Brookfield Renewable Partners L.P. (NYSE:BEP) Short Interest Up 13.3% in September

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) was the target of a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 2,050,000 shares, an increase of 13.3% from the August 31st total of 1,810,000 shares. Based on an average daily volume of 429,100 shares, the days-to-cover ratio is presently 4.8 days.

Brookfield Renewable Partners Price Performance

Shares of BEP opened at $28.17 on Tuesday. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.52 and a quick ratio of 0.52. Brookfield Renewable Partners has a 1-year low of $19.92 and a 1-year high of $28.81. The stock has a market cap of $8.03 billion, a PE ratio of -61.24 and a beta of 0.93. The firm has a fifty day moving average price of $25.06 and a 200 day moving average price of $24.87.

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

Brookfield Renewable Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, August 30th were given a dividend of $0.355 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.42 dividend on an annualized basis and a dividend yield of 5.04%. Brookfield Renewable Partners’s dividend payout ratio (DPR) is presently -308.70%.

Hedge Funds Weigh In On Brookfield Renewable Partners

A number of institutional investors have recently modified their holdings of BEP. Scarborough Advisors LLC acquired a new position in Brookfield Renewable Partners in the fourth quarter valued at $30,000. Dixon Mitchell Investment Counsel Inc. acquired a new stake in shares of Brookfield Renewable Partners in the 1st quarter worth $31,000. Evermay Wealth Management LLC purchased a new stake in shares of Brookfield Renewable Partners in the first quarter valued at about $49,000. Clear Point Advisors Inc. acquired a new position in shares of Brookfield Renewable Partners during the first quarter worth about $49,000. Finally, PNC Financial Services Group Inc. raised its holdings in Brookfield Renewable Partners by 17.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,926 shares of the utilities provider’s stock worth $156,000 after purchasing an additional 900 shares in the last quarter. 63.16% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BEP has been the topic of a number of research reports. Royal Bank of Canada restated an “outperform” rating and issued a $31.00 price objective on shares of Brookfield Renewable Partners in a report on Monday, August 5th. National Bankshares increased their price objective 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. JPMorgan Chase & Co. lifted their price objective on shares of Brookfield Renewable Partners from $30.00 to $31.00 and gave the company a “neutral” rating in a report on Wednesday, September 25th. UBS Group raised Brookfield Renewable Partners from a “neutral” rating to a “buy” rating and increased their price target for the company from $24.00 to $31.00 in a research report on Monday. Finally, Scotiabank lifted their price target on shares of Brookfield Renewable Partners from $31.00 to $32.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, June 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $32.50.

About Brookfield Renewable Partners

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.