Brookfield Renewable Partners (NYSE:BEP) Given New $29.00 Price Target at Wells Fargo & Company

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price target trimmed by Wells Fargo & Company from $31.00 to $29.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the utilities provider’s stock.

A number of other equities analysts have also commented on the stock. CIBC raised their price objective on shares of Brookfield Renewable Partners from $39.00 to $40.00 and gave the stock an “outperform” rating in a research note on Thursday, January 9th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $31.00 target price on shares of Brookfield Renewable Partners in a research report on Wednesday, October 9th. StockNews.com lowered Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research report on Thursday, December 26th. National Bankshares decreased their price objective on Brookfield Renewable Partners from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Wednesday, December 18th. Finally, JPMorgan Chase & Co. dropped 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, January 23rd. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $30.60.

Brookfield Renewable Partners Trading Down 4.4 %

Shares of BEP stock opened at $20.92 on Monday. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.93. The stock has a 50-day simple moving average of $23.03 and a 200 day simple moving average of $24.71. Brookfield Renewable Partners has a fifty-two week low of $19.92 and a fifty-two week high of $29.56. The stock has a market capitalization of $5.97 billion, a P/E ratio of -23.51 and a beta of 0.95.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last posted its quarterly earnings data on Friday, January 31st. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter in the prior year, the firm posted $0.01 EPS. On average, sell-side analysts expect that Brookfield Renewable Partners will post -0.76 earnings per share for the current fiscal year.

Brookfield Renewable Partners Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, February 28th will be paid a $0.373 dividend. The ex-dividend date of this dividend is Friday, February 28th. This is a boost from Brookfield Renewable Partners’s previous quarterly dividend of $0.36. This represents a $1.49 dividend on an annualized basis and a yield of 7.13%. Brookfield Renewable Partners’s payout ratio is -167.42%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. CIBC Asset Management Inc boosted its holdings in 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 in the last quarter. Intact Investment Management Inc. acquired a new stake in shares of Brookfield Renewable Partners in the third quarter worth about $42,331,000. Principal Financial Group Inc. boosted its stake in shares of Brookfield Renewable Partners by 4.5% during the 3rd quarter. Principal Financial Group Inc. now owns 7,605,679 shares of the utilities provider’s stock worth $214,328,000 after acquiring an additional 330,648 shares in the last quarter. Mirabella Financial Services LLP increased its holdings in shares of Brookfield Renewable Partners by 145.2% during the 3rd quarter. Mirabella Financial Services LLP now owns 466,736 shares of the utilities provider’s stock valued at $13,153,000 after acquiring an additional 276,374 shares during the last quarter. Finally, Sequoia Financial Advisors LLC bought 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.

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.