Brookfield Renewable Partners (NYSE:BEP) Hits New 52-Week High – What’s Next?

Shares of Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) reached a new 52-week high during trading on Thursday . The stock traded as high as $37.20 and last traded at $36.4970, with a volume of 505397 shares traded. The stock had previously closed at $36.94.

Analyst Upgrades and Downgrades

Several research firms have commented on BEP. JPMorgan Chase & Co. lifted their target price on shares of Brookfield Renewable Partners from $34.00 to $40.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. Zacks Research cut shares of Brookfield Renewable Partners from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. TD Securities reaffirmed a “buy” rating and issued a $39.00 target price on shares of Brookfield Renewable Partners in a research note on Monday, May 4th. Morgan Stanley lifted their target price on shares of Brookfield Renewable Partners from $38.00 to $42.00 and gave the stock an “overweight” rating in a research note on Monday, March 23rd. Finally, Mizuho set a $31.00 target price on shares of Brookfield Renewable Partners and gave the stock a “neutral” rating in a research note on Monday, February 2nd. Eleven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Brookfield Renewable Partners currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.21.

Brookfield Renewable Partners Stock Performance

The company has a market cap of $11.07 billion, a price-to-earnings ratio of -117.73 and a beta of 1.06. The stock’s fifty day simple moving average is $33.64 and its two-hundred day simple moving average is $30.70. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.75 and a current ratio of 0.75.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last announced its quarterly earnings results on Friday, May 1st. The utilities provider reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.04). The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.50 billion. Brookfield Renewable Partners had a net margin of 8.28% and a return on equity of 1.57%. Equities research analysts anticipate that Brookfield Renewable Partners L.P. will post -1.38 EPS for the current year.

Brookfield Renewable Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, May 29th will be issued a dividend of $0.392 per share. The ex-dividend date is Friday, May 29th. This represents a $1.57 annualized dividend and a dividend yield of 4.3%. Brookfield Renewable Partners’s payout ratio is presently -506.45%.

Hedge Funds Weigh In On Brookfield Renewable Partners

Several hedge funds and other institutional investors have recently made changes to their positions in BEP. BROOKFIELD Corp ON lifted its holdings in shares of Brookfield Renewable Partners by 9.4% during the 4th quarter. BROOKFIELD Corp ON now owns 81,306,719 shares of the utilities provider’s stock valued at $2,192,842,000 after acquiring an additional 6,967,670 shares in the last quarter. State of Wisconsin Investment Board lifted its holdings in shares of Brookfield Renewable Partners by 128.0% during the 4th quarter. State of Wisconsin Investment Board now owns 4,867,084 shares of the utilities provider’s stock valued at $131,265,000 after acquiring an additional 2,732,542 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of Brookfield Renewable Partners by 20.3% during the 4th quarter. Bank of Montreal Can now owns 8,394,947 shares of the utilities provider’s stock valued at $226,859,000 after acquiring an additional 1,415,989 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Brookfield Renewable Partners by 16.2% during the 3rd quarter. Principal Financial Group Inc. now owns 10,127,549 shares of the utilities provider’s stock valued at $261,189,000 after acquiring an additional 1,414,837 shares in the last quarter. Finally, Morgan Stanley lifted its holdings in shares of Brookfield Renewable Partners by 41.9% during the 4th quarter. Morgan Stanley now owns 4,029,046 shares of the utilities provider’s stock valued at $108,663,000 after acquiring an additional 1,189,130 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. is a leading global owner, operator and developer of renewable power assets. Listed on the New York Stock Exchange under the ticker BEP, the partnership focuses on generating clean electricity from a diversified mix of hydroelectric, wind, solar and energy storage facilities. As part of the Brookfield Asset Management group, Brookfield Renewable leverages a long-term, asset-backed approach to investing in sustainable energy projects that support the transition to a low-carbon economy.

The company’s platform encompasses approximately 23,000 megawatts of installed capacity across four continents.