Brookfield Renewable Partners L.P. (NYSE:BEP) Stock Rated “Moderate Buy” by Sell-Side Brokerages

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) has received an average recommendation of “Moderate Buy” from the sixteen analysts that are covering the firm, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $38.14.

BEP has been the subject of several research analyst reports. National Bank Financial cut their target price on shares of Brookfield Renewable Partners from $39.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday, August 5th. Canadian Imperial Bank of Commerce reissued an “outperform” rating and set a $41.00 price objective on shares of Brookfield Renewable Partners in a report on Friday, July 17th. BMO Capital Markets set a $41.00 price objective on Brookfield Renewable Partners in a research report on Monday, August 17th. Barclays set a $30.00 target price on Brookfield Renewable Partners and gave the stock an “equal weight” rating in a report on Wednesday, July 22nd. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $36.00 target price on shares of Brookfield Renewable Partners in a research report on Tuesday, July 21st.

Brookfield Renewable Partners Trading Down 1.7%

BEP stock opened at $27.86 on Tuesday. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.80 and a quick ratio of 0.80. Brookfield Renewable Partners has a 1-year low of $25.73 and a 1-year high of $38.12. The business has a 50 day simple moving average of $31.78 and a two-hundred day simple moving average of $33.16. The company has a market capitalization of $8.36 billion, a price-to-earnings ratio of -60.58 and a beta of 1.10.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last released its quarterly earnings data on Friday, July 31st. The utilities provider reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.02). Brookfield Renewable Partners had a net margin of 4.50% and a return on equity of 0.84%. The company had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.56 billion. Research analysts anticipate that Brookfield Renewable Partners will post -1.87 EPS for the current fiscal year.

Brookfield Renewable Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be paid a $0.3920 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.57 dividend on an annualized basis and a yield of 5.6%. Brookfield Renewable Partners’s payout ratio is presently -341.30%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BEP. State of Wisconsin Investment Board boosted its position in shares of 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 buying an additional 2,732,542 shares during the period. Bank of America Corp DE raised its holdings in shares of Brookfield Renewable Partners by 413.2% in the first quarter. Bank of America Corp DE now owns 973,260 shares of the utilities provider’s stock worth $31,767,000 after buying an additional 783,620 shares during the period. Clearbridge Investments LLC raised its holdings in shares of Brookfield Renewable Partners by 1,145.0% in the fourth quarter. Clearbridge Investments LLC now owns 706,237 shares of the utilities provider’s stock worth $19,047,000 after buying an additional 649,509 shares during the period. Deltroit Asset Management UK LLP bought a new stake in shares of Brookfield Renewable Partners during the 4th quarter worth approximately $14,936,000. Finally, TD Asset Management Inc lifted its stake in shares of Brookfield Renewable Partners by 23.4% during the 4th quarter. TD Asset Management Inc now owns 2,696,678 shares of the utilities provider’s stock worth $72,967,000 after acquiring an additional 511,529 shares during the last quarter. 63.16% of the stock is currently owned by institutional investors.

About Brookfield Renewable Partners

Brookfield Renewable Partners L.P. is a renewable power and decarbonization solutions company that develops, owns, and operates clean energy assets. Its portfolio includes hydroelectric, wind, utility-scale solar, distributed energy, and energy storage facilities.

The company also provides sustainable solutions to businesses and other organizations, including renewable power, renewable natural gas, carbon capture, and other services intended to support emissions reduction and energy transition goals.