Brookfield Renewable Partners (NYSE:BEP) Sets New 52-Week High – Should You Buy?

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $32.78 and last traded at $32.5340, with a volume of 272333 shares changing hands. The stock had previously closed at $31.77.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Canadian Imperial Bank of Commerce 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. Barclays set a $28.00 price objective on shares of Brookfield Renewable Partners and gave the company an “equal weight” rating in a report on Friday, January 23rd. Royal Bank Of Canada lifted their price target on Brookfield Renewable Partners from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Thursday, October 30th. BMO Capital Markets set a $36.00 price target on Brookfield Renewable Partners and gave the stock an “outperform” rating in a report on Wednesday, October 29th. Finally, National Bank Financial raised their price objective on Brookfield Renewable Partners from $33.00 to $34.00 and gave the company an “outperform” rating in a report on Monday, February 2nd. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $34.79.

Brookfield Renewable Partners Stock Performance

The company has a market capitalization of $9.10 billion, a price-to-earnings ratio of -123.23 and a beta of 1.14. The stock’s fifty day simple moving average is $28.43 and its 200-day simple moving average is $27.59. The company has a current ratio of 0.19, a quick ratio of 0.58 and a debt-to-equity ratio of 0.91.

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, beating analysts’ consensus estimates of ($0.34) by $0.88. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.49 billion. Brookfield Renewable Partners had a net margin of 11.11% and a return on equity of 2.15%. Analysts predict that Brookfield Renewable Partners L.P. will post -1.04 EPS for the current year.

Brookfield Renewable Partners Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, February 27th will be issued a $0.392 dividend. This represents a $1.57 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend is Friday, February 27th. This is a positive change from Brookfield Renewable Partners’s previous quarterly dividend of $0.37. Brookfield Renewable Partners’s dividend payout ratio is presently -573.08%.

Institutional Investors Weigh In On Brookfield Renewable Partners

A number of institutional investors and hedge funds have recently made changes to their positions in BEP. Osaic Holdings Inc. grew its holdings in shares of Brookfield Renewable Partners by 8.1% during the fourth quarter. Osaic Holdings Inc. now owns 27,836 shares of the utilities provider’s stock worth $751,000 after buying an additional 2,081 shares during the last quarter. Advisory Services Network LLC lifted its position in Brookfield Renewable Partners by 25.7% during the 4th quarter. Advisory Services Network LLC now owns 9,300 shares of the utilities provider’s stock worth $251,000 after acquiring an additional 1,900 shares during the period. Arosa Capital Management LP purchased a new position in shares of Brookfield Renewable Partners in the 4th quarter valued at approximately $4,180,000. State of Wisconsin Investment Board increased its holdings in shares of Brookfield Renewable Partners by 128.0% in the fourth quarter. State of Wisconsin Investment Board now owns 4,867,084 shares of the utilities provider’s stock valued at $131,265,000 after purchasing an additional 2,732,542 shares during the period. Finally, Alberta Investment Management Corp purchased a new stake in shares of Brookfield Renewable Partners during the fourth quarter worth approximately $8,380,000. 63.16% of the stock is owned by hedge funds and other 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.