Brookfield Renewable Partners (NYSE:BEP) Trading 6.8% Higher on Better-Than-Expected Earnings

Shares of Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) were up 6.8% on Friday after the company announced better than expected quarterly earnings. The company traded as high as $22.01 and last traded at $22.11. Approximately 616,739 shares changed hands during trading, a decline of 38% from the average daily volume of 992,481 shares. The stock had previously closed at $20.70.

The utilities provider reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.16. Brookfield Renewable Partners had a net margin of 1.16% and a return on equity of 0.24%.

Brookfield Renewable Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th were issued a dividend of $0.355 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.42 dividend on an annualized basis and a dividend yield of 6.43%. Brookfield Renewable Partners’s dividend payout ratio (DPR) is currently -173.17%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. StockNews.com lowered Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research note on Thursday, December 26th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $31.00 price target on shares of Brookfield Renewable Partners in a report on Wednesday, October 9th. JPMorgan Chase & Co. dropped their price objective on shares of Brookfield Renewable Partners from $30.00 to $28.00 and set an “overweight” rating for the company in a research note on Thursday, January 23rd. CIBC boosted their target price on shares of Brookfield Renewable Partners from $39.00 to $40.00 and gave the stock an “outperform” rating in a research note on Thursday, January 9th. Finally, National Bankshares dropped their price target on Brookfield Renewable Partners from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $31.78.

Institutional Trading of Brookfield Renewable Partners

Institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. raised its position in Brookfield Renewable Partners by 3.2% during the 4th quarter. Principal Financial Group Inc. now owns 7,851,842 shares of the utilities provider’s stock worth $178,943,000 after purchasing an additional 246,163 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Brookfield Renewable Partners by 0.4% in the third quarter. Bank of Montreal Can now owns 6,744,285 shares of the utilities provider’s stock valued at $190,469,000 after buying an additional 26,189 shares during the period. Cibc World Market Inc. raised its position in shares of Brookfield Renewable Partners by 4.4% during the fourth quarter. Cibc World Market Inc. now owns 2,751,587 shares of the utilities provider’s stock worth $62,647,000 after acquiring an additional 116,593 shares during the last quarter. CCLA Investment Management lifted its stake in shares of Brookfield Renewable Partners by 1.9% in the fourth quarter. CCLA Investment Management now owns 2,627,972 shares of the utilities provider’s stock worth $59,838,000 after acquiring an additional 49,553 shares during the period. Finally, Toronto Dominion Bank boosted its holdings in Brookfield Renewable Partners by 11.1% in the third quarter. Toronto Dominion Bank now owns 1,735,462 shares of the utilities provider’s stock valued at $48,905,000 after acquiring an additional 173,882 shares during the last quarter. Institutional investors own 63.16% of the company’s stock.

Brookfield Renewable Partners Price Performance

The firm has a market cap of $6.30 billion, a price-to-earnings ratio of -26.97 and a beta of 0.95. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.93. The business’s 50-day simple moving average is $23.09 and its two-hundred day simple moving average is $24.75.

Brookfield Renewable Partners Company Profile

Brookfield Renewable Partners L.P. owns a portfolio of renewable power generating facilities primarily in North America, Colombia, and Brazil. The company generates electricity through hydroelectric, wind, solar, distributed generation, and pumped storage, as well as renewable natural gas, carbon capture and storage, recycling, cogeneration biomass, nuclear services, and power transformation.