Brookfield Renewable Partners (NYSE:BEP) Shares Pass Below 200-Day Moving Average - What's Next?

Key Points

• Brookfield Renewable Partners shares fell below their 200-day moving average, trading as low as $31.98 versus the $33.29 average, and last changing hands at $32.37.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $38.14; however, ratings range from “Strong Sell” to “Outperform.”
• The company reported quarterly revenue of $1.71 billion, exceeding estimates, but missed earnings expectations. It also declared a quarterly dividend of $0.392 per share, representing a 4.8% annualized yield.

Brookfield Renewable Partners L.P. (NYSE:BEP - Get Free Report) TSE: BEP shares crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $33.29 and traded as low as $31.98. Brookfield Renewable Partners shares last traded at $32.37, with a volume of 443,423 shares changing hands.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Scotiabank reaffirmed an "outperform" rating and set a $42.00 price target (up from $36.00) on shares of Brookfield Renewable Partners in a report on Friday, May 29th. TD boosted their target price on Brookfield Renewable Partners from $38.00 to $39.00 and gave the stock a "buy" rating in a research report on Monday, May 4th. Wall Street Zen cut shares of Brookfield Renewable Partners from a "sell" rating to a "strong sell" rating in a research note on Sunday, May 10th. BMO Capital Markets set a $41.00 price target on shares of Brookfield Renewable Partners in a report on Monday, August 17th. Finally, Barclays set a $30.00 price target on shares of Brookfield Renewable Partners and gave the stock an "equal weight" rating in a research note on Wednesday, July 22nd. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Brookfield Renewable Partners presently has a consensus rating of "Moderate Buy" and an average price target of $38.14.

Brookfield Renewable Partners Price Performance

The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.87. The stock has a market cap of $9.71 billion, a P/E ratio of -70.37 and a beta of 1.11. The firm has a 50 day moving average price of $33.46 and a 200 day moving average price of $33.29.

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 for the quarter, missing the consensus estimate of ($0.35) by ($0.02). Brookfield Renewable Partners had a return on equity of 0.84% and a net margin of 4.50%.The firm had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.56 billion. On average, analysts forecast that Brookfield Renewable Partners L.P. will post -1.87 EPS for the current fiscal year.

Brookfield Renewable Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be given a dividend of $0.392 per share. This represents a $1.57 annualized dividend and a dividend yield of 4.8%. The ex-dividend date is Monday, August 31st. Brookfield Renewable Partners's payout ratio is -341.30%.

Institutional Investors Weigh In On Brookfield Renewable Partners

Several hedge funds have recently made changes to their positions in BEP. Kelleher Financial Advisors purchased a new position in Brookfield Renewable Partners in the third quarter worth $26,000. Russell Investments Group Ltd. acquired a new position in shares of Brookfield Renewable Partners in the 2nd quarter valued at $34,000. CENTRAL TRUST Co acquired a new position in shares of Brookfield Renewable Partners in the first quarter valued at about $55,000. Triumph Capital Management purchased a new stake in Brookfield Renewable Partners in the third quarter valued at approximately $55,000. Finally, Global Retirement Partners LLC boosted its holdings in shares of Brookfield Renewable Partners by 284.5% in the 4th quarter. Global Retirement Partners LLC now owns 2,207 shares of the utilities provider's stock valued at $60,000 after acquiring an additional 1,633 shares during the last quarter. 63.16% of the stock is currently owned by hedge funds and other institutional investors.

Brookfield Renewable Partners Company Profile

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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