Brookfield Renewable Partners (NYSE:BEP) Downgraded to Hold Rating by Zacks Research

Zacks Research lowered shares of Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) from a strong-buy rating to a hold rating in a report issued on Tuesday morning,Zacks.com reports.

BEP has been the topic of a number of other reports. National Bank Financial upped their price target on shares of Brookfield Renewable Partners from $34.00 to $36.00 and gave the stock a “sector outperform” rating in a report on Monday. Mizuho set a $31.00 price objective on shares of Brookfield Renewable Partners and gave the company a “neutral” rating in a report on Monday, February 2nd. JPMorgan Chase & Co. boosted their price objective on shares of Brookfield Renewable Partners from $34.00 to $40.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. Wall Street Zen downgraded shares of Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research note on Saturday, May 2nd. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating and set a $40.00 target price (up from $37.00) on shares of Brookfield Renewable Partners in a research report on Monday, April 20th. Eleven analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $37.21.

Brookfield Renewable Partners Price Performance

BEP opened at $34.44 on Tuesday. The business has a fifty day moving average of $32.49 and a 200 day moving average of $30.18. The stock has a market cap of $10.44 billion, a P/E ratio of -111.08 and a beta of 1.06. The company has a quick ratio of 0.57, a current ratio of 0.75 and a debt-to-equity ratio of 0.82. Brookfield Renewable Partners has a 52-week low of $22.27 and a 52-week high of $35.97.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last released its earnings results on Friday, May 1st. The utilities provider reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.04). Brookfield Renewable Partners had a return on equity of 1.57% and a net margin of 8.28%.The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.50 billion. As a group, sell-side analysts anticipate that Brookfield Renewable Partners will post -1.18 EPS for the current year.

Brookfield Renewable Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, May 29th will be paid a $0.392 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.57 dividend on an annualized basis and a yield of 4.6%. Brookfield Renewable Partners’s dividend payout ratio is -506.45%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in BEP. Aviso Financial Inc. lifted its position in shares of Brookfield Renewable Partners by 9.6% in the 3rd quarter. Aviso Financial Inc. now owns 8,338 shares of the utilities provider’s stock worth $215,000 after purchasing an additional 733 shares during the period. Envestnet Asset Management Inc. increased its holdings in Brookfield Renewable Partners by 7.8% during the third quarter. Envestnet Asset Management Inc. now owns 10,223 shares of the utilities provider’s stock valued at $264,000 after buying an additional 742 shares during the period. Allworth Financial LP increased its holdings in Brookfield Renewable Partners by 9.5% during the fourth quarter. Allworth Financial LP now owns 8,645 shares of the utilities provider’s stock valued at $233,000 after buying an additional 750 shares during the period. Tacita Capital Inc raised its stake in Brookfield Renewable Partners by 0.7% in the fourth quarter. Tacita Capital Inc now owns 119,101 shares of the utilities provider’s stock worth $3,220,000 after buying an additional 770 shares in the last quarter. Finally, Kelleher Financial Advisors bought a new position in Brookfield Renewable Partners in the third quarter worth approximately $26,000. Hedge funds and other institutional investors own 63.16% of the company’s stock.

Brookfield Renewable Partners Company Profile

Brookfield Renewable Partners L.P. is a leading global owner, operator and developer of renewable power assets. Listed on the New York Stock Exchange under the ticker BEP, the partnership focuses on generating clean electricity from a diversified mix of hydroelectric, wind, solar and energy storage facilities. As part of the Brookfield Asset Management group, Brookfield Renewable leverages a long-term, asset-backed approach to investing in sustainable energy projects that support the transition to a low-carbon economy.

The company’s platform encompasses approximately 23,000 megawatts of installed capacity across four continents.