Brookfield Renewable Partners L.P. (NYSE:BEP) Stock Short Interest Climbs 85.2%

by · The Markets Daily

Brookfield Renewable Partners L.P. (NYSE:BEP – Get Free Report) (TSE:BEP) saw a large growth in short interest during the month of October. As of October 15th, there was short interest totaling 1,358,930 shares, a growth of 85.2% from the September 30th total of 733,588 shares. Currently, 0.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,130,988 shares, the days-to-cover ratio is presently 1.2 days.

Brookfield Renewable Partners Stock Down 1.3%

Shares of NYSE:BEP opened at $28.65 on Friday. The stock has a market capitalization of $8.67 billion, a price-to-earnings ratio of -62.28 and a beta of 1.10. The company’s fifty day moving average is $29.68 and its two-hundred day moving average is $32.03. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.80 and a current ratio of 0.80. Brookfield Renewable Partners has a 1-year low of $26.30 and a 1-year high of $38.12.

Brookfield Renewable Partners (NYSE:BEP – Get Free Report) (TSE:BEP) last released its earnings results on Friday, July 31st. The utilities provider reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.02). Brookfield Renewable Partners had a net margin of 4.50% and a return on equity of 0.84%. The company had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.56 billion. Equities analysts anticipate that Brookfield Renewable Partners will post -1.88 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. UBS Group reissued a “buy” rating and set a $34.00 price objective (down from $40.00) on shares of Brookfield Renewable Partners in a research report on Thursday, October 1st. BMO Capital Markets set a $41.00 price target on shares of Brookfield Renewable Partners in a research note on Monday, August 17th. Zacks Research raised Brookfield Renewable Partners from a “strong sell” rating to a “hold” rating in a research note on Friday, August 14th. JPMorgan Chase & Co. decreased their price objective on shares of Brookfield Renewable Partners from $36.00 to $32.00 and set a “neutral” rating for the company in a research report on Monday, October 19th. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating and issued a $41.00 price objective on shares of Brookfield Renewable Partners in a research report on Friday, July 17th. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $36.73.

Read Our Latest Report on BEP

Institutional Trading of Brookfield Renewable Partners

Several institutional investors have recently made changes to their positions in the business. Chicago Partners Investment Group LLC increased its stake in Brookfield Renewable Partners by 72.8% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 11,095 shares of the utilities provider’s stock worth $317,000 after purchasing an additional 4,674 shares in the last quarter. Kelleher Financial Advisors raised its position in shares of Brookfield Renewable Partners by 54.1% in the third quarter. Kelleher Financial Advisors now owns 1,561 shares of the utilities provider’s stock valued at $44,000 after buying an additional 548 shares in the last quarter. MADDEN SECURITIES Corp bought a new stake in shares of Brookfield Renewable Partners during the 3rd quarter worth approximately $60,000. Apollon Wealth Management LLC raised its stake in Brookfield Renewable Partners by 3.3% during the third quarter. Apollon Wealth Management LLC now owns 17,928 shares of the utilities provider’s stock worth $504,000 after acquiring an additional 574 shares in the last quarter. Finally, Sowell Financial Services LLC acquired a new stake in shares of Brookfield Renewable Partners during the 3rd quarter valued at $270,000. 63.16% of the stock is currently owned by institutional investors and hedge funds.

Brookfield Renewable Partners Company Profile

(Get Free Report)

Brookfield Renewable Partners L.P. is a global renewable power and sustainable solutions company. The partnership develops, owns and operates a diversified portfolio of renewable energy facilities, with hydroelectric generation complemented by onshore and offshore wind, utility-scale and distributed solar, battery storage, and other energy transition assets.

Through its operating platforms, Brookfield Renewable supplies electricity and related energy services to utilities, corporations and other customers.

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