Wells Fargo & Company Lowers Brookfield Renewable Partners (NYSE:BEP) Price Target to $29.00

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price objective reduced by equities researchers at Wells Fargo & Company from $31.00 to $29.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the utilities provider’s stock. Wells Fargo & Company‘s price target points to a potential upside of 36.64% from the stock’s previous close.

Several other analysts have also issued reports on BEP. Scotiabank cut their price objective on Brookfield Renewable Partners from $32.00 to $28.00 and set an “outperform” rating for the company in a report on Thursday. Royal Bank of Canada reiterated an “outperform” rating and set a $31.00 price objective on shares of Brookfield Renewable Partners in a report on Wednesday, October 9th. National Bankshares cut their price objective on Brookfield Renewable Partners from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Wednesday, December 18th. StockNews.com lowered Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a report on Thursday, December 26th. Finally, JPMorgan Chase & Co. cut 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, January 23rd. One investment analyst has rated the stock with a sell rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $31.50.

Brookfield Renewable Partners Stock Down 3.0 %

Shares of BEP traded down $0.67 during mid-day trading on Monday, reaching $21.22. The company’s stock had a trading volume of 491,545 shares, compared to its average volume of 1,019,259. The business has a fifty day moving average of $23.03 and a 200 day moving average of $24.71. The company has a market cap of $6.05 billion, a price-to-earnings ratio of -23.91 and a beta of 0.95. Brookfield Renewable Partners has a 1 year low of $19.92 and a 1 year high of $29.56. 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 (NYSE:BEP) (TSE:BEP) last released its earnings results on Friday, January 31st. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.16. Brookfield Renewable Partners had a negative return on equity of 0.03% and a negative net margin of 0.15%. During the same period last year, the company earned $0.01 earnings per share. As a group, analysts forecast that Brookfield Renewable Partners will post -0.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Brookfield Renewable Partners

Several hedge funds and other institutional investors have recently made changes to their positions in the business. CIBC Asset Management Inc grew its position 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 valued at $192,605,000 after purchasing an additional 1,628,524 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Brookfield Renewable Partners by 3.2% in the fourth quarter. Principal Financial Group Inc. now owns 7,851,842 shares of the utilities provider’s stock valued at $178,943,000 after purchasing an additional 246,163 shares during the last quarter. Allworth Financial LP acquired a new stake in shares of Brookfield Renewable Partners in the fourth quarter valued at about $68,000. Summit Trail Advisors LLC acquired a new stake in shares of Brookfield Renewable Partners in the fourth quarter valued at about $315,000. Finally, Apollon Wealth Management LLC lifted its stake in shares of Brookfield Renewable Partners by 7.6% in the fourth quarter. Apollon Wealth Management LLC now owns 15,066 shares of the utilities provider’s stock valued at $343,000 after buying an additional 1,067 shares during the period. 63.16% of the stock is 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.