CIBC Has Lowered Expectations for Brookfield Renewable Partners (NYSE:BEP) Stock Price

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price target trimmed by CIBC from $32.00 to $31.00 in a report released on Monday,Benzinga reports. The brokerage currently has an outperformer rating on the utilities provider’s stock.

Several other brokerages have also recently issued reports on BEP. StockNews.com cut Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research note on Thursday, December 26th. Royal Bank of Canada restated an “outperform” rating and set a $31.00 price objective on shares of Brookfield Renewable Partners in a research note on Monday. Scotiabank dropped their price objective on shares of Brookfield Renewable Partners from $32.00 to $28.00 and set an “outperform” rating on the stock in a report on Thursday, January 30th. Wells Fargo & Company reduced their target price on shares of Brookfield Renewable Partners from $31.00 to $29.00 and set an “overweight” rating for the company in a report on Monday. Finally, JPMorgan Chase & Co. lowered their price target on shares of 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 investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $30.60.

Brookfield Renewable Partners Price Performance

BEP opened at $22.28 on Monday. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.73 and a quick ratio of 0.73. The firm has a market capitalization of $6.35 billion, a PE ratio of -25.03 and a beta of 0.95. The business’s 50-day moving average is $22.85 and its two-hundred day moving average is $24.67. Brookfield Renewable Partners has a 1 year low of $19.92 and a 1 year high of $29.56.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last posted its quarterly earnings results on Friday, January 31st. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 period in the previous year, the company earned $0.01 earnings per share. Research analysts anticipate that Brookfield Renewable Partners will post -0.76 earnings per share for the current fiscal year.

Brookfield Renewable Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, February 28th will be given a $0.373 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.49 dividend on an annualized basis and a dividend yield of 6.70%. This is an increase from Brookfield Renewable Partners’s previous quarterly dividend of $0.36. Brookfield Renewable Partners’s dividend payout ratio is -159.55%.

Institutional Investors Weigh In On Brookfield Renewable Partners

Several hedge funds have recently modified their holdings of BEP. Stifel Financial Corp raised its holdings in Brookfield Renewable Partners by 1.3% in the 3rd quarter. Stifel Financial Corp now owns 31,214 shares of the utilities provider’s stock worth $880,000 after purchasing an additional 403 shares during the period. GAMMA Investing LLC grew its holdings in Brookfield Renewable Partners by 86.5% in the third quarter. GAMMA Investing LLC now owns 953 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 442 shares during the period. HighTower Advisors LLC increased its position in shares of Brookfield Renewable Partners by 1.6% in the third quarter. HighTower Advisors LLC now owns 46,845 shares of the utilities provider’s stock valued at $1,321,000 after buying an additional 749 shares in the last quarter. Apollon Wealth Management LLC raised its stake in shares of Brookfield Renewable Partners by 7.2% during the 3rd quarter. Apollon Wealth Management LLC now owns 13,999 shares of the utilities provider’s stock worth $394,000 after buying an additional 945 shares during the period. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Brookfield Renewable Partners during the 3rd quarter worth approximately $28,000. 63.16% of the stock is owned by hedge funds and other institutional investors.

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.