Brookfield Renewable Partners (NYSE:BEP) Hits New 52-Week High – Here’s Why

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) reached a new 52-week high during trading on Tuesday . The company traded as high as $32.85 and last traded at $32.6590, with a volume of 330254 shares changing hands. The stock had previously closed at $31.75.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on BEP shares. UBS Group reissued a “buy” rating and issued a $39.00 price target (up from $38.00) on shares of Brookfield Renewable Partners in a research report on Friday, December 5th. Morgan Stanley raised their price target on Brookfield Renewable Partners from $38.00 to $42.00 and gave the stock an “overweight” rating in a research note on Monday, March 23rd. Barclays set a $28.00 price target on Brookfield Renewable Partners and gave the stock an “equal weight” rating in a research report on Friday, January 23rd. Mizuho set a $31.00 target price on shares of Brookfield Renewable Partners and gave the stock a “neutral” rating in a research report on Monday, February 2nd. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Brookfield Renewable Partners in a research note on Friday. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $35.21.

Brookfield Renewable Partners Stock Up 1.4%

The business has a 50-day simple moving average of $30.65 and a two-hundred day simple moving average of $28.88. The company has a market capitalization of $9.83 billion, a price-to-earnings ratio of -123.84 and a beta of 1.13. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.57 and a current ratio of 0.57.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last released its earnings results on Friday, January 30th. The utilities provider reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.88. Brookfield Renewable Partners had a return on equity of 2.15% and a net margin of 11.11%.The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.49 billion. As a group, equities analysts predict that Brookfield Renewable Partners L.P. will post -1.04 EPS for the current year.

Brookfield Renewable Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, February 27th will be given a dividend of $0.392 per share. This represents a $1.57 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date is Friday, February 27th. This is an increase from Brookfield Renewable Partners’s previous quarterly dividend of $0.37. Brookfield Renewable Partners’s payout ratio is currently -603.85%.

Institutional Trading of Brookfield Renewable Partners

Several hedge funds and other institutional investors have recently made changes to their positions in BEP. BROOKFIELD Corp ON raised its stake in shares of 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 buying an additional 6,967,670 shares in the last quarter. State of Wisconsin Investment Board boosted its stake 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 buying an additional 2,732,542 shares in the last quarter. Bank of Montreal Can grew its holdings in Brookfield Renewable Partners by 20.3% during the fourth 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 during the period. Principal Financial Group Inc. raised its position in Brookfield Renewable Partners by 16.2% in the third quarter. Principal Financial Group Inc. now owns 10,127,549 shares of the utilities provider’s stock worth $261,189,000 after acquiring an additional 1,414,837 shares in the last quarter. Finally, Morgan Stanley lifted its holdings in Brookfield Renewable Partners by 41.9% in the fourth quarter. Morgan Stanley now owns 4,029,046 shares of the utilities provider’s stock valued at $108,663,000 after acquiring an additional 1,189,130 shares during the period. Hedge funds and other institutional investors own 63.16% of the company’s stock.

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.