Brookfield Renewable Partners (NYSE:BEP) Price Target Cut to $31.00 by Analysts at CIBC

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price objective lowered by investment analysts at CIBC from $32.00 to $31.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an “outperformer” rating on the utilities provider’s stock. CIBC’s price target suggests a potential upside of 46.43% from the company’s previous close.

Several other brokerages have also recently weighed in on BEP. Royal Bank of Canada reissued an “outperform” rating and set a $31.00 price target on shares of Brookfield Renewable Partners in a research report on Monday. StockNews.com lowered shares of Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research note on Thursday, December 26th. Scotiabank dropped their price target on shares of Brookfield Renewable Partners from $32.00 to $28.00 and set an “outperform” rating on the stock in a report on Thursday. Wells Fargo & Company dropped their price target on shares of Brookfield Renewable Partners from $31.00 to $29.00 and set an “overweight” rating on the stock in a report on Monday. Finally, National Bankshares dropped their price objective on shares of Brookfield Renewable Partners from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Brookfield Renewable Partners currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.60.

Brookfield Renewable Partners Price Performance

Shares of NYSE:BEP traded down $0.72 during trading on Monday, reaching $21.17. The company had a trading volume of 1,320,049 shares, compared to its average volume of 1,060,354. The company has a fifty day moving average of $23.03 and a two-hundred day moving average of $24.71. The stock has a market capitalization of $6.04 billion, a P/E ratio of -23.81 and a beta of 0.95. Brookfield Renewable Partners has a 12 month low of $19.92 and a 12 month high of $29.56. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.93.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its quarterly earnings results on Friday, January 31st. The utilities provider reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.16. Brookfield Renewable Partners had a negative net margin of 0.15% and a negative return on equity of 0.03%. During the same period last year, the business posted $0.01 EPS. Equities research analysts forecast that Brookfield Renewable Partners will post -0.76 earnings per share for the current year.

Institutional Investors Weigh In On Brookfield Renewable Partners

Several large investors have recently bought and sold shares of the business. CIBC Asset Management Inc grew its holdings in shares of Brookfield Renewable Partners by 23.8% in the fourth quarter. CIBC Asset Management Inc now owns 8,472,170 shares of the utilities provider’s stock worth $192,605,000 after purchasing an additional 1,628,524 shares during the last quarter. Intact Investment Management Inc. bought a new stake in shares of Brookfield Renewable Partners in the 3rd quarter valued at about $42,331,000. Principal Financial Group Inc. boosted its holdings in shares of Brookfield Renewable Partners by 4.5% in the 3rd quarter. Principal Financial Group Inc. now owns 7,605,679 shares of the utilities provider’s stock valued at $214,328,000 after buying an additional 330,648 shares in the last quarter. Mirabella Financial Services LLP boosted its holdings in shares of Brookfield Renewable Partners by 145.2% in the 3rd quarter. Mirabella Financial Services LLP now owns 466,736 shares of the utilities provider’s stock valued at $13,153,000 after buying an additional 276,374 shares in the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new position in shares of Brookfield Renewable Partners in the 3rd quarter valued at approximately $6,191,000. 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.