Brookfield Renewable Partners (NYSE:BEP) Sees Strong Trading Volume - Should You Buy?

Key Points

• Brookfield Renewable Partners saw heavier trading interest, with 584,320 shares changing hands and the stock rising to about $33.08 from the previous close of $32.18.
• Analyst sentiment remains mixed but generally positive: the stock has a Moderate Buy consensus with an average price target of $37.93, even though Zacks and Wall Street Zen both recently cut their ratings to strong sell.
• The company reported a quarterly loss of $0.40 per share, missing expectations, while revenue of $1.51 billion slightly beat forecasts. It also paid a quarterly dividend of $0.392, implying an annualized yield of about 4.9%.

Brookfield Renewable Partners L.P. (NYSE:BEP - Get Free Report) TSE: BEP saw an uptick in trading volume on Wednesday . 584,320 shares were traded during mid-day trading, a decline of 24% from the previous session's volume of 770,429 shares.The stock last traded at $33.0780 and had previously closed at $32.18.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Zacks Research cut Brookfield Renewable Partners from a "hold" rating to a "strong sell" rating in a research note on Friday, July 3rd. Canadian Imperial Bank of Commerce reiterated an "outperform" rating and issued a $41.00 price target on shares of Brookfield Renewable Partners in a research note on Friday. TD Securities reissued a "buy" rating and set a $39.00 price objective on shares of Brookfield Renewable Partners in a report on Monday, May 4th. UBS Group restated a "buy" rating and set a $40.00 price objective (up from $39.00) on shares of Brookfield Renewable Partners in a research report on Friday, June 12th. Finally, Wall Street Zen cut shares of Brookfield Renewable Partners from a "sell" rating to a "strong sell" rating in a report on Sunday, May 10th. Ten research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Brookfield Renewable Partners currently has a consensus rating of "Moderate Buy" and an average price target of $37.93.

Brookfield Renewable Partners Price Performance

The stock has a 50-day moving average price of $34.67 and a 200 day moving average price of $32.46. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.75. The firm has a market cap of $9.59 billion, a price-to-earnings ratio of -102.90 and a beta of 1.10.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP last posted its earnings results on Saturday, May 2nd. The utilities provider reported ($0.40) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.04). The firm had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.50 billion. Brookfield Renewable Partners had a net margin of 8.28% and a return on equity of 1.57%. As a group, equities research analysts forecast that Brookfield Renewable Partners L.P. will post -1.53 earnings per share for the current fiscal year.

Brookfield Renewable Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Friday, May 29th were paid a $0.392 dividend. The ex-dividend date was Friday, May 29th. This represents a $1.57 dividend on an annualized basis and a yield of 4.9%. Brookfield Renewable Partners's payout ratio is currently -503.23%.

Institutional Investors Weigh In On Brookfield Renewable Partners

Several large investors have recently modified their holdings of the company. Envestnet Asset Management Inc. lifted its holdings in shares of Brookfield Renewable Partners by 7.8% in the 3rd quarter. Envestnet Asset Management Inc. now owns 10,223 shares of the utilities provider's stock valued at $264,000 after buying an additional 742 shares during the period. Allworth Financial LP grew its holdings in Brookfield Renewable Partners by 9.5% during the fourth quarter. Allworth Financial LP now owns 8,645 shares of the utilities provider's stock worth $233,000 after acquiring an additional 750 shares during the period. Tacita Capital Inc grew its holdings in Brookfield Renewable Partners by 0.7% during the fourth quarter. Tacita Capital Inc now owns 119,101 shares of the utilities provider's stock worth $3,220,000 after acquiring an additional 770 shares during the period. Kelleher Financial Advisors acquired a new position in Brookfield Renewable Partners during the third quarter worth $26,000. Finally, Osaic Holdings Inc. raised its position in Brookfield Renewable Partners by 5.4% in the second quarter. Osaic Holdings Inc. now owns 23,468 shares of the utilities provider's stock worth $599,000 after acquiring an additional 1,212 shares in 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.

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