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

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

Several other equities research analysts have also recently weighed in on BEP. TD Securities increased their price target on Brookfield Renewable Partners L.P. from $33.00 to $45.00 and gave the company a buy rating in a research note on Wednesday, July 12th. BMO Capital Markets reissued a hold rating and issued a $33.00 price target on shares of Brookfield Renewable Partners L.P. in a research note on Wednesday, July 12th. BidaskClub raised Brookfield Renewable Partners L.P. from a buy rating to a strong-buy rating in a research note on Tuesday, June 20th. ValuEngine raised Brookfield Renewable Partners L.P. from a sell rating to a hold rating in a research note on Thursday, June 8th. Finally, TheStreet raised Brookfield Renewable Partners L.P. from a d+ rating to a c- rating in a research note on Tuesday, June 27th. Nine analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $34.75.

Brookfield Renewable Partners L.P. (NYSE BEP) opened at 33.82 on Friday. Brookfield Renewable Partners L.P. has a 52-week low of $26.61 and a 52-week high of $34.38. The company’s market cap is $10.03 billion. The stock’s 50 day moving average is $33.01 and its 200 day moving average is $30.93.

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) last issued its quarterly earnings results on Friday, August 4th. The utilities provider reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.05. The company had revenue of $683 million during the quarter, compared to analysts’ expectations of $721.75 million. Brookfield Renewable Partners L.P. had a return on equity of 0.76% and a net margin of 2.82%. On average, analysts predict 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 of this dividend is Tuesday, August 29th. This represents a $1.87 dividend on an annualized basis and a dividend yield of 5.53%.

A number of hedge funds have recently modified their holdings of BEP. Bank of Montreal Can raised its stake in shares of 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. American Assets Capital Advisers acquired a new stake in shares of Brookfield Renewable Partners L.P. during the second quarter worth approximately $10,520,000. Global X Management Co. LLC raised its stake in shares of Brookfield Renewable Partners L.P. by 1,008.4% in the first quarter. Global X Management Co. LLC now owns 287,740 shares of the utilities provider’s stock worth $8,555,000 after buying an additional 261,780 shares during the period. Renaissance Technologies LLC raised its stake in shares of Brookfield Renewable Partners L.P. by 353.8% in the first quarter. Renaissance Technologies LLC now owns 255,953 shares of the utilities provider’s stock worth $7,598,000 after buying an additional 199,554 shares during the period. Finally, Principal Financial Group Inc. raised its stake in shares of Brookfield Renewable Partners L.P. by 6.3% in the second quarter. Principal Financial Group Inc. now owns 2,392,353 shares of the utilities provider’s stock worth $76,412,000 after buying an additional 142,656 shares during the period. Institutional investors and hedge funds own 54.24% of the company’s stock.

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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