Brookfield Renewable Partners L.P. (NYSE:BEP) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) have earned a consensus rating of “Moderate Buy” from the sixteen research firms that are currently covering the firm, MarketBeat reports. Five equities research analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $38.00.

Several analysts recently issued reports on the company. Zacks Research downgraded Brookfield Renewable Partners from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Morgan Stanley raised their price target on Brookfield Renewable Partners from $38.00 to $42.00 and gave the stock an “overweight” rating in a report on Monday, March 23rd. UBS Group reissued a “buy” rating and issued a $40.00 price target (up from $39.00) on shares of Brookfield Renewable Partners in a report on Friday, June 12th. Scotiabank reaffirmed an “outperform” rating and set a $42.00 target price (up from $36.00) on shares of Brookfield Renewable Partners in a research note on Friday, May 29th. Finally, JPMorgan Chase & Co. lifted their target price on Brookfield Renewable Partners from $34.00 to $40.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th.

Brookfield Renewable Partners Stock Performance

Brookfield Renewable Partners stock opened at $35.31 on Friday. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.75. Brookfield Renewable Partners has a 12 month low of $24.13 and a 12 month high of $38.12. The company has a market cap of $10.65 billion, a price-to-earnings ratio of -113.88 and a beta of 1.09. The stock’s 50-day moving average is $34.88 and its 200-day moving average is $31.51.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last posted its earnings results on Friday, May 1st. The utilities provider reported ($0.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.04). Brookfield Renewable Partners had a net margin of 8.28% and a return on equity of 1.57%. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.50 billion. Equities analysts anticipate that Brookfield Renewable Partners will post -1.53 earnings per share 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. Shareholders 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 annualized dividend and a yield of 4.4%. Brookfield Renewable Partners’s payout ratio is presently -506.45%.

Hedge Funds Weigh In On Brookfield Renewable Partners

Hedge funds have recently modified their holdings of the company. Ovata Capital Management Ltd acquired a new stake in shares of Brookfield Renewable Partners during the third quarter worth $4,511,000. Citigroup Inc. raised its position in shares of Brookfield Renewable Partners by 246.1% during the third quarter. Citigroup Inc. now owns 169,621 shares of the utilities provider’s stock worth $4,373,000 after purchasing an additional 120,618 shares during the period. Principal Financial Group Inc. raised its position in shares of Brookfield Renewable Partners by 1.8% during the fourth quarter. Principal Financial Group Inc. now owns 10,305,148 shares of the utilities provider’s stock worth $277,930,000 after purchasing an additional 177,599 shares during the period. Picton Mahoney Asset Management raised its position in shares of Brookfield Renewable Partners by 95.6% during the third quarter. Picton Mahoney Asset Management now owns 1,070,639 shares of the utilities provider’s stock worth $27,589,000 after purchasing an additional 523,263 shares during the period. Finally, CIBC Bancorp USA Inc. acquired a new stake in shares of Brookfield Renewable Partners during the third quarter worth $19,944,000. 63.16% of the stock is currently owned by institutional investors and hedge funds.

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.