Brookfield Renewable Partners (NYSE:BEP) Trading 5.2% Higher - Here's Why

Shares of Brookfield Renewable Partners L.P. (NYSE:BEP - Get Free Report) TSE: BEP shot up 5.2% during trading on Tuesday . The stock traded as high as $26.71 and last traded at $26.90. 221,017 shares were traded during trading, a decline of 62% from the average session volume of 577,042 shares. The stock had previously closed at $25.58.

Analysts Set New Price Targets

Several brokerages have recently commented on BEP. Barclays began coverage on shares of Brookfield Renewable Partners in a research report on Wednesday, April 2nd. They set an "equal weight" rating and a $27.00 price objective for the company. Raymond James Financial reaffirmed a "strong-buy" rating and set a $33.00 price objective on shares of Brookfield Renewable Partners in a research report on Tuesday. CIBC reduced their price objective on shares of Brookfield Renewable Partners from $31.00 to $30.00 and set an "outperformer" rating for the company in a research report on Monday, May 5th. Wells Fargo & Company reduced their price objective on shares of Brookfield Renewable Partners from $29.00 to $27.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. Finally, National Bank Financial raised shares of Brookfield Renewable Partners to a "strong-buy" rating in a research report on Sunday, June 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $29.56.

Brookfield Renewable Partners Trading Down 1.7%

The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.51 and a current ratio of 0.51. The firm has a 50 day simple moving average of $24.90 and a two-hundred day simple moving average of $23.14. The firm has a market capitalization of $7.58 billion, a P/E ratio of -26.45 and a beta of 0.99.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP last released its earnings results on Friday, May 2nd. The utilities provider reported ($0.35) EPS for the quarter, missing analysts' consensus estimates of ($0.26) by ($0.09). The business had revenue of $907.00 million for the quarter, compared to the consensus estimate of $1.73 billion. Brookfield Renewable Partners had a negative return on equity of 0.15% and a negative net margin of 0.79%. Equities research analysts forecast that Brookfield Renewable Partners L.P. will post -1.04 earnings per share for the current year.

Brookfield Renewable Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, May 30th were issued a $0.373 dividend. This represents a $1.49 annualized dividend and a yield of 5.59%. The ex-dividend date was Friday, May 30th. Brookfield Renewable Partners's dividend payout ratio (DPR) is currently -147.52%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Golden State Wealth Management LLC boosted its position in shares of Brookfield Renewable Partners by 103.6% during the 1st quarter. Golden State Wealth Management LLC now owns 1,138 shares of the utilities provider's stock valued at $25,000 after acquiring an additional 579 shares during the last quarter. Rossby Financial LCC bought a new stake in Brookfield Renewable Partners in the first quarter valued at approximately $41,000. NBC Securities Inc. bought a new stake in Brookfield Renewable Partners in the first quarter valued at approximately $42,000. Jones Financial Companies Lllp lifted its position in Brookfield Renewable Partners by 26.2% in the fourth quarter. Jones Financial Companies Lllp now owns 2,587 shares of the utilities provider's stock valued at $59,000 after purchasing an additional 537 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Brookfield Renewable Partners by 136.6% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 2,730 shares of the utilities provider's stock valued at $60,000 after buying an additional 1,576 shares during the period. Hedge funds and other institutional investors own 63.16% of the company's stock.

Brookfield Renewable Partners Company Profile

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.