus rating of “Moderate Buy” and an average price target of $31.78.

Brookfield Renewable Partners Price Performance

Shares of BEP opened at $20.78 on Thursday. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.93. The stock has a market cap of $5.93 billion, a P/E ratio of -25.34 and a beta of 0.95. The stock’s 50-day moving average price is $23.61 and its two-hundred day moving average price is $24.96. Brookfield Renewable Partners has a 1 year low of $19.92 and a 1 year high of $29.56.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last released its earnings results on Friday, November 8th. The utilities provider reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.28). The firm 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 company posted ($0.14) EPS. On average, equities analysts predict that Brookfield Renewable Partners will post -0.88 earnings per share for the current year.

Brookfield Renewable Partners Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th were issued a $0.355 dividend. The ex-dividend date was Friday, November 29th. This represents a $1.42 dividend on an annualized basis and a yield of 6.83%. Brookfield Renewable Partners’s payout ratio is presently -173.17%.

Institutional Investors Weigh In On Brookfield Renewable Partners

Hedge funds have recently added to or reduced their stakes in the business. Cibc World Market Inc. lifted its holdings in shares of Brookfield Renewable Partners by 4.4% during the fourth quarter. Cibc World Market Inc. now owns 2,751,587 shares of the utilities provider’s stock worth $62,647,000 after purchasing an additional 116,593 shares during the period. Abel Hall LLC bought a new stake in Brookfield Renewable Partners during the fourth quarter valued at $456,000. Epiq Partners LLC grew its holdings in Brookfield Renewable Partners by 1.4% during the 4th quarter. Epiq Partners LLC now owns 105,228 shares of the utilities provider’s stock worth $2,398,000 after acquiring an additional 1,500 shares during the period. Arkadios Wealth Advisors raised its position in shares of Brookfield Renewable Partners by 442.3% in the 4th quarter. Arkadios Wealth Advisors now owns 52,399 shares of the utilities provider’s stock worth $1,194,000 after acquiring an additional 42,737 shares in the last quarter. Finally, CCLA Investment Management increased its holdings in 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 worth $59,838,000 after purchasing an additional 49,553 shares in 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.