Brookfield Renewable Partners (NYSE:BEP) Stock Price Down 4.5% – Here’s Why

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP)’s share price was down 4.5% during mid-day trading on Tuesday . The company traded as low as $27.40 and last traded at $27.60. Approximately 147,347 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 473,755 shares. The stock had previously closed at $28.89.

Wall Street Analyst Weigh In

BEP has been the topic of several analyst reports. JPMorgan Chase & Co. dropped their target price on Brookfield Renewable Partners from $31.00 to $29.00 and set a “neutral” rating on the stock in a research report on Thursday, October 17th. Royal Bank of Canada reiterated an “outperform” rating and issued a $31.00 target price on shares of Brookfield Renewable Partners in a report on Wednesday, October 9th. National Bankshares increased their target price on shares of Brookfield Renewable Partners from $32.00 to $33.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. StockNews.com downgraded shares of Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research note on Friday, August 2nd. Finally, UBS Group upgraded shares of Brookfield Renewable Partners from a “neutral” rating to a “buy” rating and raised their price target for the stock from $24.00 to $31.00 in a research report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $32.30.

Brookfield Renewable Partners Price Performance

The stock has a fifty day moving average of $25.91 and a 200-day moving average of $25.32. The firm has a market capitalization of $8.08 billion, a P/E ratio of -59.48 and a beta of 0.94. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.91.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its earnings results on Friday, August 2nd. The utilities provider reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.13 by ($0.41). Brookfield Renewable Partners had a net margin of 2.37% and a return on equity of 0.46%. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the previous year, the firm posted ($0.10) EPS. The business’s revenue was up 23.0% on a year-over-year basis. Equities analysts predict that Brookfield Renewable Partners L.P. will post -0.57 EPS for the current fiscal year.

Brookfield Renewable Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, August 30th were given a $0.355 dividend. This represents a $1.42 dividend on an annualized basis and a dividend yield of 5.01%. The ex-dividend date of this dividend was Friday, August 30th. Brookfield Renewable Partners’s dividend payout ratio is currently -308.70%.

Hedge Funds Weigh In On Brookfield Renewable Partners

A number of institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its position in Brookfield Renewable Partners by 0.9% during the second quarter. Principal Financial Group Inc. now owns 7,275,031 shares of the utilities provider’s stock worth $180,203,000 after acquiring an additional 66,794 shares during the last quarter. CIBC Asset Management Inc boosted its stake in shares of Brookfield Renewable Partners by 0.6% during the second quarter. CIBC Asset Management Inc now owns 6,915,814 shares of the utilities provider’s stock valued at $171,010,000 after purchasing an additional 37,836 shares in the last quarter. CCLA Investment Management grew its holdings in shares of Brookfield Renewable Partners by 1.9% during the second quarter. CCLA Investment Management now owns 2,578,419 shares of the utilities provider’s stock worth $63,952,000 after purchasing an additional 47,734 shares during the last quarter. TD Asset Management Inc increased its stake in shares of Brookfield Renewable Partners by 2.9% in the second quarter. TD Asset Management Inc now owns 2,377,124 shares of the utilities provider’s stock valued at $58,805,000 after buying an additional 67,777 shares during the period. Finally, APG Asset Management N.V. raised its holdings in Brookfield Renewable Partners by 0.3% in the 2nd quarter. APG Asset Management N.V. now owns 1,747,150 shares of the utilities provider’s stock valued at $40,327,000 after buying an additional 5,388 shares during the last quarter. 63.16% of the stock is currently owned by institutional investors and hedge funds.

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.