CIBC Cuts Brookfield Renewable Partners (NYSE:BEP) Price Target to $31.00

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price objective cut by CIBC from $32.00 to $31.00 in a research report report published on Monday morning,Benzinga reports. They currently have an outperformer rating on the utilities provider’s stock.

Several other research firms have also recently issued reports on BEP. National Bankshares lowered their price objective on Brookfield Renewable Partners from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 18th. Scotiabank decreased their price target on Brookfield Renewable Partners from $32.00 to $28.00 and set an “outperform” rating for the company in a research note on Thursday, January 30th. StockNews.com downgraded Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a report on Thursday, December 26th. Wells Fargo & Company lowered their target price on shares of Brookfield Renewable Partners from $31.00 to $29.00 and set an “overweight” rating on the stock in a research note on Monday. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $31.00 price target on shares of Brookfield Renewable Partners in a research note on Monday. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $30.60.

Brookfield Renewable Partners Price Performance

Shares of NYSE:BEP opened at $22.28 on Monday. Brookfield Renewable Partners has a 1-year low of $19.92 and a 1-year high of $29.56. The business has a fifty day moving average price of $22.85 and a 200-day moving average price of $24.67. The company has a market capitalization of $6.35 billion, a PE ratio of -25.03 and a beta of 0.95. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.73 and a quick ratio of 0.73.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last released its quarterly earnings data on Friday, January 31st. The utilities provider reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.16. Brookfield Renewable Partners had a negative net margin of 0.15% and a negative return on equity of 0.03%. During the same quarter last year, the company posted $0.01 earnings per share. As a group, equities analysts expect that Brookfield Renewable Partners will post -0.76 EPS for the current fiscal year.

Brookfield Renewable Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, February 28th will be issued a dividend of $0.373 per share. This represents a $1.49 annualized dividend and a yield of 6.70%. The ex-dividend date is Friday, February 28th. This is a positive change from Brookfield Renewable Partners’s previous quarterly dividend of $0.36. Brookfield Renewable Partners’s payout ratio is currently -159.55%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in BEP. CIBC Asset Management Inc increased its holdings in Brookfield Renewable Partners by 23.8% in the 4th quarter. CIBC Asset Management Inc now owns 8,472,170 shares of the utilities provider’s stock worth $192,605,000 after acquiring an additional 1,628,524 shares in the last quarter. Intact Investment Management Inc. purchased a new position in shares of Brookfield Renewable Partners during the third quarter valued at about $42,331,000. Principal Financial Group Inc. increased its stake in Brookfield Renewable Partners by 4.5% in the 3rd quarter. Principal Financial Group Inc. now owns 7,605,679 shares of the utilities provider’s stock worth $214,328,000 after acquiring an additional 330,648 shares during the last quarter. Mirabella Financial Services LLP lifted its position in Brookfield Renewable Partners by 145.2% during the third quarter. Mirabella Financial Services LLP now owns 466,736 shares of the utilities provider’s stock valued at $13,153,000 after purchasing an additional 276,374 shares during the last quarter. Finally, Sequoia Financial Advisors LLC bought a new position in shares of Brookfield Renewable Partners in the 3rd quarter valued at about $6,191,000. 63.16% of the stock is owned by hedge funds and other institutional investors.

Brookfield Renewable Partners Company Profile

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.