Zacks Investment Research upgraded shares of Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) from a strong sell rating to a hold rating in a report published on Monday morning.
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 also recently issued reports on the stock. Guggenheim set a $36.00 price objective on shares of Brookfield Renewable Partners and gave the stock a buy rating in a research note on Thursday, January 18th. GMP Securities restated a hold rating and issued a $34.50 price objective on shares of Brookfield Renewable Partners in a research note on Friday, October 20th. BMO Capital Markets restated a hold rating and issued a $35.00 price objective on shares of Brookfield Renewable Partners in a research note on Friday, October 20th. Raymond James Financial set a $35.00 price objective on shares of Brookfield Renewable Partners and gave the stock a market perform rating in a research note on Monday. Finally, CIBC downgraded shares of Brookfield Renewable Partners from a sector outperform rating to a neutral rating in a research note on Thursday, November 2nd. Twelve analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Brookfield Renewable Partners has an average rating of Hold and a consensus price target of $36.45.
Brookfield Renewable Partners announced that its board has authorized a share buyback program on Friday, December 22nd that allows the company to buyback 9,000,000 outstanding shares. This buyback authorization allows the utilities provider to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Wednesday, February 28th will be paid a dividend of $0.49 per share. The ex-dividend date is Tuesday, February 27th. This represents a $1.96 dividend on an annualized basis and a yield of 6.11%. This is an increase from Brookfield Renewable Partners’s previous quarterly dividend of $0.47. Brookfield Renewable Partners’s payout ratio is currently -1,558.33%.
A number of institutional investors and hedge funds have recently bought and sold shares of BEP. JPMorgan Chase & Co. acquired a new stake in Brookfield Renewable Partners during the second quarter worth $109,000. Wells Fargo & Company MN boosted its stake in Brookfield Renewable Partners by 242.2% during the second quarter. Wells Fargo & Company MN now owns 8,972 shares of the utilities provider’s stock worth $287,000 after buying an additional 6,350 shares in the last quarter. FMR LLC boosted its stake in Brookfield Renewable Partners by 5.1% during the second quarter. FMR LLC now owns 1,245,800 shares of the utilities provider’s stock worth $39,724,000 after buying an additional 60,000 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Brookfield Renewable Partners during the second quarter worth $3,057,000. Finally, Advisory Services Network LLC acquired a new stake in Brookfield Renewable Partners during the second quarter worth $305,000. Hedge funds and other institutional investors own 54.76% of the company’s stock.
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About Brookfield Renewable Partners
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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