Brookfield Renewable Partners L.P. (NYSE:BEP) Sees Large Growth in Short Interest

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) was the recipient of a large increase in short interest in January. As of January 15th, there was short interest totaling 831,908 shares, an increase of 28.8% from the December 31st total of 645,709 shares. Based on an average daily volume of 521,036 shares, the days-to-cover ratio is currently 1.6 days. Currently, 0.3% of the company’s stock are sold short. Currently, 0.3% of the company’s stock are sold short. Based on an average daily volume of 521,036 shares, the days-to-cover ratio is currently 1.6 days.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on BEP shares. BMO Capital Markets set a $36.00 target price on Brookfield Renewable Partners and gave the company an “outperform” rating in a research note on Wednesday, October 29th. CIBC set a $35.00 price objective on shares of Brookfield Renewable Partners and gave the stock an “outperformer” rating in a report on Thursday, November 6th. Mizuho set a $31.00 target price on shares of Brookfield Renewable Partners and gave the stock a “neutral” rating in a research report on Monday. Scotiabank reaffirmed an “outperform” rating and set a $35.00 price target (up previously from $30.00) on shares of Brookfield Renewable Partners in a research report on Thursday, November 6th. Finally, Desjardins upgraded Brookfield Renewable Partners to a “hold” rating in a research note on Wednesday, November 26th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $34.79.

Institutional Investors Weigh In On Brookfield Renewable Partners

A number of hedge funds have recently added to or reduced their stakes in BEP. Principal Financial Group Inc. boosted its stake in Brookfield Renewable Partners by 1.8% during the 4th quarter. Principal Financial Group Inc. now owns 10,305,148 shares of the utilities provider’s stock valued at $277,930,000 after purchasing an additional 177,599 shares during the period. Intact Investment Management Inc. raised its holdings in shares of Brookfield Renewable Partners by 45.3% during the fourth quarter. Intact Investment Management Inc. now owns 1,156,587 shares of the utilities provider’s stock valued at $31,253,000 after buying an additional 360,820 shares during the last quarter. Sanctuary Advisors LLC raised its holdings in shares of Brookfield Renewable Partners by 6.6% during the fourth quarter. Sanctuary Advisors LLC now owns 63,723 shares of the utilities provider’s stock valued at $1,719,000 after buying an additional 3,931 shares during the last quarter. Warren Street Wealth Advisors LLC acquired a new position in shares of Brookfield Renewable Partners during the fourth quarter worth approximately $225,000. Finally, Gold Investment Management Ltd. grew its holdings in Brookfield Renewable Partners by 3.6% in the 4th quarter. Gold Investment Management Ltd. now owns 101,946 shares of the utilities provider’s stock worth $2,755,000 after buying an additional 3,524 shares in the last quarter. 63.16% of the stock is currently owned by institutional investors.

Brookfield Renewable Partners Stock Performance

Shares of NYSE:BEP traded up $0.46 on Tuesday, reaching $30.33. 705,164 shares of the company’s stock were exchanged, compared to its average volume of 547,991. The business’s 50-day moving average is $27.96 and its two-hundred day moving average is $27.37. The company has a quick ratio of 0.58, a current ratio of 0.19 and a debt-to-equity ratio of 0.91. Brookfield Renewable Partners has a fifty-two week low of $19.29 and a fifty-two week high of $32.72. The firm has a market capitalization of $9.28 billion, a price-to-earnings ratio of -116.63 and a beta of 1.14.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last announced its quarterly earnings data on Friday, January 30th. The utilities provider reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.88. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.49 billion. Brookfield Renewable Partners had a net margin of 11.11% and a return on equity of 2.15%. As a group, equities research analysts forecast that Brookfield Renewable Partners will post -1.04 EPS for the current year.

Brookfield Renewable Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, February 27th will be given a dividend of $0.392 per share. The ex-dividend date is Friday, February 27th. This represents a $1.57 dividend on an annualized basis and a yield of 5.2%. This is an increase from Brookfield Renewable Partners’s previous quarterly dividend of $0.37. Brookfield Renewable Partners’s payout ratio is presently -573.08%.

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.