Brookfield Renewable Partners (NYSE:BEP) Stock Price Up 6.8% After Better-Than-Expected Earnings

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP)’s share price rose 6.8% during mid-day trading on Friday following a stronger than expected earnings report. The stock traded as high as $22.01 and last traded at $22.11. Approximately 616,739 shares changed hands during trading, a decline of 38% from the average daily volume of 992,481 shares. The stock had previously closed at $20.70.

The utilities provider reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.16. Brookfield Renewable Partners had a return on equity of 0.24% and a net margin of 1.16%. During the same period in the prior year, the business posted $0.01 earnings per share.

Brookfield Renewable Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th were paid a $0.355 dividend. This represents a $1.42 annualized dividend and a yield of 6.48%. The ex-dividend date was Friday, November 29th. Brookfield Renewable Partners’s dividend payout ratio is presently -173.17%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Scotiabank dropped their target price on Brookfield Renewable Partners from $32.00 to $28.00 and set an “outperform” rating for the company in a report on Thursday. JPMorgan Chase & Co. cut their target price on shares of Brookfield Renewable Partners from $30.00 to $28.00 and set an “overweight” rating on the stock in a report on Thursday, January 23rd. National Bankshares lowered their price target on shares of Brookfield Renewable Partners from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Wednesday, December 18th. StockNews.com lowered shares of Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a report on Thursday, December 26th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $31.00 price objective on shares of Brookfield Renewable Partners in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $31.78.

Hedge Funds Weigh In On Brookfield Renewable Partners

A number of institutional investors have recently added to or reduced their stakes in the company. CIBC Asset Management Inc grew its position in shares of Brookfield Renewable Partners by 23.8% in the 4th quarter. CIBC Asset Management Inc now owns 8,472,170 shares of the utilities provider’s stock worth $192,605,000 after buying an additional 1,628,524 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Brookfield Renewable Partners by 3.2% during the fourth quarter. Principal Financial Group Inc. now owns 7,851,842 shares of the utilities provider’s stock valued at $178,943,000 after purchasing an additional 246,163 shares during the last quarter. Bank of Montreal Can boosted its position in shares of Brookfield Renewable Partners by 0.4% in the 3rd quarter. Bank of Montreal Can now owns 6,744,285 shares of the utilities provider’s stock worth $190,469,000 after purchasing an additional 26,189 shares in the last quarter. Cibc World Market Inc. grew its stake in shares of Brookfield Renewable Partners by 4.4% in the 4th quarter. Cibc World Market Inc. now owns 2,751,587 shares of the utilities provider’s stock worth $62,647,000 after buying an additional 116,593 shares during the last quarter. Finally, CCLA Investment Management increased its position in Brookfield Renewable Partners by 1.9% during the 4th quarter. CCLA Investment Management now owns 2,627,972 shares of the utilities provider’s stock valued at $59,838,000 after buying an additional 49,553 shares in the last quarter. Institutional investors own 63.16% of the company’s stock.

Brookfield Renewable Partners Stock Up 5.8 %

The firm has a market cap of $6.24 billion, a PE ratio of -26.70 and a beta of 0.95. The stock has a 50 day simple moving average of $23.09 and a 200-day simple moving average of $24.75. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.73 and a quick ratio of 0.73.

Brookfield Renewable Partners Company Profile

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.