Wells Fargo & Company MN Cuts Position in Brookfield Renewable Partners L.P. (NYSE:BEP)

Wells Fargo & Company MN cut its stake in shares of Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) by 17.1% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 32,921 shares of the utilities provider’s stock after selling 6,802 shares during the period. Wells Fargo & Company MN’s holdings in Brookfield Renewable Partners were worth $750,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. CCLA Investment Management boosted its holdings in Brookfield Renewable Partners by 1.9% in the 4th quarter. CCLA Investment Management now owns 2,627,972 shares of the utilities provider’s stock worth $59,838,000 after buying an additional 49,553 shares during the last quarter. CIBC Asset Management Inc increased its position in shares of Brookfield Renewable Partners by 23.8% during 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. Abel Hall LLC acquired a new position in Brookfield Renewable Partners in the 4th quarter valued at $456,000. Raymond James Financial Inc. acquired a new position in Brookfield Renewable Partners in the 4th quarter valued at $2,623,000. Finally, NINE MASTS CAPITAL Ltd lifted its holdings in Brookfield Renewable Partners by 240.0% in the 4th quarter. NINE MASTS CAPITAL Ltd now owns 137,573 shares of the utilities provider’s stock valued at $3,135,000 after purchasing an additional 97,105 shares in the last quarter. Hedge funds and other institutional investors own 63.16% of the company’s stock.

Brookfield Renewable Partners Stock Performance

NYSE BEP opened at $23.28 on Friday. The stock has a market cap of $6.61 billion, a PE ratio of -26.16 and a beta of 0.99. Brookfield Renewable Partners L.P. has a twelve month low of $19.29 and a twelve month high of $29.56. The stock has a fifty day simple moving average of $22.30 and a 200-day simple moving average of $23.38. The company has a current ratio of 0.25, a quick ratio of 0.73 and a debt-to-equity ratio of 0.93.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last announced its earnings results on Friday, January 31st. The utilities provider reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.16. Brookfield Renewable Partners had a negative net margin of 0.15% and a negative return on equity of 0.03%. During the same quarter last year, the firm earned $0.01 earnings per share. Equities analysts anticipate that Brookfield Renewable Partners L.P. will post -1.04 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. JPMorgan Chase & Co. reduced their target price on shares of Brookfield Renewable Partners from $30.00 to $28.00 and set an “overweight” rating for the company in a research report on Thursday, January 23rd. National Bankshares decreased their target price on shares of Brookfield Renewable Partners from $32.00 to $30.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 11th. Scotiabank increased their price target on Brookfield Renewable Partners from $28.00 to $29.00 and gave the company an “outperform” rating in a report on Thursday, February 13th. StockNews.com downgraded Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research report on Tuesday, February 25th. Finally, Barclays initiated coverage on Brookfield Renewable Partners in a report on Wednesday, April 2nd. They issued an “equal weight” rating and a $27.00 target price for the company. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Brookfield Renewable Partners currently has a consensus rating of “Moderate Buy” and an average price target of $30.00.

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.