Brookfield Renewable Partners (NYSE:BEP) Hits New 12-Month High – Here’s Why

Shares of Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $35.12 and last traded at $34.9890, with a volume of 57805 shares. The stock had previously closed at $34.66.

Analyst Ratings Changes

A number of brokerages recently issued reports on BEP. Morgan Stanley boosted their target price on shares of Brookfield Renewable Partners from $38.00 to $42.00 and gave the stock an “overweight” rating in a research report on Monday, March 23rd. Mizuho set a $31.00 price target on shares of Brookfield Renewable Partners and gave the stock a “neutral” rating in a research note on Monday, February 2nd. Barclays set a $28.00 price target on shares of Brookfield Renewable Partners and gave the stock an “equal weight” rating in a research note on Friday, January 23rd. Zacks Research upgraded shares of Brookfield Renewable Partners from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 6th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Brookfield Renewable Partners in a research note on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.21.

Brookfield Renewable Partners Price Performance

The stock has a market capitalization of $10.58 billion, a P/E ratio of -134.12 and a beta of 1.09. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 0.80. The company has a fifty day simple moving average of $31.74 and a two-hundred day simple moving average of $29.53.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last announced its quarterly earnings data on Friday, January 30th. The utilities provider reported $0.54 earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.88. The firm had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Brookfield Renewable Partners had a return on equity of 2.15% and a net margin of 11.11%. Sell-side analysts expect that Brookfield Renewable Partners L.P. will post -1.04 EPS for the current fiscal year.

Brookfield Renewable Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, February 27th were paid a $0.392 dividend. This is a boost from Brookfield Renewable Partners’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Friday, February 27th. This represents a $1.57 dividend on an annualized basis and a dividend yield of 4.5%. Brookfield Renewable Partners’s dividend payout ratio (DPR) is currently -603.85%.

Institutional Trading of Brookfield Renewable Partners

Large investors have recently bought and sold shares of the business. HB Wealth Management LLC bought a new stake in Brookfield Renewable Partners during the 3rd quarter worth approximately $979,000. Ovata Capital Management Ltd acquired a new position in Brookfield Renewable Partners during the 3rd quarter worth approximately $4,511,000. Citigroup Inc. boosted its position in Brookfield Renewable Partners by 246.1% during the 3rd quarter. Citigroup Inc. now owns 169,621 shares of the utilities provider’s stock worth $4,373,000 after acquiring an additional 120,618 shares during the last quarter. Principal Financial Group Inc. boosted its position in Brookfield Renewable Partners by 16.2% during the 3rd quarter. Principal Financial Group Inc. now owns 10,127,549 shares of the utilities provider’s stock worth $261,189,000 after acquiring an additional 1,414,837 shares during the last quarter. Finally, Picton Mahoney Asset Management boosted its position in Brookfield Renewable Partners by 95.6% during the 3rd quarter. Picton Mahoney Asset Management now owns 1,070,639 shares of the utilities provider’s stock worth $27,589,000 after acquiring an additional 523,263 shares during the last quarter. 63.16% of the stock is owned by institutional investors.

About Brookfield Renewable Partners

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.