Brookfield Renewable Partners (NYSE:BEP) Shares Up 8% – What’s Next?

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) rose 8% during trading on Wednesday . The stock traded as high as $28.00 and last traded at $27.90. Approximately 443,503 shares were traded during trading, a decline of 6% from the average daily volume of 470,126 shares. The stock had previously closed at $25.84.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BEP. Royal Bank of Canada reissued an “outperform” rating and issued a $31.00 price objective on shares of Brookfield Renewable Partners in a research report on Wednesday, October 9th. UBS Group upgraded Brookfield Renewable Partners from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $24.00 to $31.00 in a report on Monday, September 30th. JPMorgan Chase & Co. upped their target price on Brookfield Renewable Partners from $30.00 to $31.00 and gave the company a “neutral” rating in a research report on Wednesday, September 25th. StockNews.com cut Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a report on Friday, August 2nd. Finally, National Bankshares boosted their price target on Brookfield Renewable Partners from $32.00 to $33.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $32.50.

Brookfield Renewable Partners Trading Up 9.8 %

The company has a market capitalization of $8.09 billion, a price-to-earnings ratio of -60.65 and a beta of 0.94. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.91. The business’s 50 day moving average price is $25.60 and its two-hundred day moving average price is $25.17.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last released its quarterly earnings data on Friday, August 2nd. The utilities provider reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.41). Brookfield Renewable Partners had a net margin of 2.37% and a return on equity of 0.46%. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period last year, the business earned ($0.10) EPS. The company’s revenue was up 23.0% compared to the same quarter last year. On average, equities analysts predict that Brookfield Renewable Partners L.P. will post -0.57 earnings per share for the current fiscal year.

Brookfield Renewable Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, August 30th were paid a $0.355 dividend. The ex-dividend date was Friday, August 30th. This represents a $1.42 annualized dividend and a dividend yield of 5.01%. Brookfield Renewable Partners’s dividend payout ratio is -308.70%.

Institutional Trading of Brookfield Renewable Partners

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BEP. Principal Financial Group Inc. boosted its position in shares of Brookfield Renewable Partners by 0.9% during the 2nd quarter. Principal Financial Group Inc. now owns 7,275,031 shares of the utilities provider’s stock valued at $180,203,000 after purchasing an additional 66,794 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Brookfield Renewable Partners by 0.6% during the 2nd quarter. CIBC Asset Management Inc now owns 6,915,814 shares of the utilities provider’s stock worth $171,010,000 after buying an additional 37,836 shares in the last quarter. CCLA Investment Management grew its position in shares of Brookfield Renewable Partners by 1.9% during the 2nd quarter. CCLA Investment Management now owns 2,578,419 shares of the utilities provider’s stock worth $63,952,000 after buying an additional 47,734 shares during the period. TD Asset Management Inc lifted its position in shares of Brookfield Renewable Partners by 2.9% during the 2nd quarter. TD Asset Management Inc now owns 2,377,124 shares of the utilities provider’s stock valued at $58,805,000 after acquiring an additional 67,777 shares during the period. Finally, APG Asset Management N.V. boosted its stake in Brookfield Renewable Partners by 0.3% during the second quarter. APG Asset Management N.V. now owns 1,747,150 shares of the utilities provider’s stock worth $40,327,000 after acquiring an additional 5,388 shares in the last quarter. 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.