Brookfield Renewable Partners L.P. (NYSE:BEP) Sees Significant Increase in Short Interest

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) saw a significant growth in short interest in September. As of September 15th, there was short interest totalling 2,050,000 shares, a growth of 13.3% from the August 31st total of 1,810,000 shares. Based on an average daily volume of 429,100 shares, the days-to-cover ratio is currently 4.8 days.

Brookfield Renewable Partners Stock Performance

Shares of NYSE:BEP traded up $0.34 during midday trading on Friday, reaching $28.30. 450,949 shares of the company’s stock traded hands, compared to its average volume of 481,386. The company has a market cap of $8.07 billion, a price-to-earnings ratio of -61.52 and a beta of 0.93. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.52 and a current ratio of 0.52. Brookfield Renewable Partners has a one year low of $19.92 and a one year high of $28.81. The stock has a 50 day moving average of $24.99 and a 200 day moving average of $24.82.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last posted its quarterly earnings data on Friday, August 2nd. The utilities provider reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.41). The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Brookfield Renewable Partners had a net margin of 2.37% and a return on equity of 0.46%. The firm’s revenue was up 23.0% compared to the same quarter last year. During the same quarter last year, the company posted ($0.10) EPS. As a group, equities research analysts anticipate that Brookfield Renewable Partners will post -0.57 EPS for the current fiscal year.

Brookfield Renewable Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, August 30th were given a dividend of $0.355 per share. This represents a $1.42 dividend on an annualized basis and a yield of 5.02%. The ex-dividend date of this dividend was Friday, August 30th. Brookfield Renewable Partners’s dividend payout ratio (DPR) is presently -308.70%.

Institutional Trading of Brookfield Renewable Partners

Hedge funds have recently bought and sold shares of the company. Scarborough Advisors LLC purchased a new stake in Brookfield Renewable Partners in the fourth quarter worth about $30,000. Dixon Mitchell Investment Counsel Inc. purchased a new stake in Brookfield Renewable Partners in the first quarter worth about $31,000. Evermay Wealth Management LLC purchased a new stake in Brookfield Renewable Partners in the first quarter worth about $49,000. Clear Point Advisors Inc. purchased a new stake in Brookfield Renewable Partners in the first quarter worth about $49,000. Finally, PNC Financial Services Group Inc. increased its position in Brookfield Renewable Partners by 17.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 5,926 shares of the utilities provider’s stock worth $156,000 after buying an additional 900 shares in the last quarter. Hedge funds and other institutional investors own 63.16% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on BEP shares. Scotiabank boosted their target price on Brookfield Renewable Partners from $31.00 to $32.00 and gave the stock a “sector outperform” rating in a report on Wednesday, June 12th. Royal Bank of Canada reissued an “outperform” rating and issued a $31.00 target price on shares of Brookfield Renewable Partners in a report on Monday, August 5th. JPMorgan Chase & Co. boosted their target price on Brookfield Renewable Partners from $30.00 to $31.00 and gave the stock a “neutral” rating in a report on Wednesday. StockNews.com downgraded Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a report on Friday, August 2nd. Finally, National Bankshares boosted their target price on Brookfield Renewable Partners from $32.00 to $33.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $31.90.

About Brookfield Renewable Partners

Brookfield Renewable Partners L.P. owns a portfolio of renewable power generating facilities primarily in North America, Colombia, and Brazil. The company generates electricity through hydroelectric, wind, solar, distributed generation, and pumped storage, as well as renewable natural gas, carbon capture and storage, recycling, cogeneration biomass, nuclear services, and power transformation.