Brookfield Renewable Posts Mixed Q3 Results

Renewable power company Brookfield Renewable Partners (BEP) has reported mixed results for the third quarter of 2021 as Funds From Operations (FFO) surpassed expectations but revenues fell short.

Headquartered in Bermuda, Brookfield Renewable’s portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia. (See Insiders’ Hot Stocks on TipRanks)

Q3 Financial Results

Revenues increased to $966 million from $867 million a year earlier but missed analysts’ expectations of $1.01 billion.

FFO came in at $0.36 per share, higher than the $0.31 per share reported in the third quarter of last year and the Street’s estimate of a loss of $0.04 per share. The rise was driven by high levels of asset availability and new acquisitions.

The Hydroelectric segment’s FFO totaled $142 million; the Wind and Solar segments generated a combined FFO of $130 million; and the Energy Transition segment’s FFO amounted to $48 million.

CEO Comments

Brookfield Renewable’s CEO, Connor Teskey, said, “We generated record third-quarter FFO, and executed on several growth opportunities that demonstrate the value of our global platform, deploying capital across multiple technologies and jurisdictions, enhancing our position as a leading diversified clean energy business.

“As decarbonization of the global economy continues to move to the forefront, we are well-positioned to capture the growing opportunity while earning strong returns for our investors.”

Analyst Recommendation

Overall, the stock has a Moderate Buy consensus rating based on three Buys and four Holds. The average Brookfield Renewable Partners price target of $39.29 implies 0.8% downside potential. Shares have gained 2.4% over the past 12 months.

Blogger Opinions

TipRanks data shows that financial blogger opinions are 94% Bullish on the stock, compared to the sector average of 72%.

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