Brookfield Renewable Partners (BEP) Upgraded to “Hold” by Zacks Investment Research

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued on Monday.

According to Zacks, “Brookfield Renewable Energy Partners L.P. owns and operates renewable power platform. The company’s power generating portfolio comprised of hydroelectric generating, wind facilities and natural gas-fired plants. It operates in the United States, Canada and Brazil. The company sells its generation output to public power authorities, load-serving utilities and industrial users. Brookfield Renewable Energy Partners L.P., is based in Hamilton, Bermuda. “

Several other research firms have also recently weighed in on BEP. National Bank Financial increased their price objective on Brookfield Renewable Partners from $35.00 to $45.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 18th. BMO Capital Markets reiterated a “hold” rating and set a $35.00 price objective on shares of Brookfield Renewable Partners in a research report on Friday, October 20th. GMP Securities reiterated a “hold” rating and set a $34.50 price objective on shares of Brookfield Renewable Partners in a research report on Friday, October 20th. CIBC cut Brookfield Renewable Partners from a “sector outperform” rating to a “neutral” rating in a research report on Thursday, November 2nd. Finally, Guggenheim set a $36.00 price objective on Brookfield Renewable Partners and gave the stock a “buy” rating in a research report on Thursday, January 18th. Twelve investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $36.45.

Shares of Brookfield Renewable Partners (NYSE:BEP) traded down $0.02 during trading on Monday, reaching $32.10. The company’s stock had a trading volume of 129,623 shares, compared to its average volume of 107,097. Brookfield Renewable Partners has a fifty-two week low of $28.13 and a fifty-two week high of $36.00. The firm has a market cap of $5,791.75, a P/E ratio of -267.48 and a beta of 0.16. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.74.

Brookfield Renewable Partners declared that its Board of Directors has approved a share buyback program on Friday, December 22nd that authorizes the company to repurchase 9,000,000 outstanding shares. This repurchase authorization authorizes the utilities provider to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

Several hedge funds and other institutional investors have recently modified their holdings of BEP. JPMorgan Chase & Co. bought a new position in shares of Brookfield Renewable Partners in the second quarter worth $109,000. Wells Fargo & Company MN increased its position in shares of Brookfield Renewable Partners by 242.2% in the second quarter. Wells Fargo & Company MN now owns 8,972 shares of the utilities provider’s stock worth $287,000 after purchasing an additional 6,350 shares during the period. FMR LLC increased its position in shares of Brookfield Renewable Partners by 5.1% in the second quarter. FMR LLC now owns 1,245,800 shares of the utilities provider’s stock worth $39,724,000 after purchasing an additional 60,000 shares during the period. The Manufacturers Life Insurance Company bought a new position in shares of Brookfield Renewable Partners in the second quarter worth $3,057,000. Finally, Advisory Services Network LLC bought a new position in shares of Brookfield Renewable Partners in the second quarter worth $305,000. Institutional investors own 54.76% of the company’s stock.

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Brookfield Renewable Partners Company Profile

Brookfield Renewable Partners L.P., formerly Brookfield Renewable Energy Partners L.P., is the owner and operator of a portfolio of assets that generate electricity from renewable resources. The Company operates as a pure-play renewable power platform. Its segments include Hydroelectric, Wind, Other and Corporate.

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