Morgan Stanley Issues Pessimistic Forecast for Brookfield Renewable Partners (NYSE:BEP) Stock Price

Key Points

• Morgan Stanley cut Brookfield Renewable Partners’ price target from $42 to $37 while maintaining an “overweight” rating, implying roughly 30% upside from the previous close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $37.43; ratings include 10 Buys and six Holds.
• BEP shares closed at $28.39 after falling $0.70, near the lower end of their 12-month range. The company’s latest quarterly EPS missed estimates, although revenue exceeded expectations.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP had its price objective dropped by investment analysts at Morgan Stanley from $42.00 to $37.00 in a report released on Tuesday, Benzinga reports. The firm presently has an "overweight" rating on the utilities provider's stock. Morgan Stanley's price objective would indicate a potential upside of 30.32% from the company's previous close.

Several other research firms have also issued reports on BEP. BMO Capital Markets set a $41.00 price target on Brookfield Renewable Partners in a report on Monday, August 17th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $36.00 price objective on shares of Brookfield Renewable Partners in a research note on Tuesday, July 21st. Zacks Research raised Brookfield Renewable Partners from a "strong sell" rating to a "hold" rating in a research report on Friday, August 14th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Brookfield Renewable Partners in a research note on Monday, September 21st. Finally, Barclays set a $30.00 price objective on Brookfield Renewable Partners and gave the company an "equal weight" rating in a research note on Wednesday, July 22nd. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Brookfield Renewable Partners presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.43.

Brookfield Renewable Partners Stock Performance

Shares of BEP traded down $0.70 during trading hours on Tuesday, hitting $28.39. The stock had a trading volume of 777,656 shares, compared to its average volume of 858,026. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.80 and a quick ratio of 0.80. Brookfield Renewable Partners has a 12 month low of $26.30 and a 12 month high of $38.12. The firm has a market capitalization of $8.52 billion, a PE ratio of -61.73 and a beta of 1.10. The stock has a fifty day moving average price of $31.03 and a 200 day moving average price of $33.01.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP last posted its earnings results on Friday, July 31st. The utilities provider reported ($0.37) earnings per share for the quarter, missing analysts' consensus estimates of ($0.35) by ($0.02). Brookfield Renewable Partners had a net margin of 4.50% and a return on equity of 0.84%. The firm had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.56 billion. Analysts anticipate that Brookfield Renewable Partners will post -1.87 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC grew its position in shares of Brookfield Renewable Partners by 44.5% during the third quarter. GAMMA Investing LLC now owns 2,460 shares of the utilities provider's stock worth $69,000 after purchasing an additional 757 shares in the last quarter. Sanctuary Advisors LLC raised its stake in Brookfield Renewable Partners by 2.3% during the 1st quarter. Sanctuary Advisors LLC now owns 65,217 shares of the utilities provider's stock valued at $2,129,000 after purchasing an additional 1,494 shares during the period. Cardinal Point Capital Management ULC lifted its holdings in Brookfield Renewable Partners by 5.9% in the 1st quarter. Cardinal Point Capital Management ULC now owns 27,071 shares of the utilities provider's stock worth $881,000 after purchasing an additional 1,500 shares in the last quarter. CENTRAL TRUST Co purchased a new position in Brookfield Renewable Partners in the 1st quarter worth approximately $55,000. Finally, Walter Public Investments Inc. boosted its stake in Brookfield Renewable Partners by 9.5% in the 1st quarter. Walter Public Investments Inc. now owns 23,000 shares of the utilities provider's stock worth $750,000 after purchasing an additional 2,000 shares during the period. Institutional investors own 63.16% of the company's stock.

Brookfield Renewable Partners Company Profile

Brookfield Renewable Partners L.P. is a renewable power and energy transition company that owns and operates a diversified portfolio of clean energy assets. Its main activities include generating electricity from hydroelectric, wind and solar facilities, as well as providing energy storage and other decarbonization solutions.

The company serves electricity markets and commercial, industrial and utility customers across North America, South America, Europe and the Asia-Pacific region. In addition to operating renewable power facilities, Brookfield Renewable develops new projects and invests in businesses supporting the transition to lower-carbon energy, including distributed energy and sustainable solutions.

Brookfield Renewable traces its origins to Brookfield Asset Management's renewable power operations and became publicly listed as Brookfield Renewable Energy Partners in 2011.

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