Brookfield Renewable Partners (NYSE:BEP) Sets New 1-Year High – Here’s What Happened

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 changing hands. The stock had previously closed at $36.94.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BEP. Morgan Stanley boosted their price objective on Brookfield Renewable Partners from $38.00 to $42.00 and gave the stock an “overweight” rating in a research report on Monday, March 23rd. Zacks Research cut Brookfield Renewable Partners from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Mizuho set a $31.00 target price on Brookfield Renewable Partners and gave the stock a “neutral” rating in a research note on Monday, February 2nd. Canadian Imperial Bank of Commerce reiterated an “outperform” rating and set a $40.00 price objective (up from $37.00) on shares of Brookfield Renewable Partners in a research report on Monday, April 20th. Finally, Scotiabank reiterated an “outperform” rating and issued a $42.00 price objective (up from $36.00) on shares of Brookfield Renewable Partners in a research report on Friday. Eleven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Brookfield Renewable Partners has a consensus rating of “Moderate Buy” and an average target price of $37.71.

Brookfield Renewable Partners Stock Down 0.4%

The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.82. The company has a market cap of $11.27 billion, a P/E ratio of -119.88 and a beta of 1.06. The company has a fifty day moving average of $33.87 and a 200 day moving average of $30.79.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last released its quarterly earnings results on Friday, May 1st. The utilities provider reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.04). The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.50 billion. Brookfield Renewable Partners had a net margin of 8.28% and a return on equity of 1.57%. On average, research analysts anticipate that Brookfield Renewable Partners L.P. will post -1.53 earnings per share for the current fiscal year.

Brookfield Renewable Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Friday, May 29th will be paid a dividend of $0.392 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.57 dividend on an annualized basis and a dividend yield of 4.2%. Brookfield Renewable Partners’s dividend payout ratio is currently -506.45%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. BROOKFIELD Corp ON increased its holdings in 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 worth $2,192,842,000 after purchasing an additional 6,967,670 shares during the period. State of Wisconsin Investment Board raised its stake in Brookfield Renewable Partners by 128.0% in the 4th quarter. State of Wisconsin Investment Board now owns 4,867,084 shares of the utilities provider’s stock worth $131,265,000 after acquiring an additional 2,732,542 shares during the last quarter. Bank of Montreal Can raised its stake in Brookfield Renewable Partners by 20.3% in the 4th quarter. Bank of Montreal Can now owns 8,394,947 shares of the utilities provider’s stock worth $226,859,000 after acquiring an additional 1,415,989 shares during the last quarter. Principal Financial Group Inc. raised its stake in Brookfield Renewable Partners by 16.2% in 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 last quarter. Finally, Morgan Stanley raised its stake in Brookfield Renewable Partners by 41.9% in the 4th quarter. Morgan Stanley now owns 4,029,046 shares of the utilities provider’s stock worth $108,663,000 after acquiring an additional 1,189,130 shares during the last quarter. Institutional investors own 63.16% of the company’s stock.

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.