Short Interest in Brookfield Renewable Partners L.P. (NYSE:BEP) Drops By 38.2%

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) saw a large decrease in short interest during the month of March. As of March 13th, there was short interest totaling 700,758 shares, a decrease of 38.2% from the February 26th total of 1,133,864 shares. Approximately 0.2% of the company’s stock are short sold. Based on an average daily trading volume, of 686,254 shares, the days-to-cover ratio is currently 1.0 days.

Hedge Funds Weigh In On Brookfield Renewable Partners

Several institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. increased its holdings in shares of Brookfield Renewable Partners by 57.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 919,693 shares of the utilities provider’s stock worth $20,380,000 after acquiring an additional 333,789 shares during the period. Cetera Investment Advisers boosted its stake in Brookfield Renewable Partners by 10.5% during the 2nd quarter. Cetera Investment Advisers now owns 50,948 shares of the utilities provider’s stock valued at $1,300,000 after purchasing an additional 4,837 shares during the period. Russell Investments Group Ltd. bought a new position in Brookfield Renewable Partners in the 2nd quarter worth about $34,000. Bank of Nova Scotia Trust Co. increased its stake in shares of Brookfield Renewable Partners by 19.2% in the second quarter. Bank of Nova Scotia Trust Co. now owns 177,937 shares of the utilities provider’s stock valued at $4,539,000 after purchasing an additional 28,716 shares during the period. Finally, NINE MASTS CAPITAL Ltd acquired a new stake in shares of Brookfield Renewable Partners in the second quarter valued at approximately $5,552,000. Institutional investors own 63.16% of the company’s stock.

Brookfield Renewable Partners Stock Performance

Shares of NYSE BEP traded up $0.34 during midday trading on Friday, hitting $31.76. The company’s stock had a trading volume of 405,432 shares, compared to its average volume of 681,648. Brookfield Renewable Partners has a 1-year low of $19.29 and a 1-year high of $32.78. The firm’s fifty day moving average price is $30.51 and its 200-day moving average price is $28.74. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.57 and a current ratio of 0.57. The firm has a market cap of $9.70 billion, a P/E ratio of -122.15 and a beta of 1.13.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last released its quarterly earnings data on Friday, January 30th. The utilities provider reported $0.54 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.49 billion. On average, sell-side analysts forecast that Brookfield Renewable Partners will post -1.04 EPS for the current fiscal year.

Brookfield Renewable Partners Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, February 27th will be paid a $0.392 dividend. The ex-dividend date is Friday, February 27th. This is a positive change from Brookfield Renewable Partners’s previous quarterly dividend of $0.37. This represents a $1.57 dividend on an annualized basis and a yield of 4.9%. Brookfield Renewable Partners’s dividend payout ratio (DPR) is -600.00%.

Wall Street Analysts Forecast Growth

BEP has been the subject of a number of research analyst reports. UBS Group restated a “buy” rating and issued a $39.00 price target (up from $38.00) on shares of Brookfield Renewable Partners in a research note on Friday, December 5th. Mizuho set a $31.00 price objective on shares of Brookfield Renewable Partners and gave the stock a “neutral” rating in a report on Monday, February 2nd. Canadian Imperial Bank of Commerce assumed coverage on shares of Brookfield Renewable Partners in a research report on Wednesday, March 4th. They issued an “outperformer” rating and a $37.00 target price for the company. Weiss Ratings restated a “hold (c-)” rating on shares of Brookfield Renewable Partners in a research note on Monday, December 29th. Finally, National Bank Financial lifted their price target on Brookfield Renewable Partners from $33.00 to $34.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $35.21.

Brookfield Renewable Partners Company Profile

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.