Brookfield Renewable Partners (NYSE:BEP) Shares Up 5.5% Following Earnings Beat

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP)’s share price shot up 5.5% during mid-day trading on Friday following a stronger than expected earnings report. The company traded as high as $30.26 and last traded at $30.0050. 391,681 shares traded hands during mid-day trading, a decline of 24% from the average session volume of 518,114 shares. The stock had previously closed at $28.45.

The utilities provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.89. Brookfield Renewable Partners had a return on equity of 0.66% and a net margin of 3.52%.

Brookfield Renewable Partners Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on BEP shares. JPMorgan Chase & Co. boosted their target price on shares of Brookfield Renewable Partners from $32.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. UBS Group reissued a “buy” rating and set a $39.00 target price (up previously from $38.00) on shares of Brookfield Renewable Partners in a research report on Friday, December 5th. Raymond James Financial reaffirmed an “outperform” rating and set a $35.00 price target on shares of Brookfield Renewable Partners in a research report on Wednesday, October 29th. Morgan Stanley reissued an “overweight” rating and issued a $38.00 price objective (up previously from $36.00) on shares of Brookfield Renewable Partners in a research report on Monday, November 24th. Finally, Royal Bank Of Canada upped their target price on Brookfield Renewable Partners from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Thursday, October 30th. One 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 company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $34.93.

Institutional Trading of Brookfield Renewable Partners

Several large investors have recently added to or reduced their stakes in BEP. Sanctuary Advisors LLC boosted its holdings in Brookfield Renewable Partners by 6.6% in the fourth quarter. Sanctuary Advisors LLC now owns 63,723 shares of the utilities provider’s stock valued at $1,719,000 after purchasing an additional 3,931 shares during the last quarter. Warren Street Wealth Advisors LLC acquired a new position in shares of Brookfield Renewable Partners in the 4th quarter valued at about $225,000. Gold Investment Management Ltd. grew its holdings in Brookfield Renewable Partners by 3.6% during the fourth quarter. Gold Investment Management Ltd. now owns 101,946 shares of the utilities provider’s stock worth $2,755,000 after acquiring an additional 3,524 shares during the period. TABR Capital Management LLC purchased a new position in Brookfield Renewable Partners during the fourth quarter valued at approximately $544,000. Finally, TD Waterhouse Canada Inc. raised its position in Brookfield Renewable Partners by 2.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 833,139 shares of the utilities provider’s stock valued at $22,459,000 after acquiring an additional 18,887 shares in the last quarter. Hedge funds and other institutional investors own 63.16% of the company’s stock.

Brookfield Renewable Partners Price Performance

The company has a debt-to-equity ratio of 0.91, a current ratio of 0.58 and a quick ratio of 0.58. The stock has a fifty day simple moving average of $27.86 and a 200-day simple moving average of $27.29. The company has a market capitalization of $9.17 billion, a price-to-earnings ratio of -34.86 and a beta of 1.12.

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.