CIBC Cuts Brookfield Renewable Partners (NYSE:BEP) Price Target to $32.00

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price target reduced by stock analysts at CIBC from $34.00 to $32.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “outperformer” rating on the utilities provider’s stock. CIBC’s target price would suggest a potential upside of 41.28% from the stock’s current price.

A number of other brokerages have also recently weighed in on BEP. UBS Group raised Brookfield Renewable Partners from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $24.00 to $31.00 in a research note on Monday, September 30th. JPMorgan Chase & Co. raised Brookfield Renewable Partners from a “neutral” rating to an “overweight” rating and set a $30.00 target price for the company in a research note on Thursday, December 12th. National Bankshares reduced their price target on Brookfield Renewable Partners from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 18th. Royal Bank of Canada reissued an “outperform” rating and set a $31.00 price objective on shares of Brookfield Renewable Partners in a research report on Wednesday, October 9th. Finally, StockNews.com lowered shares of Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research note on Thursday, December 26th. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $31.56.

Brookfield Renewable Partners Stock Performance

NYSE BEP traded down $0.96 during trading hours on Wednesday, reaching $22.65. The stock had a trading volume of 343,284 shares, compared to its average volume of 471,177. The stock has a market cap of $6.46 billion, a P/E ratio of -27.62 and a beta of 0.95. Brookfield Renewable Partners has a 52-week low of $19.92 and a 52-week high of $29.56. The stock has a fifty day moving average of $24.59 and a 200 day moving average of $25.27. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.73 and a current ratio of 0.73.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its quarterly earnings data 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). The firm had revenue of $1.47 billion during the quarter, compared to analyst estimates of $843.18 million. Brookfield Renewable Partners had a return on equity of 0.24% and a net margin of 1.16%. During the same quarter last year, the company posted ($0.14) EPS. Sell-side analysts predict that Brookfield Renewable Partners will post -0.88 earnings per share for the current year.

Institutional Trading of Brookfield Renewable Partners

A number of hedge funds have recently made changes to their positions in the company. Intact Investment Management Inc. bought a new position in Brookfield Renewable Partners during the 3rd quarter valued at $42,331,000. MAI Capital Management grew its stake in Brookfield Renewable Partners by 294.2% in the third quarter. MAI Capital Management now owns 86,683 shares of the utilities provider’s stock worth $2,443,000 after purchasing an additional 64,695 shares in the last quarter. Mirabella Financial Services LLP increased its holdings in Brookfield Renewable Partners by 145.2% in the third quarter. Mirabella Financial Services LLP now owns 466,736 shares of the utilities provider’s stock valued at $13,153,000 after buying an additional 276,374 shares during the last quarter. Principal Financial Group Inc. raised its stake 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 valued at $214,328,000 after buying an additional 330,648 shares in the last quarter. Finally, National Bank of Canada FI lifted its holdings in Brookfield Renewable Partners by 2.6% during the 3rd quarter. National Bank of Canada FI now owns 1,040,674 shares of the utilities provider’s stock worth $29,326,000 after buying an additional 25,916 shares during the last quarter. Hedge funds and other 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.