Short Interest in Brookfield Renewable Partners LP (NYSE:BEP) Decreases By 8.4%

Brookfield Renewable Partners LP (NYSE:BEP) (TSE:BEP) was the target of a large decline in short interest in August. As of August 31st, there was short interest totalling 407,100 shares, a decline of 8.4% from the July 31st total of 444,600 shares. Based on an average daily volume of 155,100 shares, the days-to-cover ratio is currently 2.6 days. Approximately 0.2% of the shares of the company are sold short.

A number of hedge funds have recently added to or reduced their stakes in BEP. BNP Paribas Arbitrage SA bought a new stake in shares of Brookfield Renewable Partners during the 1st quarter valued at approximately $157,000. Janney Montgomery Scott LLC bought a new stake in shares of Brookfield Renewable Partners during the 1st quarter valued at approximately $209,000. SFE Investment Counsel grew its holdings in shares of Brookfield Renewable Partners by 18.8% during the 1st quarter. SFE Investment Counsel now owns 40,345 shares of the utilities provider’s stock valued at $1,289,000 after purchasing an additional 6,390 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp bought a new stake in shares of Brookfield Renewable Partners during the 1st quarter valued at approximately $9,290,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Brookfield Renewable Partners during the 1st quarter valued at approximately $716,000. 53.96% of the stock is currently owned by hedge funds and other institutional investors.

BEP stock traded down $0.05 during mid-day trading on Friday, hitting $36.78. The stock had a trading volume of 8,906 shares, compared to its average volume of 159,451. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.60. Brookfield Renewable Partners has a 52 week low of $24.51 and a 52 week high of $37.94. The firm has a market capitalization of $6.59 billion, a P/E ratio of 283.00 and a beta of 0.45. The firm has a fifty day simple moving average of $36.59 and a 200 day simple moving average of $33.58.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last released its earnings results on Wednesday, July 31st. The utilities provider reported $0.05 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.21). Brookfield Renewable Partners had a net margin of 9.16% and a return on equity of 1.80%. The firm had revenue of $787.00 million during the quarter.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, August 30th will be issued a $1.03 dividend. This is a positive change from Brookfield Renewable Partners’s previous quarterly dividend of $0.52. This represents a $4.12 annualized dividend and a yield of 11.20%. The ex-dividend date of this dividend is Thursday, August 29th. Brookfield Renewable Partners’s dividend payout ratio (DPR) is currently 1,584.62%.

Several brokerages have weighed in on BEP. Royal Bank of Canada lifted their price objective on shares of Brookfield Renewable Partners from $33.00 to $37.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 1st. Credit Suisse Group cut shares of Brookfield Renewable Partners from an “outperform” rating to a “neutral” rating in a research note on Thursday, July 25th. Raymond James lifted their price objective on shares of Brookfield Renewable Partners from $31.00 to $36.00 and gave the stock a “market perform” rating in a research note on Thursday, August 1st. Barclays set a $53.00 price objective on shares of Brookfield Renewable Partners and gave the stock a “buy” rating in a research note on Monday, August 12th. Finally, Zacks Investment Research cut shares of Brookfield Renewable Partners from a “buy” rating to a “hold” rating in a research note on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $38.57.

About Brookfield Renewable Partners

Brookfield Renewable Partners L.P. owns a portfolio of renewable power generating facilities primarily in North America, Colombia, Brazil, Europe, India, and China. The company generates electricity through hydro, wind, solar, cogeneration, and biomass sources. Its portfolio consists of approximately 17,400 megawatts of installed capacity.

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