Brookfield Renewable Partners (NYSE:BEP) Hits New 52-Week High – Time to Buy?

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP)’s share price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $35.97 and last traded at $35.8110, with a volume of 610458 shares changing hands. The stock had previously closed at $35.35.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BEP. Morgan Stanley boosted their target price on shares of Brookfield Renewable Partners from $38.00 to $42.00 and gave the company an “overweight” rating in a research note on Monday, March 23rd. TD upped their price target on shares of Brookfield Renewable Partners from $38.00 to $39.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. Zacks Research lowered shares of Brookfield Renewable Partners from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Brookfield Renewable Partners in a research note on Friday, March 27th. Finally, TD Securities reaffirmed a “buy” rating and issued a $39.00 price target on shares of Brookfield Renewable Partners in a research note on Monday, May 4th. Eleven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.21.

Brookfield Renewable Partners Trading Up 0.5%

The business’s 50 day moving average price is $33.29 and its two-hundred day moving average price is $30.60. The company has a market capitalization of $10.77 billion, a price-to-earnings ratio of -114.60 and a beta of 1.06. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.75 and a current ratio of 0.75.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its quarterly earnings results on Friday, May 1st. The utilities provider reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.04). Brookfield Renewable Partners had a return on equity of 1.57% and a net margin of 8.28%.The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.50 billion. Equities analysts forecast that Brookfield Renewable Partners L.P. will post -1.38 earnings per share for the current fiscal year.

Brookfield Renewable Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, May 29th will be paid a dividend of $0.392 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.57 annualized dividend and a yield of 4.4%. Brookfield Renewable Partners’s dividend payout ratio is currently -503.23%.

Institutional Trading of Brookfield Renewable Partners

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. BROOKFIELD Corp ON lifted its stake in Brookfield Renewable Partners by 9.4% during the fourth quarter. BROOKFIELD Corp ON now owns 81,306,719 shares of the utilities provider’s stock valued at $2,192,842,000 after purchasing an additional 6,967,670 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Brookfield Renewable Partners by 1.8% during the fourth quarter. Principal Financial Group Inc. now owns 10,305,148 shares of the utilities provider’s stock valued at $277,930,000 after purchasing an additional 177,599 shares during the last quarter. Bank of Montreal Can lifted its stake 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 valued at $226,859,000 after purchasing an additional 1,415,989 shares during the last quarter. State of Wisconsin Investment Board lifted its stake in Brookfield Renewable Partners by 128.0% during 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 last quarter. Finally, Morgan Stanley lifted its stake in Brookfield Renewable Partners by 41.9% during the fourth quarter. Morgan Stanley now owns 4,029,046 shares of the utilities provider’s stock valued at $108,663,000 after purchasing an additional 1,189,130 shares during the last quarter. 63.16% of the stock is 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.