Wells Fargo & Company Issues Pessimistic Forecast for Brookfield Renewable Partners (NYSE:BEP) Stock Price

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) had its price objective trimmed by Wells Fargo & Company from $31.00 to $29.00 in a research note issued to investors on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the utilities provider’s stock.

Several other equities analysts have also recently issued reports on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $31.00 price objective on shares of Brookfield Renewable Partners in a research note on Wednesday, October 9th. CIBC increased their price target on shares of Brookfield Renewable Partners from $39.00 to $40.00 and gave the stock an “outperform” rating in a report on Thursday, January 9th. JPMorgan Chase & Co. lowered their price objective on Brookfield Renewable Partners from $30.00 to $28.00 and set an “overweight” rating on the stock in a report on Thursday, January 23rd. Scotiabank dropped their target price on Brookfield Renewable Partners from $32.00 to $28.00 and set an “outperform” rating on the stock in a research report on Thursday, January 30th. Finally, StockNews.com cut Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a report on Thursday, December 26th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Brookfield Renewable Partners currently has an average rating of “Buy” and an average price target of $30.60.

Brookfield Renewable Partners Stock Performance

NYSE BEP opened at $22.28 on Monday. The firm has a market cap of $6.35 billion, a P/E ratio of -25.03 and a beta of 0.95. Brookfield Renewable Partners has a 52-week low of $19.92 and a 52-week high of $29.56. The business’s 50-day moving average price is $22.85 and its 200 day moving average price is $24.67. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.93.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last announced its earnings results on Friday, January 31st. The utilities provider reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.16. Brookfield Renewable Partners had a negative return on equity of 0.03% and a negative net margin of 0.15%. During the same period in the prior year, the company posted $0.01 EPS. On average, equities research analysts expect that Brookfield Renewable Partners will post -0.76 earnings per share for the current year.

Brookfield Renewable Partners Increases Dividend

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Stifel Financial Corp grew its stake in Brookfield Renewable Partners by 1.3% in the 3rd quarter. Stifel Financial Corp now owns 31,214 shares of the utilities provider’s stock valued at $880,000 after acquiring an additional 403 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Brookfield Renewable Partners by 86.5% in the third quarter. GAMMA Investing LLC now owns 953 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 442 shares in the last quarter. HighTower Advisors LLC grew its position in shares of Brookfield Renewable Partners by 1.6% in the third quarter. HighTower Advisors LLC now owns 46,845 shares of the utilities provider’s stock valued at $1,321,000 after purchasing an additional 749 shares during the last quarter. Apollon Wealth Management LLC increased its stake in shares of Brookfield Renewable Partners by 7.2% during the 3rd quarter. Apollon Wealth Management LLC now owns 13,999 shares of the utilities provider’s stock worth $394,000 after purchasing an additional 945 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Brookfield Renewable Partners during the 3rd quarter worth approximately $28,000. Institutional investors and hedge funds own 63.16% of the company’s stock.

About Brookfield Renewable Partners

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.