What Happened To Brookfield Renewable Partners Stock Tuesday?

Brookfield Renewable Partners L.P. BEP shares traded lower Tuesday after the company announced plans to acquire Duke Energy Renewables.

What To Know: Brookfield has agreed to acquire Duke Energy Renewables for $1.05 billion in equity proceeds. 

The company also announced $650 million in equity offering allocations, consisting of 8.2 million limited partnership units at $30.35 per unit and 7.43 million class A shares of BEPC at $33.80 per share.

A subsidiary of Brookfield Reinsurance also agreed to purchase more than 5.14 million units at the offering price. The offering is expected to close on or about June 16.

The net proceeds are expected to be used to fund current and future investment opportunities, as well as for general corporate purposes.

Mizuho analyst Anthony Crowdell maintained Brookfield Renewable with a Neutral rating and raised the price target from $31 to $32 following the announcement.

Related Link: Why Biogen Stock Is Trading Down Today

BEP Price Action: Shares of BEP closed Tuesday down 5.56% at $29.87, according to Benzinga Pro.

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