Brookfield Renewable Partners (NYSE:BEP) Shares Up 5.5% on Strong Earnings

Shares of Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) were 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. Approximately 391,681 shares changed hands during trading, a decline of 24% from the average daily 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 ($0.34) by $0.88. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.49 billion. Brookfield Renewable Partners had a net margin of 3.52% and a return on equity of 0.66%.

Brookfield Renewable Partners Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research firms have recently commented on BEP. National Bankshares upped their target price on Brookfield Renewable Partners from $33.00 to $34.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Royal Bank Of Canada raised their price target on shares of Brookfield Renewable Partners from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Thursday, October 30th. Desjardins upgraded shares of Brookfield Renewable Partners to a “hold” rating in a research report on Wednesday, November 26th. CIBC set a $35.00 price objective on shares of Brookfield Renewable Partners and gave the company an “outperformer” rating in a report on Thursday, November 6th. Finally, Scotiabank reaffirmed an “outperform” rating and set a $35.00 target price (up previously from $30.00) on shares of Brookfield Renewable Partners in a report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $34.93.

Institutional Trading of Brookfield Renewable Partners

Institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. lifted its stake in Brookfield Renewable Partners by 16.2% during the third quarter. Principal Financial Group Inc. now owns 10,127,549 shares of the utilities provider’s stock valued at $261,189,000 after buying an additional 1,414,837 shares in the last quarter. Bank of Montreal Can grew its stake in Brookfield Renewable Partners by 6.5% during the 3rd quarter. Bank of Montreal Can now owns 6,978,958 shares of the utilities provider’s stock valued at $179,837,000 after acquiring an additional 428,446 shares in the last quarter. Scotia Capital Inc. grew its position in Brookfield Renewable Partners by 2.5% during the third quarter. Scotia Capital Inc. now owns 2,751,581 shares of the utilities provider’s stock valued at $70,795,000 after purchasing an additional 67,481 shares in the last quarter. National Bank of Canada FI increased its stake in shares of Brookfield Renewable Partners by 8.4% in the third quarter. National Bank of Canada FI now owns 2,697,265 shares of the utilities provider’s stock worth $69,226,000 after acquiring an additional 207,985 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Brookfield Renewable Partners by 20.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,791,832 shares of the utilities provider’s stock valued at $46,211,000 after buying an additional 301,229 shares during the last quarter. Institutional investors own 63.16% of the company’s stock.

Brookfield Renewable Partners Price Performance

The company has a market capitalization of $9.14 billion, a P/E ratio of -34.73 and a beta of 1.12. The company’s 50-day simple moving average is $27.89 and its 200 day simple moving average is $27.32. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.91.

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.