JPMorgan Chase & Co. Issues Pessimistic Forecast for Brookfield Renewable Partners (NYSE:BEP) Stock Price

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price objective cut by JPMorgan Chase & Co. from $36.00 to $32.00 in a report released on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the utilities provider’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 13.70% from the stock’s previous close.

BEP has been the topic of a number of other research reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Brookfield Renewable Partners in a research report on Monday, September 21st. National Bank Financial set a $38.00 target price on Brookfield Renewable Partners and gave the stock an “outperform” rating in a report on Thursday, October 1st. Barclays set a $30.00 price objective on shares of Brookfield Renewable Partners and gave the stock an “equal weight” rating in a research note on Wednesday, July 22nd. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating and issued a $41.00 price target on shares of Brookfield Renewable Partners in a research report on Friday, July 17th. Finally, UBS Group restated a “buy” rating and issued a $34.00 price target (down from $40.00) on shares of Brookfield Renewable Partners in a research note on Thursday, October 1st. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Brookfield Renewable Partners has a consensus rating of “Moderate Buy” and an average price target of $37.14.

Brookfield Renewable Partners Price Performance

BEP traded down $0.26 on Monday, reaching $28.14. The company had a trading volume of 620,367 shares, compared to its average volume of 862,479. The business has a 50 day simple moving average of $30.67 and a 200 day simple moving average of $32.92. The company has a market cap of $8.52 billion, a price-to-earnings ratio of -61.32 and a beta of 1.10. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.80 and a current ratio of 0.80. Brookfield Renewable Partners has a 52-week low of $26.30 and a 52-week high of $38.12.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last posted its quarterly earnings data on Friday, July 31st. The utilities provider reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($0.02). The company had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.56 billion. Brookfield Renewable Partners had a net margin of 4.50% and a return on equity of 0.84%. As a group, sell-side analysts anticipate that Brookfield Renewable Partners will post -1.87 EPS for the current year.

Institutional Investors Weigh In On Brookfield Renewable Partners

A number of institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE boosted its position in shares of Brookfield Renewable Partners by 413.2% in the 1st quarter. Bank of America Corp DE now owns 973,260 shares of the utilities provider’s stock worth $31,767,000 after purchasing an additional 783,620 shares in the last quarter. Oak Grove Capital LLC increased its stake in shares of Brookfield Renewable Partners by 71.8% in the third quarter. Oak Grove Capital LLC now owns 1,202,100 shares of the utilities provider’s stock worth $33,827,000 after acquiring an additional 502,300 shares during the period. Bank of Nova Scotia lifted its holdings in shares of Brookfield Renewable Partners by 11.0% in the 1st quarter. Bank of Nova Scotia now owns 1,148,128 shares of the utilities provider’s stock valued at $37,444,000 after buying an additional 114,127 shares during the period. Groupe la Francaise lifted its stake in shares of Brookfield Renewable Partners by 194.5% in the 1st quarter. Groupe la Francaise now owns 159,894 shares of the utilities provider’s stock valued at $5,214,000 after purchasing an additional 105,599 shares during the period. Finally, TD Waterhouse Canada Inc. boosted its stake in shares of Brookfield Renewable Partners by 5.0% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 1,125,447 shares of the utilities provider’s stock worth $31,986,000 after acquiring an additional 53,316 shares in the last quarter. 63.16% of the stock is owned by institutional investors.

Brookfield Renewable Partners Company Profile

Brookfield Renewable Partners L.P. is a global renewable power and sustainable solutions company. The partnership develops, owns and operates a diversified portfolio of renewable energy facilities, with hydroelectric generation complemented by onshore and offshore wind, utility-scale and distributed solar, battery storage, and other energy transition assets.

Through its operating platforms, Brookfield Renewable supplies electricity and related energy services to utilities, corporations and other customers.