Brookfield Renewable Partners (NYSE:BEP) Trading 5.5% Higher After Earnings Beat

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) shares rose 5.5% during mid-day trading on Friday following a stronger than expected earnings report. The company traded as high as $30.26 and last traded at $30.0050. Approximately 391,681 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 518,114 shares. The stock had previously closed at $28.45.

The utilities provider reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.88. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.49 billion. Brookfield Renewable Partners had a net margin of 3.52% and a return on equity of 0.66%.

Brookfield Renewable Partners Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Friday, November 28th were given a dividend of $0.373 per share. The ex-dividend date of this dividend was Friday, November 28th. This represents a $1.49 annualized dividend and a yield of 5.0%. Brookfield Renewable Partners’s payout ratio is -173.26%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BEP. Desjardins upgraded shares of Brookfield Renewable Partners to a “hold” rating in a research note on Wednesday, November 26th. Morgan Stanley reiterated an “overweight” rating and issued a $38.00 price target (up from $36.00) on shares of Brookfield Renewable Partners in a research note on Monday, November 24th. CIBC set a $35.00 target price on Brookfield Renewable Partners and gave the stock an “outperformer” rating in a research report on Thursday, November 6th. Royal Bank Of Canada increased their price target on Brookfield Renewable Partners from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Thursday, October 30th. Finally, National Bankshares raised their target price on Brookfield Renewable Partners from $33.00 to $34.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.93.

Institutional Trading of Brookfield Renewable Partners

A number of institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. increased its holdings in 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 worth $261,189,000 after acquiring an additional 1,414,837 shares during the period. Bank of Montreal Can increased its holdings in shares of Brookfield Renewable Partners by 6.5% in the third quarter. Bank of Montreal Can now owns 6,978,958 shares of the utilities provider’s stock worth $179,837,000 after buying an additional 428,446 shares during the period. Scotia Capital Inc. increased its stake in shares of Brookfield Renewable Partners by 2.5% in the third quarter. Scotia Capital Inc. now owns 2,751,581 shares of the utilities provider’s stock worth $70,795,000 after buying an additional 67,481 shares during the period. National Bank of Canada FI increased its holdings in Brookfield Renewable Partners by 8.4% during the 3rd quarter. National Bank of Canada FI now owns 2,697,265 shares of the utilities provider’s stock valued at $69,226,000 after purchasing an additional 207,985 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in Brookfield Renewable Partners by 20.2% in the third quarter. Ameriprise Financial Inc. now owns 1,791,832 shares of the utilities provider’s stock valued at $46,211,000 after acquiring an additional 301,229 shares in the last quarter. Hedge funds and other institutional investors own 63.16% of the company’s stock.

Brookfield Renewable Partners Stock Performance

The company has a 50-day simple moving average of $27.89 and a two-hundred day simple moving average of $27.32. The firm has a market capitalization of $9.14 billion, a P/E ratio of -34.73 and a beta of 1.12. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.58 and a current ratio of 0.58.

Brookfield Renewable Partners Company Profile

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.