Brookfield Renewable Partners (NYSE:BEP) Stock Price Up 8% – Time to Buy?

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) shares were up 8% during mid-day trading on Wednesday . The company traded as high as $28.00 and last traded at $27.90. Approximately 443,503 shares traded hands during mid-day trading, a decline of 6% from the average daily volume of 470,126 shares. The stock had previously closed at $25.84.

Wall Street Analyst Weigh In

A number of analysts have commented on BEP shares. JPMorgan Chase & Co. boosted their price target on shares of Brookfield Renewable Partners from $30.00 to $31.00 and gave the company a “neutral” rating in a research note on Wednesday, September 25th. UBS Group upgraded shares of Brookfield Renewable Partners from a “neutral” rating to a “buy” rating and upped their target price for the stock from $24.00 to $31.00 in a report on Monday, September 30th. National Bankshares raised their target price on Brookfield Renewable Partners from $32.00 to $33.00 and gave the company an “outperform” rating in a report on Friday, July 19th. StockNews.com lowered Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research report on Friday, August 2nd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $31.00 price objective on shares of Brookfield Renewable Partners in a report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $32.50.

Brookfield Renewable Partners Stock Performance

The company’s 50-day moving average is $25.60 and its two-hundred day moving average is $25.17. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.91. The company has a market cap of $8.09 billion, a P/E ratio of -60.65 and a beta of 0.94.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last released its earnings results on Friday, August 2nd. The utilities provider reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.41). The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.49 billion. Brookfield Renewable Partners had a net margin of 2.37% and a return on equity of 0.46%. The firm’s revenue was up 23.0% on a year-over-year basis. During the same period in the prior year, the company earned ($0.10) earnings per share. Equities analysts predict that Brookfield Renewable Partners L.P. will post -0.57 EPS for the current year.

Brookfield Renewable Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, August 30th were given a dividend of $0.355 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.42 dividend on an annualized basis and a dividend yield of 5.01%. Brookfield Renewable Partners’s dividend payout ratio is presently -308.70%.

Hedge Funds Weigh In On Brookfield Renewable Partners

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its stake in shares of Brookfield Renewable Partners by 86.5% during the 3rd quarter. GAMMA Investing LLC now owns 953 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 442 shares during the period. Clearbridge Investments LLC increased its position in shares of Brookfield Renewable Partners by 0.9% during the first quarter. Clearbridge Investments LLC now owns 86,830 shares of the utilities provider’s stock valued at $2,017,000 after buying an additional 768 shares during the period. Tidal Investments LLC increased its position in shares of Brookfield Renewable Partners by 2.5% during the first quarter. Tidal Investments LLC now owns 37,258 shares of the utilities provider’s stock valued at $866,000 after buying an additional 894 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Brookfield Renewable Partners by 17.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 5,926 shares of the utilities provider’s stock worth $156,000 after buying an additional 900 shares in the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. bought a new position in shares of Brookfield Renewable Partners in the first quarter valued at approximately $31,000. Institutional investors own 63.16% of the company’s stock.

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.