Wells Fargo & Company Issues Pessimistic Forecast for Brookfield Renewable Partners (NYSE:BEP) Stock Price

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price objective cut by equities researchers at Wells Fargo & Company from $29.00 to $27.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the utilities provider’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 20.95% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. CIBC cut their price objective on Brookfield Renewable Partners from $32.00 to $31.00 and set an “outperformer” rating for the company in a research report on Monday, February 3rd. Scotiabank upped their price target on shares of Brookfield Renewable Partners from $28.00 to $29.00 and gave the stock an “outperform” rating in a research report on Thursday, February 13th. Royal Bank of Canada restated an “outperform” rating and issued a $31.00 price objective on shares of Brookfield Renewable Partners in a research report on Monday, February 3rd. JPMorgan Chase & Co. reduced their target price on shares of Brookfield Renewable Partners from $30.00 to $28.00 and set an “overweight” rating on the stock in a research report on Thursday, January 23rd. Finally, National Bankshares lowered their price target on shares of Brookfield Renewable Partners from $32.00 to $30.00 and set an “outperform” rating for the company in a report on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $29.67.

Brookfield Renewable Partners Stock Up 0.1 %

BEP opened at $22.32 on Monday. The firm has a market cap of $6.34 billion, a price-to-earnings ratio of -25.08 and a beta of 0.99. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.73 and a current ratio of 0.25. The firm’s 50-day simple moving average is $22.27 and its 200-day simple moving average is $23.25. Brookfield Renewable Partners has a twelve month low of $19.29 and a twelve month high of $29.56.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its quarterly earnings data on Friday, May 2nd. The utilities provider reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.09). Brookfield Renewable Partners had a negative return on equity of 0.03% and a negative net margin of 0.15%. The firm had revenue of $907.00 million for the quarter, compared to the consensus estimate of $1.73 billion. Equities research analysts anticipate that Brookfield Renewable Partners will post -1.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. CCLA Investment Management boosted its holdings in Brookfield Renewable Partners by 1.9% during the fourth 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 raised its position in shares of Brookfield Renewable Partners by 23.8% in the 4th quarter. CIBC Asset Management Inc now owns 8,472,170 shares of the utilities provider’s stock valued at $192,605,000 after acquiring an additional 1,628,524 shares during the period. Abel Hall LLC bought a new position in Brookfield Renewable Partners during the 4th quarter worth approximately $456,000. Bank of Nova Scotia Trust Co. grew its holdings in Brookfield Renewable Partners by 31.3% during the fourth quarter. Bank of Nova Scotia Trust Co. now owns 148,495 shares of the utilities provider’s stock valued at $3,384,000 after purchasing an additional 35,429 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Brookfield Renewable Partners in the fourth quarter valued at approximately $2,623,000. 63.16% of the stock is currently owned by institutional investors.

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.