JPMorgan Chase & Co. Cuts Brookfield Renewable Partners (NYSE:BEP) Price Target to $29.00

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price objective trimmed by JPMorgan Chase & Co. from $30.00 to $29.00 in a report released on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the utilities provider’s stock.

A number of other analysts have also recently weighed in on the stock. Raymond James Financial cut shares of Brookfield Renewable Partners from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, July 17th. National Bank Financial raised shares of Brookfield Renewable Partners to a “strong-buy” rating in a research report on Sunday, June 8th. Scotiabank upped their price target on shares of Brookfield Renewable Partners from $29.00 to $30.00 and gave the stock a “sector outperform” rating in a research report on Friday, July 18th. CIBC upped their price objective on shares of Brookfield Renewable Partners from $30.00 to $31.00 and gave the company an “outperformer” rating in a research report on Monday. Finally, Barclays assumed coverage on shares of Brookfield Renewable Partners in a research report on Wednesday, April 2nd. They issued an “equal weight” rating and a $27.00 price objective for the company. One analyst has rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.89.

Brookfield Renewable Partners Stock Down 0.5%

Shares of Brookfield Renewable Partners stock opened at $27.44 on Tuesday. The company has a fifty day moving average price of $25.44 and a 200 day moving average price of $23.34. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.90. Brookfield Renewable Partners has a twelve month low of $19.29 and a twelve month high of $29.56. The stock has a market cap of $7.79 billion, a price-to-earnings ratio of -27.17 and a beta of 0.99.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last announced its quarterly earnings results on Friday, May 2nd. The utilities provider reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.09). Brookfield Renewable Partners had a negative return on equity of 0.15% and a negative net margin of 0.79%. The business had revenue of $907.00 million for the quarter, compared to analysts’ expectations of $1.73 billion. Equities research analysts forecast that Brookfield Renewable Partners will post -1.04 earnings per share for the current fiscal year.

Brookfield Renewable Partners Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, May 30th were given a dividend of $0.373 per share. The ex-dividend date was Friday, May 30th. This represents a $1.49 annualized dividend and a dividend yield of 5.44%. Brookfield Renewable Partners’s payout ratio is -147.52%.

Hedge Funds Weigh In On Brookfield Renewable Partners

Several large investors have recently modified their holdings of the stock. Royal Bank of Canada lifted its position in shares of Brookfield Renewable Partners by 2.3% during the first quarter. Royal Bank of Canada now owns 16,839,565 shares of the utilities provider’s stock worth $373,164,000 after purchasing an additional 374,087 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Brookfield Renewable Partners by 6.3% during the first quarter. Principal Financial Group Inc. now owns 8,344,041 shares of the utilities provider’s stock worth $184,904,000 after purchasing an additional 492,199 shares during the last quarter. Bank of Montreal Can lifted its position in shares of Brookfield Renewable Partners by 4.7% during the fourth quarter. Bank of Montreal Can now owns 7,059,557 shares of the utilities provider’s stock worth $160,585,000 after purchasing an additional 315,272 shares during the last quarter. TD Asset Management Inc lifted its position in shares of Brookfield Renewable Partners by 30.1% during the first quarter. TD Asset Management Inc now owns 2,975,447 shares of the utilities provider’s stock worth $65,866,000 after purchasing an additional 689,196 shares during the last quarter. Finally, Scotia Capital Inc. lifted its position in shares of Brookfield Renewable Partners by 13.5% during the fourth quarter. Scotia Capital Inc. now owns 2,715,043 shares of the utilities provider’s stock worth $61,433,000 after purchasing an additional 323,619 shares during the last quarter. Institutional investors 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.