Brookfield Renewable Partners (NYSE:BEP) Sees Unusually-High Trading Volume – Here’s What Happened

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) shares saw unusually-high trading volume on Wednesday . Approximately 584,320 shares changed hands during trading, a decline of 24% from the previous session’s volume of 770,429 shares.The stock last traded at $33.0780 and had previously closed at $32.18.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. TD increased their price target on shares of Brookfield Renewable Partners from $38.00 to $39.00 and gave the company a “buy” rating in a report on Monday, May 4th. Weiss Ratings reissued a “hold (c-)” rating on shares of Brookfield Renewable Partners in a report on Wednesday, June 24th. Scotiabank restated an “outperform” rating and set a $42.00 target price (up from $36.00) on shares of Brookfield Renewable Partners in a research report on Friday, May 29th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating and issued a $41.00 target price on shares of Brookfield Renewable Partners in a report on Friday. Finally, TD Securities reiterated a “buy” rating and set a $39.00 price target on shares of Brookfield Renewable Partners in a research report on Monday, May 4th. Ten equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $37.93.

Brookfield Renewable Partners Stock Performance

The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.75. The company has a market capitalization of $9.59 billion, a PE ratio of -102.90 and a beta of 1.10. The stock has a 50-day simple moving average of $34.67 and a 200 day simple moving average of $32.46.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last announced its quarterly earnings results on Saturday, May 2nd. The utilities provider reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.04). The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Brookfield Renewable Partners had a net margin of 8.28% and a return on equity of 1.57%. Equities analysts anticipate that Brookfield Renewable Partners L.P. will post -1.53 EPS for the current fiscal year.

Brookfield Renewable Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Friday, May 29th were paid a $0.392 dividend. This represents a $1.57 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend was Friday, May 29th. Brookfield Renewable Partners’s dividend payout ratio is presently -503.23%.

Hedge Funds Weigh In On Brookfield Renewable Partners

Several hedge funds have recently added to or reduced their stakes in BEP. Kelleher Financial Advisors purchased a new stake in shares of Brookfield Renewable Partners in the third quarter valued at about $26,000. Russell Investments Group Ltd. acquired a new stake in shares of Brookfield Renewable Partners in the second quarter valued at approximately $34,000. CENTRAL TRUST Co purchased a new position in shares of Brookfield Renewable Partners during the 1st quarter worth approximately $55,000. Triumph Capital Management purchased a new position in shares of Brookfield Renewable Partners during the 3rd quarter worth approximately $55,000. Finally, Global Retirement Partners LLC increased its stake in shares of Brookfield Renewable Partners by 284.5% during the 4th quarter. Global Retirement Partners LLC now owns 2,207 shares of the utilities provider’s stock worth $60,000 after purchasing an additional 1,633 shares in the last quarter. 63.16% of the stock is currently owned by hedge funds and other institutional investors.

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.