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

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

The utilities provider reported $0.54 EPS for the quarter, topping the consensus estimate of ($0.35) by $0.89. Brookfield Renewable Partners had a net margin of 3.52% and a return on equity of 0.66%.

Brookfield Renewable Partners Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BEP. Barclays set a $28.00 price target on shares of Brookfield Renewable Partners and gave the company an “equal weight” rating in a report on Friday, January 23rd. Scotiabank restated an “outperform” rating and issued a $35.00 target price (up previously from $30.00) on shares of Brookfield Renewable Partners in a report on Thursday, November 6th. JPMorgan Chase & Co. lifted their target price on shares of Brookfield Renewable Partners from $32.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. CIBC set a $35.00 price target on Brookfield Renewable Partners and gave the company an “outperformer” rating in a report on Thursday, November 6th. Finally, Mizuho set a $33.00 price objective on Brookfield Renewable Partners in a report on Friday, November 7th. One investment 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $34.93.

Institutional Trading of Brookfield Renewable Partners

Several hedge funds have recently modified their holdings of BEP. S&CO Inc. bought a new stake in Brookfield Renewable Partners during the second quarter worth approximately $255,000. Liontrust Investment Partners LLP purchased a new position in shares of Brookfield Renewable Partners in the 2nd quarter worth approximately $24,180,000. HB Wealth Management LLC bought a new position in shares of Brookfield Renewable Partners during the 3rd quarter valued at approximately $979,000. NINE MASTS CAPITAL Ltd purchased a new stake in Brookfield Renewable Partners during the 2nd quarter valued at $5,552,000. Finally, Blair William & Co. IL bought a new stake in Brookfield Renewable Partners in the second quarter worth $476,000. 63.16% of the stock is owned by hedge funds and other institutional investors.

Brookfield Renewable Partners Stock Performance

The company has a debt-to-equity ratio of 0.91, a current ratio of 0.58 and a quick ratio of 0.58. The business has a 50-day moving average of $27.86 and a 200-day moving average of $27.29. The company has a market capitalization of $9.17 billion, a P/E ratio of -34.86 and a beta of 1.12.

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.