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

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP)’s share price hit 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.

Analyst Ratings Changes

Several brokerages have recently issued reports on BEP. 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. Morgan Stanley lifted their price objective on shares of Brookfield Renewable Partners from $38.00 to $42.00 and gave the company an “overweight” rating in a report on Monday, March 23rd. Canadian Imperial Bank of Commerce began coverage on shares of Brookfield Renewable Partners in a research note on Wednesday, March 4th. They set an “outperformer” rating and a $37.00 target price on the stock. 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. Finally, Mizuho set a $31.00 price objective on Brookfield Renewable Partners and gave the stock a “neutral” rating in a research report on Monday, February 2nd. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, Brookfield Renewable Partners has an average rating of “Moderate Buy” and a consensus price target of $35.21.

Brookfield Renewable Partners Stock Up 1.4%

The company has a debt-to-equity ratio of 0.80, a current ratio of 0.57 and a quick ratio of 0.57. The company has a market cap of $9.83 billion, a PE ratio of -123.84 and a beta of 1.13. The business’s 50 day moving average is $30.65 and its 200-day moving average is $28.88.

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

Brookfield Renewable Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, February 27th will be issued a dividend of $0.392 per share. This is a positive change from Brookfield Renewable Partners’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Friday, February 27th. 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 presently -603.85%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Hilltop National Bank lifted its stake in Brookfield Renewable Partners by 37.6% during the third quarter. Hilltop National Bank now owns 1,830 shares of the utilities provider’s stock worth $47,000 after purchasing an additional 500 shares during the last quarter. Aviso Financial Inc. raised its holdings in Brookfield Renewable Partners by 9.6% during the third quarter. Aviso Financial Inc. now owns 8,338 shares of the utilities provider’s stock worth $215,000 after purchasing an additional 733 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in Brookfield Renewable Partners by 7.8% during the third quarter. Envestnet Asset Management Inc. now owns 10,223 shares of the utilities provider’s stock worth $264,000 after purchasing an additional 742 shares in the last quarter. U.S. Capital Wealth Advisors LLC lifted its position in shares of Brookfield Renewable Partners by 2.6% during the 3rd quarter. U.S. Capital Wealth Advisors LLC now owns 29,600 shares of the utilities provider’s stock worth $763,000 after buying an additional 750 shares during the last quarter. Finally, Allworth Financial LP lifted its position in shares of Brookfield Renewable Partners by 9.5% during the 4th quarter. Allworth Financial LP now owns 8,645 shares of the utilities provider’s stock worth $233,000 after buying an additional 750 shares during the last quarter. 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.