Scotiabank Issues Pessimistic Forecast for Brookfield Renewable Partners (NYSE:BEP) Stock Price

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its target price cut by research analysts at Scotiabank from $32.00 to $28.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “sector outperform” rating on the utilities provider’s stock. Scotiabank’s price objective would suggest a potential upside of 30.87% from the company’s previous close.

Several other research firms have also recently weighed in on BEP. National Bankshares reduced 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. CIBC upped their price objective on Brookfield Renewable Partners from $39.00 to $40.00 and gave the company an “outperform” rating in a research note on Thursday, January 9th. StockNews.com lowered Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research note on Thursday, December 26th. UBS Group upgraded Brookfield Renewable Partners from a “neutral” rating to a “buy” rating and upped their price objective for the company from $24.00 to $31.00 in a research note on Monday, September 30th. Finally, JPMorgan Chase & Co. dropped their price objective on Brookfield Renewable Partners from $30.00 to $28.00 and set an “overweight” rating on the stock in a research note on Thursday. One 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, the company presently has an average rating of “Moderate Buy” and an average price target of $31.78.

Brookfield Renewable Partners Stock Up 2.9 %

Shares of Brookfield Renewable Partners stock opened at $21.40 on Thursday. 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 has a 12 month low of $19.92 and a 12 month high of $29.56. The business has a fifty day simple moving average of $23.52 and a 200 day simple moving average of $24.93. The stock has a market cap of $6.10 billion, a PE ratio of -26.09 and a beta of 0.95.

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

Hedge Funds Weigh In On Brookfield Renewable Partners

Several institutional investors and hedge funds have recently made changes to their positions in the company. Intact Investment Management Inc. acquired a new stake in Brookfield Renewable Partners during the third quarter worth approximately $42,331,000. Principal Financial Group Inc. grew its position in 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 worth $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 purchasing an additional 276,374 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new stake in shares of Brookfield Renewable Partners in the 3rd quarter valued at $6,191,000. Finally, Toronto Dominion Bank boosted its holdings in shares of Brookfield Renewable Partners by 11.1% in the 3rd quarter. Toronto Dominion Bank now owns 1,735,462 shares of the utilities provider’s stock valued at $48,905,000 after purchasing an additional 173,882 shares in the last quarter. Institutional investors and hedge funds 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.