Brookfield Renewable Partners L.P. (NYSE:BEP) Sees Significant Decline in Short Interest

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) was the recipient of a large decrease in short interest in December. As of December 31st, there was short interest totaling 645,709 shares, a decrease of 23.4% from the December 15th total of 843,497 shares. Based on an average daily trading volume, of 486,183 shares, the days-to-cover ratio is currently 1.3 days. Approximately 0.2% of the shares of the company are sold short. Approximately 0.2% of the shares of the company are sold short. Based on an average daily trading volume, of 486,183 shares, the days-to-cover ratio is currently 1.3 days.

Brookfield Renewable Partners Price Performance

BEP traded up $0.20 during trading on Friday, hitting $28.20. 566,102 shares of the stock traded hands, compared to its average volume of 416,929. The business has a 50 day moving average price of $28.00 and a 200 day moving average price of $27.16. The company has a market cap of $8.63 billion, a price-to-earnings ratio of -32.79 and a beta of 1.12. Brookfield Renewable Partners has a twelve month low of $19.29 and a twelve month high of $32.72. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.58 and a quick ratio of 0.58.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its quarterly earnings results on Wednesday, November 5th. The utilities provider reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.22. The company had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.61 billion. Brookfield Renewable Partners had a return on equity of 0.66% and a net margin of 3.52%. Equities research analysts forecast that Brookfield Renewable Partners will post -1.04 earnings per share for the current fiscal year.

Brookfield Renewable Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Friday, November 28th were issued a $0.373 dividend. The ex-dividend date of this dividend was Friday, November 28th. This represents a $1.49 dividend on an annualized basis and a dividend yield of 5.3%. Brookfield Renewable Partners’s dividend payout ratio is -173.26%.

Wall Street Analysts Forecast Growth

BEP has been the subject of a number of recent research reports. Scotiabank reissued an “outperform” rating and issued a $35.00 target price (up previously from $30.00) on shares of Brookfield Renewable Partners in a research report on Thursday, November 6th. Royal Bank Of Canada lifted their price objective on shares of Brookfield Renewable Partners from $31.00 to $35.00 and gave the stock an “outperform” rating in a research note on Thursday, October 30th. Weiss Ratings restated a “hold (c-)” rating on shares of Brookfield Renewable Partners in a research report on Monday, December 29th. Morgan Stanley reaffirmed an “overweight” rating and set a $38.00 target price (up from $36.00) on shares of Brookfield Renewable Partners in a report on Monday, November 24th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Brookfield Renewable Partners from $32.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $34.86.

Hedge Funds Weigh In On Brookfield Renewable Partners

A number of institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. boosted its position in Brookfield Renewable Partners by 57.0% in the first quarter. Goldman Sachs Group Inc. now owns 919,693 shares of the utilities provider’s stock valued at $20,380,000 after buying an additional 333,789 shares in the last quarter. U.S. Capital Wealth Advisors LLC lifted its stake in shares of Brookfield Renewable Partners by 17.3% in the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 28,850 shares of the utilities provider’s stock valued at $736,000 after acquiring an additional 4,250 shares during the last quarter. SOA Wealth Advisors LLC. boosted its holdings in shares of Brookfield Renewable Partners by 7.4% during the 2nd quarter. SOA Wealth Advisors LLC. now owns 28,270 shares of the utilities provider’s stock valued at $721,000 after acquiring an additional 1,945 shares in the last quarter. Gold Investment Management Ltd. raised its stake in shares of Brookfield Renewable Partners by 3.0% during the second quarter. Gold Investment Management Ltd. now owns 95,158 shares of the utilities provider’s stock valued at $2,426,000 after acquiring an additional 2,810 shares during the last quarter. Finally, Hilltop National Bank acquired a new position in shares of Brookfield Renewable Partners during the second quarter worth $34,000. 63.16% of the stock is currently owned by institutional investors and hedge funds.

About Brookfield Renewable Partners

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.