Brookfield Renewable Partners (NYSE:BEP) Receives Neutral Rating from JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. reiterated a neutral rating on Brookfield Renewable Partners and set a $36 price target, implying about 13% upside from the prior close.
• Other analysts remain mixed but generally positive: the stock carries a Moderate Buy consensus, with 10 Buy, 5 Hold, and 1 Sell ratings, and a consensus target price of $37.79.
• BEP traded at $31.85 on Tuesday, below its recent averages, after reporting a quarterly EPS miss of -$0.40 versus expectations of -$0.36, though revenue came in slightly above estimates.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP's stock had its "neutral" rating reissued by analysts at JPMorgan Chase & Co. in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $36.00 price objective on the utilities provider's stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 13.04% from the company's previous close.

BEP has been the topic of a number of other reports. Scotiabank restated an "outperform" rating and issued a $42.00 target price (up from $36.00) on shares of Brookfield Renewable Partners in a report on Friday, May 29th. Weiss Ratings reissued a "hold (c-)" rating on shares of Brookfield Renewable Partners in a research note on Wednesday, June 24th. TD lifted their target price on Brookfield Renewable Partners from $38.00 to $39.00 and gave the stock a "buy" rating in a report on Monday, May 4th. TD Securities reiterated a "buy" rating and set a $39.00 price objective on shares of Brookfield Renewable Partners in a research report on Monday, May 4th. Finally, National Bank Financial lifted their target price on Brookfield Renewable Partners from $36.00 to $39.00 and gave the stock an "outperform" rating in a research report on Thursday, June 11th. Ten research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Brookfield Renewable Partners currently has a consensus rating of "Moderate Buy" and a consensus target price of $37.79.

Brookfield Renewable Partners Price Performance

NYSE:BEP traded down $0.20 during trading hours on Tuesday, hitting $31.85. 57,025 shares of the stock traded hands, compared to its average volume of 771,379. The stock has a 50 day moving average price of $34.71 and a 200 day moving average price of $32.42. The company has a market cap of $9.56 billion, a price-to-earnings ratio of -102.84 and a beta of 1.10. Brookfield Renewable Partners has a 1 year low of $24.13 and a 1 year high of $38.12. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.82.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP last posted its quarterly earnings results on Saturday, May 2nd. The utilities provider reported ($0.40) EPS 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. Sell-side analysts forecast that Brookfield Renewable Partners will post -1.53 EPS for the current fiscal year.

Hedge Funds Weigh In On Brookfield Renewable Partners

Several large investors have recently bought and sold shares of BEP. BROOKFIELD Corp ON boosted its holdings in Brookfield Renewable Partners by 9.4% during the fourth quarter. BROOKFIELD Corp ON now owns 81,306,719 shares of the utilities provider's stock worth $2,192,842,000 after buying an additional 6,967,670 shares in the last quarter. State of Wisconsin Investment Board increased its holdings in shares of Brookfield Renewable Partners by 128.0% in the fourth quarter. State of Wisconsin Investment Board now owns 4,867,084 shares of the utilities provider's stock valued at $131,265,000 after buying an additional 2,732,542 shares in the last quarter. Bank of Montreal Can lifted its position in shares of Brookfield Renewable Partners by 20.3% during the 4th quarter. Bank of Montreal Can now owns 8,394,947 shares of the utilities provider's stock valued at $226,859,000 after acquiring an additional 1,415,989 shares during the last quarter. Morgan Stanley lifted its position in shares of Brookfield Renewable Partners by 41.9% during the 4th quarter. Morgan Stanley now owns 4,029,046 shares of the utilities provider's stock valued at $108,663,000 after acquiring an additional 1,189,130 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Brookfield Renewable Partners by 340.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,115,743 shares of the utilities provider's stock worth $30,207,000 after acquiring an additional 862,280 shares in the last quarter. Institutional investors and hedge funds 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.

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