Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Thursday.
According to Zacks, “Brookfield Renewable Energy Partners L.P. owns and operates renewable power platform. The company’s power generating portfolio comprised of hydroelectric generating, wind facilities and natural gas-fired plants. It operates in the United States, Canada and Brazil. The company sells its generation output to public power authorities, load-serving utilities and industrial users. Brookfield Renewable Energy Partners L.P., is based in Hamilton, Bermuda. “
Several other equities analysts have also commented on BEP. GMP Securities reaffirmed a “hold” rating and issued a $34.50 price target on shares of Brookfield Renewable Partners in a research note on Friday, October 20th. National Bank Financial upped their price target on Brookfield Renewable Partners from $35.00 to $45.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 18th. BMO Capital Markets reaffirmed a “hold” rating and issued a $35.00 price target on shares of Brookfield Renewable Partners in a research note on Friday, October 20th. Finally, CIBC lowered Brookfield Renewable Partners from a “sector outperform” rating to a “neutral” rating in a research note on Thursday, November 2nd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Brookfield Renewable Partners currently has a consensus rating of “Hold” and an average price target of $38.39.
Shares of Brookfield Renewable Partners (BEP) traded down $0.86 during trading on Thursday, hitting $33.47. The stock had a trading volume of 162,100 shares, compared to its average volume of 82,529. Brookfield Renewable Partners has a twelve month low of $28.13 and a twelve month high of $36.00. The firm has a market cap of $6,040.00, a price-to-earnings ratio of -278.92 and a beta of 0.21. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.74.
Brookfield Renewable Partners declared that its board has initiated a stock buyback program on Friday, December 22nd that permits the company to buyback 9,000,000 outstanding shares. This buyback authorization permits the utilities provider to reacquire shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
A number of institutional investors and hedge funds have recently bought and sold shares of BEP. JPMorgan Chase & Co. purchased a new stake in Brookfield Renewable Partners during the 2nd quarter worth about $109,000. Cambridge Investment Research Advisors Inc. purchased a new stake in Brookfield Renewable Partners during the 3rd quarter worth about $213,000. Wells Fargo & Company MN increased its holdings in Brookfield Renewable Partners by 242.2% during the 2nd quarter. Wells Fargo & Company MN now owns 8,972 shares of the utilities provider’s stock worth $287,000 after purchasing an additional 6,350 shares during the period. Baldwin Investment Management LLC purchased a new stake in Brookfield Renewable Partners during the 3rd quarter worth about $296,000. Finally, Advisory Services Network LLC purchased a new stake in Brookfield Renewable Partners during the 2nd quarter worth about $305,000. 54.06% of the stock is currently owned by hedge funds and other institutional investors.
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Brookfield Renewable Partners Company Profile
Brookfield Renewable Partners L.P., formerly Brookfield Renewable Energy Partners L.P., is the owner and operator of a portfolio of assets that generate electricity from renewable resources. The Company operates as a pure-play renewable power platform. Its segments include Hydroelectric, Wind, Other and Corporate.
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