JPMorgan Chase & Co. Cuts Brookfield Renewable Partners (NYSE:BEP) Price Target to $28.00

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price target cut by analysts at JPMorgan Chase & Co. from $30.00 to $28.00 in a report released on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the utilities provider’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 30.87% from the company’s current price.

Several other equities analysts have also commented on the stock. UBS Group upgraded shares of Brookfield Renewable Partners from a “neutral” rating to a “buy” rating and increased their price target for the company from $24.00 to $31.00 in a research note on Monday, September 30th. CIBC increased their price target on shares of Brookfield Renewable Partners from $39.00 to $40.00 and gave the company an “outperform” rating in a research note on Thursday, January 9th. 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 report on Wednesday, December 18th. Royal Bank of Canada reissued an “outperform” rating and issued a $31.00 price objective on shares of Brookfield Renewable Partners in a report on Wednesday, October 9th. Finally, StockNews.com downgraded Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a report on Thursday, December 26th. One equities 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, Brookfield Renewable Partners presently has an average rating of “Moderate Buy” and an average target price of $31.78.

Brookfield Renewable Partners Stock Up 2.9 %

Shares of NYSE:BEP opened at $21.40 on Thursday. The firm’s 50-day moving average is $23.52 and its two-hundred day moving average is $24.93. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.73 and a quick ratio of 0.73. Brookfield Renewable Partners has a 1 year low of $19.92 and a 1 year high of $29.56. The firm has a market capitalization of $6.10 billion, a PE ratio of -26.09 and a beta of 0.95.

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

Hedge Funds Weigh In On Brookfield Renewable Partners

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC increased its holdings in Brookfield Renewable Partners by 86.5% during the 3rd quarter. GAMMA Investing LLC now owns 953 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 442 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Brookfield Renewable Partners during the 3rd quarter worth approximately $28,000. Waverton Investment Management Ltd bought a new stake in shares of Brookfield Renewable Partners in the 3rd quarter valued at approximately $178,000. Barclays PLC increased its holdings in shares of Brookfield Renewable Partners by 40.6% in the 3rd quarter. Barclays PLC now owns 7,047 shares of the utilities provider’s stock valued at $199,000 after acquiring an additional 2,036 shares during the last quarter. Finally, Creative Planning bought a new stake in shares of Brookfield Renewable Partners in the 3rd quarter valued at approximately $206,000. 63.16% of the stock is owned by institutional investors and hedge funds.

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.