Brookfield Renewable Partners (NYSE:BEP) Sets New 52-Week High - Here's Why

Key Points

• Brookfield Renewable Partners reached a new 52-week high of $29.26 during trading, closing at $29.15 with significant trading volume of 276,224 shares.
• Analysts have favorable forecasts for the stock, with target prices from brokerages like CIBC and JPMorgan Chase set at $33.00, indicating a potential for growth.
• The company has declared a quarterly dividend of $0.373, resulting in an annualized dividend of $1.49 and a dividend yield of 5.1%, despite a negative payout ratio.

Brookfield Renewable Partners L.P. (NYSE:BEP - Get Free Report) TSE: BEP reached a new 52-week high during trading on Friday . The stock traded as high as $29.26 and last traded at $29.15, with a volume of 276224 shares traded. The stock had previously closed at $28.61.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BEP. CIBC restated an "outperform" rating and set a $33.00 target price on shares of Brookfield Renewable Partners in a report on Tuesday. JPMorgan Chase & Co. increased their target price on shares of Brookfield Renewable Partners from $32.00 to $33.00 and gave the stock an "overweight" rating in a research report on Thursday, October 16th. Mizuho increased their price target on shares of Brookfield Renewable Partners from $26.00 to $27.00 and gave the stock a "neutral" rating in a research note on Friday, September 26th. Raymond James Financial lowered shares of Brookfield Renewable Partners from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Finally, Scotiabank raised their price target on shares of Brookfield Renewable Partners from $29.00 to $30.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 18th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Brookfield Renewable Partners has an average rating of "Moderate Buy" and a consensus target price of $30.33.

Brookfield Renewable Partners Stock Performance

The company has a debt-to-equity ratio of 0.97, a current ratio of 0.44 and a quick ratio of 0.44. The stock's 50 day simple moving average is $26.10 and its two-hundred day simple moving average is $25.06. The stock has a market cap of $8.32 billion, a P/E ratio of -30.86 and a beta of 1.13.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP last announced its quarterly earnings data on Friday, August 1st. The utilities provider reported ($0.22) EPS for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.03). Brookfield Renewable Partners had a return on equity of 0.44% and a net margin of 2.28%.The business had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.64 billion. As a group, research analysts forecast that Brookfield Renewable Partners L.P. will post -1.04 EPS for the current year.

Brookfield Renewable Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Friday, August 29th were paid a $0.373 dividend. The ex-dividend date was Friday, August 29th. This represents a $1.49 annualized dividend and a dividend yield of 5.1%. Brookfield Renewable Partners's dividend payout ratio is -156.84%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. raised its holdings in Brookfield Renewable Partners by 16.8% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 25,921 shares of the utilities provider's stock valued at $574,000 after buying an additional 3,722 shares during the last quarter. Golden State Wealth Management LLC grew its position in Brookfield Renewable Partners by 103.6% in the 1st quarter. Golden State Wealth Management LLC now owns 1,138 shares of the utilities provider's stock valued at $25,000 after purchasing an additional 579 shares during the period. Tyche Wealth Partners LLC grew its position in Brookfield Renewable Partners by 14.5% in the 1st quarter. Tyche Wealth Partners LLC now owns 15,825 shares of the utilities provider's stock valued at $351,000 after purchasing an additional 2,000 shares during the period. Gold Investment Management Ltd. lifted its stake in Brookfield Renewable Partners by 14.0% during the 1st quarter. Gold Investment Management Ltd. now owns 92,348 shares of the utilities provider's stock valued at $2,045,000 after acquiring an additional 11,354 shares in the last quarter. Finally, DAVENPORT & Co LLC boosted its holdings in Brookfield Renewable Partners by 1.7% during the 1st quarter. DAVENPORT & Co LLC now owns 370,545 shares of the utilities provider's stock worth $8,218,000 after acquiring an additional 6,300 shares during the last quarter. Institutional investors own 63.16% of the company's stock.

About Brookfield Renewable Partners

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.

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