Brookfield Renewable Partners L.P. (NYSE:BEP) Stock Short Interest Report for October

Key Points

• Short interest surged 85.2% in October to 1.36 million shares, representing 0.4% of outstanding shares and 1.2 days to cover based on average trading volume.
• Analyst sentiment remains moderately positive, with seven Buy ratings and six Holds. The consensus price target is $36.73, although Morgan Stanley recently lowered its target to $37 from $42.
• BEP shares opened at $28.65, near the lower end of their $26.30–$38.12 one-year range. The company’s latest quarterly revenue exceeded estimates, but its adjusted loss per share was slightly wider than expected.

Brookfield Renewable Partners L.P. (NYSE:BEP - Get Free Report) TSE: BEP was the recipient of a significant increase in short interest during the month of October. As of October 15th, there was short interest totaling 1,358,930 shares, an increase of 85.2% from the September 30th total of 733,588 shares. Currently, 0.4% of the shares of the stock are short sold. Based on an average daily volume of 1,130,988 shares, the days-to-cover ratio is currently 1.2 days.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on BEP shares. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating and issued a $41.00 target price on shares of Brookfield Renewable Partners in a research report on Friday, July 17th. Morgan Stanley cut their target price on shares of Brookfield Renewable Partners from $42.00 to $37.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 13th. Zacks Research raised shares of Brookfield Renewable Partners from a "strong sell" rating to a "hold" rating in a report on Friday, August 14th. Barclays set a $30.00 price objective on shares of Brookfield Renewable Partners and gave the stock an "equal weight" rating in a research report on Wednesday, July 22nd. Finally, Weiss Ratings reiterated a "hold (c-)" rating on shares of Brookfield Renewable Partners in a report on Monday, September 21st. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Brookfield Renewable Partners presently has an average rating of "Moderate Buy" and a consensus price target of $36.73.

Brookfield Renewable Partners Trading Down 1.3%

Shares of NYSE:BEP opened at $28.65 on Friday. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.80 and a quick ratio of 0.80. The company's 50-day moving average price is $29.68 and its two-hundred day moving average price is $32.03. The stock has a market capitalization of $8.67 billion, a PE ratio of -62.28 and a beta of 1.10. Brookfield Renewable Partners has a one year low of $26.30 and a one year high of $38.12.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP last issued its earnings results 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 firm had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.56 billion. On average, equities analysts forecast that Brookfield Renewable Partners will post -1.88 EPS for the current fiscal year.

Institutional Trading of Brookfield Renewable Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BEP. Diversify Advisory Services LLC raised its stake in shares of Brookfield Renewable Partners by 1.9% in the third quarter. Diversify Advisory Services LLC now owns 27,068 shares of the utilities provider's stock worth $776,000 after purchasing an additional 502 shares during the last quarter. Kelleher Financial Advisors increased its position in shares of Brookfield Renewable Partners by 54.1% during the 3rd quarter. Kelleher Financial Advisors now owns 1,561 shares of the utilities provider's stock valued at $44,000 after purchasing an additional 548 shares during the last quarter. Apollon Wealth Management LLC raised its holdings in shares of Brookfield Renewable Partners by 3.3% in the 3rd quarter. Apollon Wealth Management LLC now owns 17,928 shares of the utilities provider's stock worth $504,000 after purchasing an additional 574 shares during the period. GAMMA Investing LLC increased its holdings in Brookfield Renewable Partners by 44.5% in the 3rd quarter. GAMMA Investing LLC now owns 2,460 shares of the utilities provider's stock worth $69,000 after acquiring an additional 757 shares during the last quarter. Finally, Sanctuary Advisors LLC raised its holdings in Brookfield Renewable Partners by 2.3% during the 1st quarter. Sanctuary Advisors LLC now owns 65,217 shares of the utilities provider's stock valued at $2,129,000 after acquiring an additional 1,494 shares during the period. 63.16% of the stock is owned by institutional investors.

About Brookfield Renewable Partners

Brookfield Renewable Partners L.P. is a global renewable power and sustainable solutions company. The partnership develops, owns and operates a diversified portfolio of renewable energy facilities, with hydroelectric generation complemented by onshore and offshore wind, utility-scale and distributed solar, battery storage, and other energy transition assets.

Through its operating platforms, Brookfield Renewable supplies electricity and related energy services to utilities, corporations and other customers.

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