Brookfield Renewable Partners LP (NYSE:BEP) (TSE:BEP) was the recipient of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 443,100 shares, an increase of 38.9% from the September 30th total of 319,000 shares. Approximately 0.3% of the shares of the stock are short sold. Based on an average daily volume of 175,100 shares, the days-to-cover ratio is presently 2.5 days.
Several hedge funds have recently added to or reduced their stakes in BEP. CIBC Asset Management Inc raised its position in shares of Brookfield Renewable Partners by 54.8% during the second quarter. CIBC Asset Management Inc now owns 1,639,689 shares of the utilities provider’s stock worth $56,719,000 after acquiring an additional 580,157 shares during the last quarter. Kayne Anderson Capital Advisors LP increased its holdings in Brookfield Renewable Partners by 532.4% in the second quarter. Kayne Anderson Capital Advisors LP now owns 577,400 shares of the utilities provider’s stock valued at $19,969,000 after purchasing an additional 486,100 shares during the last quarter. CIBC Private Wealth Group LLC bought a new stake in Brookfield Renewable Partners in the third quarter valued at about $15,761,000. Royal Bank of Canada increased its holdings in Brookfield Renewable Partners by 2.5% in the second quarter. Royal Bank of Canada now owns 8,295,423 shares of the utilities provider’s stock valued at $286,956,000 after purchasing an additional 204,510 shares during the last quarter. Finally, Walnut Private Equity Partners LLC bought a new stake in Brookfield Renewable Partners in the third quarter valued at about $3,001,000. Institutional investors own 54.47% of the company’s stock.
Shares of BEP stock traded down $0.15 on Tuesday, reaching $43.24. 2,041 shares of the stock were exchanged, compared to its average volume of 189,954. The stock has a market cap of $7.64 billion, a PE ratio of 332.92 and a beta of 0.48. Brookfield Renewable Partners has a one year low of $24.51 and a one year high of $43.59. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a 50 day moving average price of $41.54 and a 200 day moving average price of $36.44.
BEP has been the subject of several research analyst reports. BMO Capital Markets set a $39.00 price objective on Brookfield Renewable Partners and gave the company a “hold” rating in a research report on Friday, September 27th. Credit Suisse Group downgraded Brookfield Renewable Partners from an “outperform” rating to a “neutral” rating in a research report on Thursday, July 25th. Royal Bank of Canada lifted their price objective on Brookfield Renewable Partners from $37.00 to $39.00 and gave the company a “sector perform” rating in a research report on Monday, September 30th. Barclays lifted their price objective on Brookfield Renewable Partners from $41.00 to $45.00 and gave the company an “overweight” rating in a research report on Monday, September 30th. Finally, TD Securities downgraded Brookfield Renewable Partners from a “buy” rating to a “hold” rating in a research report on Tuesday. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $40.11.
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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