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

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its target price reduced by analysts at Scotiabank from $32.00 to $28.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “sector outperform” rating on the utilities provider’s stock. Scotiabank’s target price would indicate a potential upside of 37.66% from the stock’s current price.

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 report on Thursday, December 26th. CIBC boosted their price target on shares of Brookfield Renewable Partners from $39.00 to $40.00 and gave the stock an “outperform” rating in a research report on Thursday, January 9th. JPMorgan Chase & Co. decreased their price objective on Brookfield Renewable Partners from $30.00 to $28.00 and set an “overweight” rating for the company in a report on Thursday. UBS Group upgraded Brookfield Renewable Partners from a “neutral” rating to a “buy” rating and upped their target price for the stock from $24.00 to $31.00 in a report on Monday, September 30th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $31.00 price objective on shares of Brookfield Renewable Partners in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $31.78.

Brookfield Renewable Partners Trading Up 1.5 %

BEP traded up $0.31 during midday trading on Thursday, reaching $20.34. 604,032 shares of the company were exchanged, compared to its average volume of 920,680. The stock has a market capitalization of $5.80 billion, a P/E ratio of -24.81 and a beta of 0.95. Brookfield Renewable Partners has a one year low of $19.92 and a one year high of $29.56. The stock’s 50-day simple moving average is $23.61 and its 200 day simple moving average is $24.96. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.73 and a current ratio of 0.73.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of BEP. APG Asset Management N.V. boosted its position in shares of Brookfield Renewable Partners by 0.3% during the 2nd quarter. APG Asset Management N.V. now owns 1,747,150 shares of the utilities provider’s stock worth $40,327,000 after acquiring an additional 5,388 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Brookfield Renewable Partners by 0.5% in the second quarter. The Manufacturers Life Insurance Company now owns 282,574 shares of the utilities provider’s stock valued at $6,988,000 after buying an additional 1,333 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in Brookfield Renewable Partners in the second quarter valued at about $359,000. GAMMA Investing LLC raised its stake in Brookfield Renewable Partners by 86.5% during the third quarter. GAMMA Investing LLC now owns 953 shares of the utilities provider’s stock worth $27,000 after acquiring an additional 442 shares in the last quarter. Finally, Creative Planning bought a new position in shares of Brookfield Renewable Partners in the third quarter worth about $206,000. 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.