Brookfield Renewable Partners (NYSE:BEP) Price Target Cut to $37.00 by Analysts at Morgan Stanley

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price objective lowered by research analysts at Morgan Stanley from $42.00 to $37.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the utilities provider’s stock. Morgan Stanley’s target price indicates a potential upside of 30.32% from the stock’s current price.

BEP has been the topic of a number of other reports. Canadian Imperial Bank of Commerce restated an “outperform” rating and set a $41.00 price objective on shares of Brookfield Renewable Partners in a research report on Friday, July 17th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $36.00 target price on shares of Brookfield Renewable Partners in a report on Tuesday, July 21st. Weiss Ratings reissued a “hold (c-)” rating on shares of Brookfield Renewable Partners in a research report on Monday, September 21st. BMO Capital Markets set a $41.00 target price on Brookfield Renewable Partners in a research report on Monday, August 17th. Finally, UBS Group restated a “buy” rating and set a $34.00 price target (down from $40.00) on shares of Brookfield Renewable Partners in a report on Thursday, October 1st. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $37.43.

Brookfield Renewable Partners Price Performance

NYSE BEP traded down $0.70 during trading on Tuesday, hitting $28.39. 777,656 shares of the stock traded hands, compared to its average volume of 858,026. The firm has a 50-day simple moving average of $31.03 and a 200-day simple moving average of $33.01. Brookfield Renewable Partners has a 12-month low of $26.30 and a 12-month high of $38.12. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $8.52 billion, a P/E ratio of -61.73 and a beta of 1.10.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last announced its quarterly earnings results 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). Brookfield Renewable Partners had a return on equity of 0.84% and a net margin of 4.50%. The business had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.56 billion. As a group, analysts predict that Brookfield Renewable Partners will post -1.87 EPS for the current year.

Institutional Trading of Brookfield Renewable Partners

A number of large investors have recently made changes to their positions in BEP. GAMMA Investing LLC grew its holdings in shares of Brookfield Renewable Partners by 44.5% in 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 during the last quarter. Sanctuary Advisors LLC lifted its holdings 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 buying an additional 1,494 shares in the last quarter. Cardinal Point Capital Management ULC lifted its holdings in Brookfield Renewable Partners by 5.9% during the 1st quarter. Cardinal Point Capital Management ULC now owns 27,071 shares of the utilities provider’s stock valued at $881,000 after buying an additional 1,500 shares in the last quarter. CENTRAL TRUST Co bought a new stake in Brookfield Renewable Partners during the 1st quarter valued at about $55,000. Finally, Walter Public Investments Inc. boosted its position 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 valued at $750,000 after buying an additional 2,000 shares during the period. 63.16% of the stock is owned by hedge funds and other institutional investors.

About Brookfield Renewable Partners

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.