Brookfield Renewable Partners (NYSE:BEP) Share Price Breaks Above 50-Day Moving Average – Time to Sell?

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) shares passed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $29.62 and traded as high as $30.20. Brookfield Renewable Partners shares last traded at $29.9670, with a volume of 2,380,368 shares traded.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BEP. JPMorgan Chase & Co. dropped their price objective on Brookfield Renewable Partners from $36.00 to $32.00 and set a “neutral” rating on the stock in a research report on Monday, October 19th. Zacks Research upgraded shares of Brookfield Renewable Partners from a “strong sell” rating to a “hold” rating in a research note on Friday, August 14th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Brookfield Renewable Partners in a report on Monday, September 21st. BMO Capital Markets set a $41.00 price target on shares of Brookfield Renewable Partners in a report on Monday, August 17th. Finally, Barclays set a $30.00 price target on Brookfield Renewable Partners and gave the stock an “equal weight” rating in a research report on Wednesday, July 22nd. Seven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Brookfield Renewable Partners has a consensus rating of “Moderate Buy” and an average target price of $36.73.

Brookfield Renewable Partners Price Performance

The company has a market cap of $9.07 billion, a PE ratio of -65.15 and a beta of 1.10. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a 50 day moving average of $29.62 and a 200-day moving average of $32.03.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last posted its quarterly earnings results on Friday, July 31st. The utilities provider reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($0.02). The firm had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.56 billion. Brookfield Renewable Partners had a net margin of 4.50% and a return on equity of 0.84%. Equities analysts predict that Brookfield Renewable Partners L.P. will post -1.88 earnings per share for the current year.

Institutional Investors Weigh In On Brookfield Renewable Partners

Institutional investors and hedge funds have recently modified their holdings of the company. Diversify Advisory Services LLC boosted its position in Brookfield Renewable Partners by 1.9% in the third quarter. Diversify Advisory Services LLC now owns 27,068 shares of the utilities provider’s stock valued at $776,000 after buying an additional 502 shares during the last quarter. Kelleher Financial Advisors increased its holdings in Brookfield Renewable Partners by 54.1% in the 3rd quarter. Kelleher Financial Advisors now owns 1,561 shares of the utilities provider’s stock worth $44,000 after buying an additional 548 shares during the period. Apollon Wealth Management LLC raised its position in Brookfield Renewable Partners by 3.3% during the 3rd quarter. Apollon Wealth Management LLC now owns 17,928 shares of the utilities provider’s stock worth $504,000 after buying an additional 574 shares during the last quarter. GAMMA Investing LLC raised its position in Brookfield Renewable Partners by 44.5% during the 3rd quarter. GAMMA Investing LLC now owns 2,460 shares of the utilities provider’s stock worth $69,000 after buying an additional 757 shares during the last quarter. Finally, Kestra Advisory Services LLC raised its position in Brookfield Renewable Partners by 9.6% during the 3rd quarter. Kestra Advisory Services LLC now owns 9,944 shares of the utilities provider’s stock worth $280,000 after buying an additional 871 shares during the last quarter. Institutional investors and hedge funds own 63.16% of the company’s stock.

About Brookfield Renewable Partners

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.