JPMorgan Chase & Co. Cuts Brookfield Renewable Partners (NYSE:BEP) Price Target to $29.00

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP had its price target decreased by research analysts at JPMorgan Chase & Co. from $30.00 to $29.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the utilities provider's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 6.06% from the company's current price.

Other research analysts have also issued research reports about the company. Raymond James Financial lowered Brookfield Renewable Partners from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Scotiabank boosted their price objective on shares of Brookfield Renewable Partners from $29.00 to $30.00 and gave the company a "sector outperform" rating in a report on Friday. Wells Fargo & Company decreased their target price on Brookfield Renewable Partners from $29.00 to $27.00 and set an "overweight" rating on the stock in a research report on Monday, May 5th. National Bank Financial raised Brookfield Renewable Partners to a "strong-buy" rating in a research report on Sunday, June 8th. Finally, CIBC raised their price objective on Brookfield Renewable Partners from $30.00 to $31.00 and gave the stock an "outperformer" rating in a report on Monday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $29.89.

Brookfield Renewable Partners Price Performance

NYSE:BEP traded up $0.01 during trading hours on Tuesday, reaching $27.34. The company had a trading volume of 36,224 shares, compared to its average volume of 662,700. The stock has a 50-day moving average of $25.14 and a two-hundred day moving average of $23.22. The firm has a market capitalization of $7.76 billion, a PE ratio of -27.06 and a beta of 0.99. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.90. Brookfield Renewable Partners has a one year low of $19.29 and a one year high of $29.56.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP last announced its quarterly earnings results on Friday, May 2nd. The utilities provider reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.09). The business had revenue of $907.00 million for the quarter, compared to analyst estimates of $1.73 billion. Brookfield Renewable Partners had a negative net margin of 0.79% and a negative return on equity of 0.15%. Analysts forecast that Brookfield Renewable Partners will post -1.04 earnings per share for the current year.

Institutional Investors Weigh In On Brookfield Renewable Partners

A number of hedge funds and other institutional investors have recently modified their holdings of BEP. Hilltop National Bank acquired a new stake in shares of Brookfield Renewable Partners during the 2nd quarter worth approximately $34,000. Gold Investment Management Ltd. raised its stake in Brookfield Renewable Partners by 3.0% in the 2nd quarter. Gold Investment Management Ltd. now owns 95,158 shares of the utilities provider's stock valued at $2,426,000 after acquiring an additional 2,810 shares during the period. SOA Wealth Advisors LLC. boosted its stake in Brookfield Renewable Partners by 7.4% in the second quarter. SOA Wealth Advisors LLC. now owns 28,270 shares of the utilities provider's stock worth $721,000 after buying an additional 1,945 shares in the last quarter. U.S. Capital Wealth Advisors LLC boosted its holdings in Brookfield Renewable Partners by 17.3% during the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 28,850 shares of the utilities provider's stock valued at $736,000 after acquiring an additional 4,250 shares during the period. Finally, Bangor Savings Bank purchased a new position in Brookfield Renewable Partners during the second quarter valued at $153,000. Institutional investors and hedge funds own 63.16% of the company's stock.

About Brookfield Renewable Partners

Brookfield Renewable Partners L.P. owns a portfolio of renewable power generating facilities primarily in North America, Colombia, and Brazil. The company generates electricity through hydroelectric, wind, solar, distributed generation, and pumped storage, as well as renewable natural gas, carbon capture and storage, recycling, cogeneration biomass, nuclear services, and power transformation.

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