Brookfield Renewable Partners L.P. (NYSE:BEP) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) from a buy rating to a hold rating in a research note published on Friday, July 14th.

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. “

BEP has been the topic of several other reports. BMO Capital Markets lowered shares of Brookfield Renewable Partners L.P. from an outperform rating to a market perform rating and set a $33.00 target price on the stock. in a research report on Wednesday, May 24th. They noted that the move was a valuation call. GMP Securities reaffirmed a buy rating and set a $32.00 price target on shares of Brookfield Renewable Partners L.P. in a research note on Friday, May 5th. ValuEngine raised Brookfield Renewable Partners L.P. from a sell rating to a hold rating in a research note on Thursday, June 8th. BidaskClub raised Brookfield Renewable Partners L.P. from a buy rating to a strong-buy rating in a research note on Tuesday, June 20th. Finally, TD Securities reaffirmed a buy rating and set a $45.00 price target on shares of Brookfield Renewable Partners L.P. in a research note on Thursday, May 4th. Eight equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of Hold and an average price target of $36.00.

Shares of Brookfield Renewable Partners L.P. (BEP) opened at 33.91 on Friday. The stock has a 50 day moving average of $32.88 and a 200-day moving average of $30.87. Brookfield Renewable Partners L.P. has a 12 month low of $26.61 and a 12 month high of $34.03. The firm’s market capitalization is $10.06 billion.

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) last issued its earnings results on Wednesday, May 3rd. The utilities provider reported $0.05 EPS for the quarter, missing the consensus estimate of $0.11 by $0.06. The company had revenue of $677 million for the quarter, compared to analysts’ expectations of $699.25 million. Brookfield Renewable Partners L.P. had a negative return on equity of 0.10% and a negative net margin of 1.34%. On average, equities research analysts anticipate that Brookfield Renewable Partners L.P. will post $0.16 EPS for the current fiscal year.

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Hedge funds and other institutional investors have recently made changes to their positions in the stock. Chicago Partners Investment Group LLC purchased a new position in shares of Brookfield Renewable Partners L.P. during the second quarter valued at $259,000. Catawba Capital Management VA purchased a new position in shares of Brookfield Renewable Partners L.P. during the first quarter valued at $402,000. Jane Street Group LLC purchased a new position in shares of Brookfield Renewable Partners L.P. during the first quarter valued at $454,000. Greystone Investment Management LLC increased its position in shares of Brookfield Renewable Partners L.P. by 7.9% in the second quarter. Greystone Investment Management LLC now owns 41,190 shares of the utilities provider’s stock valued at $1,314,000 after buying an additional 3,000 shares during the last quarter. Finally, Karpas Strategies LLC increased its position in shares of Brookfield Renewable Partners L.P. by 0.8% in the first quarter. Karpas Strategies LLC now owns 115,725 shares of the utilities provider’s stock valued at $3,441,000 after buying an additional 900 shares during the last quarter. 54.34% of the stock is owned by hedge funds and other institutional investors.

Brookfield Renewable Partners L.P. 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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