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

Zacks Investment Research downgraded shares of Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) from a buy rating to a hold rating in a research note released 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. “

Several other analysts have also issued reports on the stock. Barclays PLC reaffirmed an equal weight rating and set a $32.00 price target (down from $33.00) on shares of Brookfield Renewable Partners L.P. in a research report on Sunday, April 23rd. BMO Capital Markets downgraded shares of Brookfield Renewable Partners L.P. from an outperform rating to a market perform rating and set a $33.00 price objective on the stock. in a report on Wednesday, May 24th. They noted that the move was a valuation call. Macquarie downgraded shares of Brookfield Renewable Partners L.P. from an outperform rating to a neutral rating in a report on Wednesday, June 28th. Wells Fargo & Company began coverage on shares of Brookfield Renewable Partners L.P. in a report on Tuesday, May 9th. They issued an outperform rating on the stock. Finally, GMP Securities reiterated a buy rating and issued a $32.00 price objective on shares of Brookfield Renewable Partners L.P. in a report on Friday, May 5th. Nine investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Brookfield Renewable Partners L.P. has a consensus rating of Hold and an average price target of $34.75.

Shares of Brookfield Renewable Partners L.P. (BEP) traded down 0.48% during mid-day trading on Friday, reaching $33.37. 56,122 shares of the company were exchanged. The firm’s 50-day moving average is $33.10 and its 200-day moving average is $31.11. Brookfield Renewable Partners L.P. has a 12 month low of $26.61 and a 12 month high of $35.00. The company has a market capitalization of $9.90 billion, a price-to-earnings ratio of 11123.33 and a beta of 0.25.

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) last posted its quarterly earnings results on Friday, August 4th. The utilities provider reported $0.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.05. Brookfield Renewable Partners L.P. had a net margin of 2.82% and a return on equity of 0.76%. The firm had revenue of $683 million for the quarter, compared to analyst estimates of $721.75 million. On average, equities analysts forecast that Brookfield Renewable Partners L.P. will post $0.17 earnings per share for the current fiscal year.

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The business also recently announced a quarterly dividend, which will be paid on Saturday, September 30th. Stockholders of record on Thursday, August 31st will be issued a $0.4675 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $1.87 dividend on an annualized basis and a dividend yield of 5.60%.

Several hedge funds and other institutional investors have recently bought and sold shares of BEP. Bank of Montreal Can boosted its position in Brookfield Renewable Partners L.P. by 11.4% in the first quarter. Bank of Montreal Can now owns 4,496,989 shares of the utilities provider’s stock worth $133,696,000 after buying an additional 459,698 shares during the period. Principal Financial Group Inc. raised its position in shares of Brookfield Renewable Partners L.P. by 5.6% in the first quarter. Principal Financial Group Inc. now owns 2,249,697 shares of the utilities provider’s stock worth $66,883,000 after buying an additional 119,318 shares during the period. Hexavest Inc. raised its position in shares of Brookfield Renewable Partners L.P. by 1.1% in the second quarter. Hexavest Inc. now owns 338,455 shares of the utilities provider’s stock worth $10,776,000 after buying an additional 3,715 shares during the period. Mackenzie Financial Corp raised its position in shares of Brookfield Renewable Partners L.P. by 1.0% in the first quarter. Mackenzie Financial Corp now owns 568,787 shares of the utilities provider’s stock worth $16,910,000 after buying an additional 5,492 shares during the period. Finally, Greystone Investment Management LLC raised 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 worth $1,314,000 after buying an additional 3,000 shares during the period. 54.24% of the stock is owned by hedge funds and other institutional investors.

About Brookfield Renewable Partners L.P.

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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