Short Interest in Brookfield Renewable Partners L.P. (NYSE:BEP) Rises By 58.5%

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) saw a large increase in short interest in the month of May. As of May 15th, there was short interest totalling 1,280,000 shares, an increase of 58.5% from the April 30th total of 807,800 shares. Based on an average daily volume of 617,000 shares, the days-to-cover ratio is presently 2.1 days. Currently, 0.5% of the shares of the company are sold short.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. National Bankshares dropped their price objective on shares of Brookfield Renewable Partners from $32.00 to $30.00 and set an “outperform” rating on the stock in a report on Tuesday, February 11th. Royal Bank of Canada restated an “outperform” rating and set a $31.00 price objective on shares of Brookfield Renewable Partners in a report on Monday, February 3rd. Barclays assumed coverage on shares of Brookfield Renewable Partners in a report on Wednesday, April 2nd. They set an “equal weight” rating and a $27.00 price objective on the stock. CIBC lowered their target price on shares of Brookfield Renewable Partners from $31.00 to $30.00 and set an “outperformer” rating on the stock in a research note on Monday, May 5th. Finally, Wall Street Zen cut shares of Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $29.13.

Brookfield Renewable Partners Stock Performance

NYSE BEP opened at $23.73 on Tuesday. The stock has a market cap of $6.73 billion, a P/E ratio of -26.66 and a beta of 0.99. The company’s 50-day simple moving average is $22.60 and its 200 day simple moving average is $22.87. Brookfield Renewable Partners has a twelve month low of $19.29 and a twelve month high of $29.56. The company has a quick ratio of 0.73, a current ratio of 0.25 and a debt-to-equity ratio of 0.93.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last released its quarterly earnings results on Friday, May 2nd. The utilities provider reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.09). The firm had revenue of $907.00 million during the quarter, compared to analyst estimates of $1.73 billion. Brookfield Renewable Partners had a negative net margin of 0.15% and a negative return on equity of 0.03%. As a group, research analysts forecast that Brookfield Renewable Partners will post -1.04 earnings per share for the current fiscal year.

Brookfield Renewable Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, May 30th will be paid a dividend of $0.373 per share. The ex-dividend date is Friday, May 30th. This represents a $1.49 annualized dividend and a dividend yield of 6.29%. Brookfield Renewable Partners’s dividend payout ratio (DPR) is currently -147.52%.

Institutional Trading of Brookfield Renewable Partners

Hedge funds have recently modified their holdings of the stock. Golden State Wealth Management LLC grew its stake in shares of Brookfield Renewable Partners by 103.6% during the first quarter. Golden State Wealth Management LLC now owns 1,138 shares of the utilities provider’s stock valued at $25,000 after purchasing an additional 579 shares during the last quarter. Promus Capital LLC bought a new stake in shares of Brookfield Renewable Partners during the fourth quarter valued at approximately $37,000. Rossby Financial LCC bought a new stake in shares of Brookfield Renewable Partners during the first quarter valued at approximately $41,000. NBC Securities Inc. bought a new stake in shares of Brookfield Renewable Partners during the first quarter valued at approximately $42,000. Finally, Jones Financial Companies Lllp grew its stake in shares of Brookfield Renewable Partners by 26.2% during the fourth quarter. Jones Financial Companies Lllp now owns 2,587 shares of the utilities provider’s stock valued at $59,000 after purchasing an additional 537 shares during the last quarter. 63.16% of the stock is owned by institutional investors.

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.