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 dropped by stock analysts at JPMorgan Chase & Co. from $36.00 to $32.00 in a report issued on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the utilities provider’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 13.70% from the company’s previous close.

BEP has been the subject of several other reports. Zacks Research upgraded Brookfield Renewable Partners from a “strong sell” rating to a “hold” rating in a research report on Friday, August 14th. National Bank Financial set a $38.00 price objective on shares of Brookfield Renewable Partners and gave the company an “outperform” rating in a research note on Thursday, October 1st. Barclays set a $30.00 price target on Brookfield Renewable Partners and gave the company an “equal weight” rating in a research note on Wednesday, July 22nd. UBS Group reiterated a “buy” rating and issued a $34.00 target price (down from $40.00) on shares of Brookfield Renewable Partners in a research report on Thursday, October 1st. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating and set a $41.00 price target on shares of Brookfield Renewable Partners in a report on Friday, July 17th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.14.

Brookfield Renewable Partners Stock Performance

Shares of NYSE:BEP traded down $0.26 on Monday, reaching $28.14. 620,367 shares of the company’s stock were exchanged, compared to its average volume of 862,479. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.87. Brookfield Renewable Partners has a twelve month low of $26.30 and a twelve month high of $38.12. The company has a fifty day moving average of $30.67 and a 200-day moving average of $32.92. The company has a market capitalization of $8.52 billion, a price-to-earnings ratio of -61.32 and a beta of 1.10.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last announced 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 during the quarter, compared to analyst estimates of $1.56 billion. Brookfield Renewable Partners had a net margin of 4.50% and a return on equity of 0.84%. On average, research analysts predict that Brookfield Renewable Partners will post -1.87 EPS for the current fiscal year.

Institutional Investors Weigh In On Brookfield Renewable Partners

A number of institutional investors and hedge funds have recently made changes to their positions in BEP. Bank of America Corp DE raised its stake in shares of Brookfield Renewable Partners by 413.2% in the first quarter. Bank of America Corp DE now owns 973,260 shares of the utilities provider’s stock valued at $31,767,000 after buying an additional 783,620 shares during the period. Groupe la Francaise boosted its position in Brookfield Renewable Partners by 194.5% during the first quarter. Groupe la Francaise now owns 159,894 shares of the utilities provider’s stock worth $5,214,000 after purchasing an additional 105,599 shares during the period. Bank of Nova Scotia boosted its holdings in 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 worth $37,444,000 after buying an additional 114,127 shares during the period. TD Waterhouse Canada Inc. raised its holdings in 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 valued at $31,986,000 after acquiring an additional 53,316 shares during the period. Finally, Oak Grove Capital LLC lifted its position in shares of Brookfield Renewable Partners by 71.8% during 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 in the last quarter. Institutional investors and hedge funds own 63.16% of the company’s stock.

About Brookfield Renewable Partners

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.