Brookfield Renewable Partners Delivers Mixed Q4 Results

Brookfield Renewable Partners (BEP) delivered solid fourth-quarter and full-year results as the company achieved its highest ever funds from operations (FFO) per unit. Revenue missed consensus estimates, while FFO came in higher than expected. BEP shares jumped 2.72% to close at $32.80 on February 4.

Brookfield Renewable Partners LP owns a portfolio of renewable power generating facilities in North America, Europe, India, and China. Brookfield Renewable Partners LP’s upcoming earnings report for Q1 2022 is scheduled for May 05, 2022.

Financial Results

Normalized funds from operation landed at $263 million, or $0.41 per unit, in the fourth quarter, compared to $242 million, or $0.37 per unit, delivered in the same quarter last year. Full-year FFO totaled $1.09 billion, or $1.69 per unit, an improvement from $882 million, or $1.45 per unit, delivered the prior year and below consensus estimates of $1.15 billion.

During the year, Brookfield Renewable Partners advanced key commercial priorities, securing contracts to deliver 11,000 Gigawatts hours of clean energy annually. The company also commissioned 1,000 megawatts of new capacity.

In addition, the company agreed to invest $4.3 billion of capital in every major market and technology in which it operates. It also diversified its business with its first investment in offshore wind, having expanded its hydroelectric and battery storage portfolios.

Brookfield Renewable Partners has confirmed a quarterly distribution of $0.32 per LP unit to be paid on March 31, 2022, to unitholders of record as of the close of business on February 28, 2022. The dividend represents an increase of 5%.

Stock Rating

Last month, RBC Capital analyst Nelson Ng reiterated a Hold Rating on Brookfield Renewable Partners with a $39 price target, implying 18.90% upside potential to current levels.

Consensus among analysts is a Moderate Buy based on 7 Buys and 3 Holds. The average Brookfield Renewable price target of $37.53 implies 14.42% upside potential to current levels.

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