StockNews.com Begins Coverage on Brookfield Renewable Partners (NYSE:BEP)

StockNews.com began coverage on shares of Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) in a research note published on Friday. The firm issued a sell rating on the utilities provider’s stock.

BEP has been the subject of several other reports. BMO Capital Markets raised their target price on shares of Brookfield Renewable Partners from $28.00 to $30.00 and gave the company an outperform rating in a research note on Monday, May 6th. CIBC raised their target price on shares of Brookfield Renewable Partners from $30.00 to $32.00 and gave the company an outperform rating in a research note on Monday, May 6th. National Bankshares raised their target price on shares of Brookfield Renewable Partners from $30.00 to $32.00 and gave the company an outperform rating in a research note on Tuesday, May 28th. TD Securities raised their price objective on shares of Brookfield Renewable Partners from $32.00 to $34.00 and gave the stock a buy rating in a research report on Wednesday, May 29th. Finally, Scotiabank raised their price objective on shares of Brookfield Renewable Partners from $31.00 to $32.00 and gave the stock a sector outperform rating in a research report on Wednesday, June 12th. One research analyst has rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Brookfield Renewable Partners has a consensus rating of Moderate Buy and an average price target of $31.17.

Brookfield Renewable Partners Price Performance

Shares of NYSE BEP opened at $24.52 on Friday. The stock has a market capitalization of $6.99 billion, a price-to-earnings ratio of -53.30 and a beta of 0.94. The business has a 50-day moving average of $25.39 and a 200-day moving average of $24.81. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.56 and a quick ratio of 0.56. Brookfield Renewable Partners has a fifty-two week low of $19.92 and a fifty-two week high of $30.32.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last announced its quarterly earnings data on Friday, May 3rd. The utilities provider reported ($0.23) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.24). Brookfield Renewable Partners had a net margin of 7.10% and a return on equity of 1.30%. The company had revenue of $875.00 million during the quarter, compared to the consensus estimate of $828.39 million. As a group, sell-side analysts predict that Brookfield Renewable Partners will post -0.49 earnings per share for the current fiscal year.

Brookfield Renewable Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be given a $0.355 dividend. The ex-dividend date is Friday, May 31st. This represents a $1.42 dividend on an annualized basis and a dividend yield of 5.79%. Brookfield Renewable Partners’s payout ratio is -308.69%.

Institutional Investors Weigh In On Brookfield Renewable Partners

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of Nova Scotia raised its position in shares of Brookfield Renewable Partners by 10.7% in the fourth quarter. Bank of Nova Scotia now owns 704,744 shares of the utilities provider’s stock valued at $18,515,000 after buying an additional 67,964 shares in the last quarter. FIL Ltd increased its stake in Brookfield Renewable Partners by 37.1% in the fourth quarter. FIL Ltd now owns 12,842,634 shares of the utilities provider’s stock valued at $337,385,000 after acquiring an additional 3,474,522 shares during the last quarter. National Bank of Canada FI increased its stake in Brookfield Renewable Partners by 7.1% in the fourth quarter. National Bank of Canada FI now owns 1,041,274 shares of the utilities provider’s stock valued at $26,964,000 after acquiring an additional 68,956 shares during the last quarter. Royal Bank of Canada increased its stake in Brookfield Renewable Partners by 0.9% in the third quarter. Royal Bank of Canada now owns 13,252,391 shares of the utilities provider’s stock valued at $288,107,000 after acquiring an additional 117,246 shares during the last quarter. Finally, CCLA Investment Management increased its stake in Brookfield Renewable Partners by 37.2% in the fourth quarter. CCLA Investment Management now owns 2,495,770 shares of the utilities provider’s stock valued at $65,558,000 after acquiring an additional 676,754 shares during the last quarter. 63.16% of the stock is currently owned by institutional investors and hedge funds.

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.