Brookfield Renewable Partners (NYSE:BEP) Trading Up 8% – Here’s Why

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP)’s stock price was up 8% during mid-day 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

A number of equities analysts have weighed in on BEP shares. StockNews.com lowered Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research note on Friday, August 2nd. UBS Group upgraded shares of Brookfield Renewable Partners from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $24.00 to $31.00 in a research report on Monday, September 30th. JPMorgan Chase & Co. dropped their target price on shares of Brookfield Renewable Partners from $31.00 to $29.00 and set a “neutral” rating for the company in a research report on Thursday. National Bankshares increased their price target on shares of Brookfield Renewable Partners from $32.00 to $33.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $31.00 price objective on shares of Brookfield Renewable Partners in a research report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $32.30.

Brookfield Renewable Partners Trading Up 1.6 %

The firm’s 50-day simple moving average is $25.74 and its 200-day simple moving average is $25.21. The firm has a market capitalization of $8.07 billion, a PE ratio of -61.58 and a beta of 0.94. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.91.

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

Brookfield Renewable Partners Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, August 30th were issued a dividend of $0.355 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.42 dividend on an annualized basis and a dividend yield of 5.01%. Brookfield Renewable Partners’s dividend payout ratio is currently -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. lifted its stake in shares of Brookfield Renewable Partners by 0.9% in 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 during the period. 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 valued at $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% in 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 grew its position in shares of Brookfield Renewable Partners by 2.9% in the 2nd quarter. TD Asset Management Inc now owns 2,377,124 shares of the utilities provider’s stock worth $58,805,000 after buying an additional 67,777 shares during the period. Finally, APG Asset Management N.V. lifted its position in Brookfield Renewable Partners by 0.3% during the 2nd quarter. APG Asset Management N.V. now owns 1,747,150 shares of the utilities provider’s stock valued at $40,327,000 after acquiring an additional 5,388 shares during the period. Hedge funds and other institutional investors own 63.16% of the company’s stock.

Brookfield Renewable Partners Company Profile

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.