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

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) shares reached a new 52-week high during mid-day trading on Monday . The stock 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.

Analysts Set New Price Targets

Several research firms recently issued reports on BEP. Weiss Ratings reissued a “hold (c-)” rating on shares of Brookfield Renewable Partners in a research note on Friday, March 27th. Canadian Imperial Bank of Commerce initiated coverage on shares of Brookfield Renewable Partners in a research report on Wednesday, March 4th. They issued an “outperformer” rating and a $37.00 price target for the company. National Bank Financial raised their price target on shares of Brookfield Renewable Partners from $33.00 to $34.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Wall Street Zen raised shares of Brookfield Renewable Partners from a “sell” rating to a “hold” rating in a research report on Saturday, March 7th. Finally, Mizuho set a $31.00 price target on shares of Brookfield Renewable Partners and gave the company a “neutral” rating in a research report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $35.21.

Brookfield Renewable Partners Price Performance

The stock’s fifty day moving average price is $31.56 and its two-hundred day moving average price is $29.40. The firm has a market capitalization of $10.50 billion, a price-to-earnings ratio of -133.11 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.

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. Brookfield Renewable Partners had a net margin of 11.11% and a return on equity of 2.15%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.49 billion. Equities research analysts expect that Brookfield Renewable Partners L.P. will post -1.04 EPS for the current year.

Brookfield Renewable Partners Increases Dividend

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

Institutional Investors Weigh In On Brookfield Renewable Partners

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BROOKFIELD Corp ON raised its stake in Brookfield Renewable Partners by 9.4% during the 4th quarter. BROOKFIELD Corp ON now owns 81,306,719 shares of the utilities provider’s stock worth $2,192,842,000 after acquiring an additional 6,967,670 shares in the last quarter. Principal Financial Group Inc. raised its stake in Brookfield Renewable Partners by 1.8% during the 4th quarter. Principal Financial Group Inc. now owns 10,305,148 shares of the utilities provider’s stock worth $277,930,000 after acquiring an additional 177,599 shares in the last quarter. Bank of Montreal Can raised its stake in Brookfield Renewable Partners by 20.3% during the 4th quarter. Bank of Montreal Can now owns 8,394,947 shares of the utilities provider’s stock worth $226,859,000 after acquiring an additional 1,415,989 shares in the last quarter. State of Wisconsin Investment Board raised its stake in Brookfield Renewable Partners by 128.0% during the 4th quarter. State of Wisconsin Investment Board now owns 4,867,084 shares of the utilities provider’s stock worth $131,265,000 after acquiring an additional 2,732,542 shares in the last quarter. Finally, Morgan Stanley grew its position in Brookfield Renewable Partners by 41.9% during the 4th quarter. Morgan Stanley now owns 4,029,046 shares of the utilities provider’s stock worth $108,663,000 after purchasing an additional 1,189,130 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. 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.