CIBC Lowers Brookfield Renewable Partners (NYSE:BEP) Price Target to $32.00

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price objective reduced by equities research analysts at CIBC from $34.00 to $32.00 in a research report issued to clients and investors on Wednesday, MarketBeat Ratings reports. The brokerage presently has an “outperformer” rating on the utilities provider’s stock. CIBC’s price target suggests a potential upside of 41.34% from the stock’s previous close.

Other equities analysts have also issued reports about the company. StockNews.com lowered Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a report on Thursday, December 26th. JPMorgan Chase & Co. raised Brookfield Renewable Partners from a “neutral” rating to an “overweight” rating and set a $30.00 price objective on the stock in a research note on Thursday, December 12th. UBS Group raised 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 research report on Monday, September 30th. Royal Bank of Canada reissued an “outperform” rating and issued a $31.00 price target on shares of Brookfield Renewable Partners in a research report on Wednesday, October 9th. Finally, National Bankshares decreased their price objective on shares of Brookfield Renewable Partners from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Brookfield Renewable Partners presently has a consensus rating of “Moderate Buy” and an average target price of $32.44.

Brookfield Renewable Partners Stock Performance

Shares of BEP stock opened at $22.64 on Wednesday. Brookfield Renewable Partners has a fifty-two week low of $19.92 and a fifty-two week high of $29.56. The stock’s 50-day moving average is $24.46 and its two-hundred day moving average is $25.23. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.73 and a quick ratio of 0.73. The firm has a market cap of $6.45 billion, a P/E ratio of -27.61 and a beta of 0.95.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued 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). The business had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $843.18 million. Brookfield Renewable Partners had a net margin of 1.16% and a return on equity of 0.24%. During the same period in the previous year, the business posted ($0.14) EPS. Analysts predict that Brookfield Renewable Partners will post -0.88 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in BEP. Intact Investment Management Inc. bought a new position in Brookfield Renewable Partners during the third quarter valued at about $42,331,000. Principal Financial Group Inc. increased its position in shares of Brookfield Renewable Partners by 4.5% during the third quarter. Principal Financial Group Inc. now owns 7,605,679 shares of the utilities provider’s stock valued at $214,328,000 after purchasing an additional 330,648 shares during the period. Mirabella Financial Services LLP raised its stake in shares of Brookfield Renewable Partners by 145.2% in the third quarter. Mirabella Financial Services LLP now owns 466,736 shares of the utilities provider’s stock valued at $13,153,000 after purchasing an additional 276,374 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new stake in Brookfield Renewable Partners during the third quarter worth $6,191,000. Finally, Toronto Dominion Bank boosted its stake in 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 worth $48,905,000 after buying an additional 173,882 shares in the last quarter. Institutional investors and hedge funds 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.