Brookfield Renewable Partners (NYSE:BEP) Stock Price Crosses Below Two Hundred Day Moving Average - Here's Why

Key Points

• Brookfield Renewable Partners shares fell below their 200-day moving average, trading as low as $28.90 and last changing hands at $29.27 versus the $33.03 average.
• Analyst sentiment remains cautiously positive, with a consensus “Moderate Buy” rating and an average price target of $37.79, despite recent target reductions and neutral or hold ratings from several firms.
• The company reported quarterly revenue of $1.71 billion but missed EPS estimates, while maintaining a quarterly dividend of $0.392 per share, equivalent to a 5.4% 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 Thursday. The stock has a 200-day moving average of $33.03 and traded as low as $28.90. Brookfield Renewable Partners shares last traded at $29.2650, with a volume of 945,468 shares.

Analyst Upgrades and Downgrades

BEP has been the subject of several recent research reports. Weiss Ratings reissued a "hold (c-)" rating on shares of Brookfield Renewable Partners in a research note on Monday, September 21st. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $36.00 price objective on shares of Brookfield Renewable Partners in a research report on Tuesday, July 21st. Barclays set a $30.00 target price on shares of Brookfield Renewable Partners and gave the company an "equal weight" rating in a research note on Wednesday, July 22nd. Canadian Imperial Bank of Commerce reissued an "outperform" rating and issued a $41.00 target price on shares of Brookfield Renewable Partners in a research report on Friday, July 17th. Finally, UBS Group restated a "buy" rating and set a $34.00 price target (down from $40.00) on shares of Brookfield Renewable Partners in a research note on Thursday, October 1st. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $37.79.

Brookfield Renewable Partners Stock Down 0.6%

The stock has a market cap of $8.78 billion, a P/E ratio of -63.62 and a beta of 1.10. 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 business has a 50-day simple moving average of $31.19 and a 200-day simple moving average of $33.03.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP last released its quarterly earnings results on Friday, July 31st. The utilities provider reported ($0.37) EPS for the quarter, missing analysts' consensus estimates of ($0.35) by ($0.02). The firm had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.56 billion. Brookfield Renewable Partners had a net margin of 4.50% and a return on equity of 0.84%. Analysts expect that Brookfield Renewable Partners L.P. will post -1.87 EPS for the current year.

Brookfield Renewable Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Monday, August 31st were paid a dividend of $0.3920 per share. The ex-dividend date was Monday, August 31st. This represents a $1.57 annualized dividend and a yield of 5.4%. Brookfield Renewable Partners's dividend payout ratio is presently -341.30%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BEP. GAMMA Investing LLC boosted its position in shares of Brookfield Renewable Partners by 44.5% in the third quarter. GAMMA Investing LLC now owns 2,460 shares of the utilities provider's stock valued at $69,000 after acquiring an additional 757 shares during the period. Wellington Altus USA Inc. increased its position in Brookfield Renewable Partners by 600.0% during the second quarter. Wellington Altus USA Inc. now owns 3,500 shares of the utilities provider's stock worth $114,000 after acquiring an additional 3,000 shares during the period. Integrated Wealth Concepts LLC bought a new position in Brookfield Renewable Partners during the second quarter worth $82,000. Corient Private Wealth LP acquired a new position in Brookfield Renewable Partners during the 2nd quarter valued at $250,000. Finally, TD Waterhouse Canada Inc. grew its position in Brookfield Renewable Partners by 1.9% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 1,072,131 shares of the utilities provider's stock worth $36,939,000 after purchasing an additional 19,957 shares during the last quarter. 63.16% of the stock is owned by institutional investors.

Brookfield Renewable Partners Company Profile

Brookfield Renewable Partners L.P. is a renewable power and energy transition company that owns and operates a diversified portfolio of clean energy assets. Its main activities include generating electricity from hydroelectric, wind and solar facilities, as well as providing energy storage and other decarbonization solutions.

The company serves electricity markets and commercial, industrial and utility customers across North America, South America, Europe and the Asia-Pacific region. In addition to operating renewable power facilities, Brookfield Renewable develops new projects and invests in businesses supporting the transition to lower-carbon energy, including distributed energy and sustainable solutions.

Brookfield Renewable traces its origins to Brookfield Asset Management's renewable power operations and became publicly listed as Brookfield Renewable Energy Partners in 2011.

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