Short Interest in Brookfield Renewable Partners L.P. (NYSE:BEP) Grows By 8.8%

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) saw a large growth in short interest in December. As of December 31st, there was short interest totalling 1,110,000 shares, a growth of 8.8% from the December 15th total of 1,020,000 shares. Based on an average trading volume of 533,900 shares, the days-to-cover ratio is presently 2.1 days. Approximately 0.4% of the company’s shares are short sold.

Institutional Investors Weigh In On Brookfield Renewable Partners

A number of institutional investors have recently added to or reduced their stakes in the company. CCLA Investment Management boosted its stake in shares of Brookfield Renewable Partners by 1.9% in the 4th quarter. CCLA Investment Management now owns 2,627,972 shares of the utilities provider’s stock worth $59,838,000 after buying an additional 49,553 shares during the last quarter. Intact Investment Management Inc. purchased a new position in Brookfield Renewable Partners in the third quarter worth $42,331,000. MAI Capital Management grew its stake in Brookfield Renewable Partners by 294.2% in the 3rd quarter. MAI Capital Management now owns 86,683 shares of the utilities provider’s stock valued at $2,443,000 after purchasing an additional 64,695 shares during the period. Mirabella Financial Services LLP grew its stake in Brookfield Renewable Partners by 145.2% in the 3rd quarter. Mirabella Financial Services LLP now owns 466,736 shares of the utilities provider’s stock valued at $13,153,000 after purchasing an additional 276,374 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of Brookfield Renewable Partners by 4.5% during the 3rd quarter. Principal Financial Group Inc. now owns 7,605,679 shares of the utilities provider’s stock valued at $214,328,000 after purchasing an additional 330,648 shares during the last quarter. 63.16% of the stock is owned by institutional investors.

Analyst Ratings Changes

BEP has been the topic of several research analyst reports. National Bankshares cut their target price on shares of Brookfield Renewable Partners from $33.00 to $32.00 and set an “outperform” rating on the stock in a research note on Wednesday, December 18th. CIBC increased their price objective on shares of Brookfield Renewable Partners from $39.00 to $40.00 and gave the stock an “outperform” rating in a research report on Thursday, January 9th. UBS Group raised Brookfield Renewable Partners from a “neutral” rating to a “buy” rating and boosted their target price for the company from $24.00 to $31.00 in a research report on Monday, September 30th. Royal Bank of Canada reiterated an “outperform” rating and issued a $31.00 price target on shares of Brookfield Renewable Partners in a report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. upgraded Brookfield Renewable Partners from a “neutral” rating to an “overweight” rating and set a $30.00 price objective for the company in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $32.44.

Brookfield Renewable Partners Stock Performance

Shares of Brookfield Renewable Partners stock opened at $20.64 on Tuesday. The company has a market cap of $5.88 billion, a PE ratio of -25.17 and a beta of 0.95. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.93. Brookfield Renewable Partners has a 52 week low of $19.92 and a 52 week high of $29.56. The business has a 50 day moving average price of $23.91 and a 200-day moving average price of $25.06.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last released its quarterly earnings results on Friday, November 8th. The utilities provider reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.28). The company had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $843.18 million. Brookfield Renewable Partners had a net margin of 1.16% and a return on equity of 0.24%. During the same period in the previous year, the company posted ($0.14) earnings per share. Equities analysts anticipate that Brookfield Renewable Partners will post -0.88 earnings per share for the current fiscal year.

Brookfield Renewable Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, November 29th were issued a dividend of $0.355 per share. This represents a $1.42 annualized dividend and a yield of 6.88%. The ex-dividend date of this dividend was Friday, November 29th. Brookfield Renewable Partners’s dividend payout ratio (DPR) is presently -173.17%.

Brookfield Renewable Partners Company Profile

Brookfield Renewable Partners L.P. owns a portfolio of renewable power generating facilities primarily in North America, Colombia, and Brazil. The company generates electricity through hydroelectric, wind, solar, distributed generation, and pumped storage, as well as renewable natural gas, carbon capture and storage, recycling, cogeneration biomass, nuclear services, and power transformation.