Brookfield Renewable Partners (NYSE:BEP) Stock Price Up 7.9% – Here’s Why

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) rose 7.9% during mid-day trading on Monday . The stock traded as high as $25.86 and last traded at $25.86. Approximately 1,085,765 shares traded hands during trading, an increase of 92% from the average daily volume of 566,454 shares. The stock had previously closed at $23.96.

Analyst Ratings Changes

BEP has been the subject of a number of analyst reports. CIBC decreased their price objective on shares of Brookfield Renewable Partners from $31.00 to $30.00 and set an “outperformer” rating for the company in a research report on Monday, May 5th. Barclays initiated coverage on Brookfield Renewable Partners in a report on Wednesday, April 2nd. They set an “equal weight” rating and a $27.00 target price on the stock. National Bankshares decreased their price target on shares of Brookfield Renewable Partners from $32.00 to $30.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 11th. Scotiabank upped their price objective on Brookfield Renewable Partners from $28.00 to $29.00 and gave the company an “outperform” rating in a report on Thursday, February 13th. Finally, Wall Street Zen downgraded shares of Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research report on Tuesday, February 25th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $29.13.

Brookfield Renewable Partners Trading Up 7.7%

The company has a debt-to-equity ratio of 0.93, a current ratio of 0.25 and a quick ratio of 0.73. The firm has a market capitalization of $7.32 billion, a price-to-earnings ratio of -28.98 and a beta of 0.98. The firm’s 50-day simple moving average is $22.74 and its 200 day simple moving average is $22.83.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last announced its quarterly earnings results on Friday, May 2nd. The utilities provider reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.09). Brookfield Renewable Partners had a negative net margin of 0.15% and a negative return on equity of 0.03%. The company had revenue of $907.00 million for the quarter, compared to the consensus estimate of $1.73 billion. Equities analysts expect that Brookfield Renewable Partners L.P. will post -1.04 earnings per share for the current year.

Brookfield Renewable Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, May 30th will be given a $0.373 dividend. This represents a $1.49 annualized dividend and a yield of 5.78%. The ex-dividend date of this dividend is Friday, May 30th. Brookfield Renewable Partners’s dividend payout ratio (DPR) is currently -147.52%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BEP. CIBC Asset Management Inc raised its holdings in Brookfield Renewable Partners by 23.8% during the 4th quarter. CIBC Asset Management Inc now owns 8,472,170 shares of the utilities provider’s stock worth $192,605,000 after purchasing an additional 1,628,524 shares during the last quarter. AGF Management Ltd. raised its stake in Brookfield Renewable Partners by 3,234.7% during the fourth quarter. AGF Management Ltd. now owns 1,588,410 shares of the utilities provider’s stock worth $36,681,000 after buying an additional 1,540,777 shares during the last quarter. National Bank of Canada FI lifted its holdings in Brookfield Renewable Partners by 102.4% in the fourth quarter. National Bank of Canada FI now owns 2,106,264 shares of the utilities provider’s stock valued at $48,023,000 after buying an additional 1,065,590 shares during the period. SCS Capital Management LLC acquired a new position in Brookfield Renewable Partners in the first quarter valued at $15,939,000. Finally, TD Asset Management Inc boosted its position in Brookfield Renewable Partners by 30.1% during the first quarter. TD Asset Management Inc now owns 2,975,447 shares of the utilities provider’s stock valued at $65,866,000 after acquiring an additional 689,196 shares during the last quarter. 63.16% of the stock is owned by institutional investors.

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.