Brookfield Renewable Partners (NYSE:BEP) Stock Breaks Above Fifty Day Moving Average - Should You Sell?

Key Points

• Brookfield Renewable Partners shares rose above their 50-day moving average, trading as high as $30.20 and last changing hands near $29.97, up 4.6%.
• Analyst sentiment remains positive but mixed: seven analysts rate BEP a Buy and six rate it a Hold, producing a “Moderate Buy” consensus and an average price target of $36.73.
• The company missed quarterly EPS expectations ($0.37 loss versus a $0.35 loss estimate) despite revenue exceeding forecasts, while institutional investors own 63.16% of the stock.

Brookfield Renewable Partners L.P. (NYSE:BEP - Get Free Report) TSE: BEP shares crossed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $29.62 and traded as high as $30.20. Brookfield Renewable Partners shares last traded at $29.9670, with a volume of 2,380,368 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on BEP shares. Zacks Research upgraded Brookfield Renewable Partners from a "strong sell" rating to a "hold" rating in a report on Friday, August 14th. Morgan Stanley dropped their price objective on Brookfield Renewable Partners from $42.00 to $37.00 and set an "overweight" rating for the company in a report on Tuesday, October 13th. Weiss Ratings restated a "hold (c-)" rating on shares of Brookfield Renewable Partners in a report on Monday, September 21st. Barclays set a $30.00 price objective on Brookfield Renewable Partners and gave the company an "equal weight" rating in a research report on Wednesday, July 22nd. Finally, UBS Group reiterated a "buy" rating and issued a $34.00 target price (down from $40.00) on shares of Brookfield Renewable Partners in a research note on Thursday, October 1st. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, Brookfield Renewable Partners presently has an average rating of "Moderate Buy" and a consensus target price of $36.73.

Brookfield Renewable Partners Trading Up 4.6%

The firm has a market capitalization of $9.07 billion, a P/E ratio of -65.15 and a beta of 1.10. The stock has a 50-day simple moving average of $29.62 and a two-hundred day simple moving average of $32.03. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.87.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP last posted its quarterly earnings results on Friday, July 31st. The utilities provider reported ($0.37) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.35) by ($0.02). The firm had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.56 billion. Brookfield Renewable Partners had a return on equity of 0.84% and a net margin of 4.50%. On average, equities research analysts anticipate that Brookfield Renewable Partners L.P. will post -1.88 earnings per share for the current year.

Institutional Trading of Brookfield Renewable Partners

Hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE increased its holdings in Brookfield Renewable Partners by 413.2% during the first quarter. Bank of America Corp DE now owns 973,260 shares of the utilities provider's stock valued at $31,767,000 after buying an additional 783,620 shares during the period. Oak Grove Capital LLC raised its stake in Brookfield Renewable Partners by 71.8% in the third quarter. Oak Grove Capital LLC now owns 1,202,100 shares of the utilities provider's stock worth $33,827,000 after buying an additional 502,300 shares in the last quarter. Guardian Partners Inc. purchased a new stake in Brookfield Renewable Partners during the third quarter worth $4,721,000. Bank of Nova Scotia lifted its holdings in Brookfield Renewable Partners by 11.0% during the first quarter. Bank of Nova Scotia now owns 1,148,128 shares of the utilities provider's stock worth $37,444,000 after buying an additional 114,127 shares during the period. Finally, Groupe la Francaise lifted its holdings in Brookfield Renewable Partners by 194.5% during the first quarter. Groupe la Francaise now owns 159,894 shares of the utilities provider's stock worth $5,214,000 after buying an additional 105,599 shares during the period. 63.16% of the stock is owned by hedge funds and other institutional investors.

Brookfield Renewable Partners Company Profile

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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