NewGen Asset Management Ltd Takes Position in Brookfield Renewable Partners L.P. (NYSE:BEP)

NewGen Asset Management Ltd acquired a new stake in Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 250,000 shares of the utilities provider’s stock, valued at approximately $5,540,000. Brookfield Renewable Partners comprises 3.6% of NewGen Asset Management Ltd’s portfolio, making the stock its 9th biggest position. NewGen Asset Management Ltd owned about 0.09% of Brookfield Renewable Partners at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in BEP. CIBC Asset Management Inc boosted its position in shares of Brookfield Renewable Partners by 23.8% in the 4th quarter. CIBC Asset Management Inc now owns 8,472,170 shares of the utilities provider’s stock valued at $192,605,000 after purchasing an additional 1,628,524 shares during the period. Bank of Nova Scotia Trust Co. boosted its position in shares of Brookfield Renewable Partners by 31.3% in the 4th quarter. Bank of Nova Scotia Trust Co. now owns 148,495 shares of the utilities provider’s stock valued at $3,384,000 after purchasing an additional 35,429 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Brookfield Renewable Partners in the 4th quarter valued at about $2,623,000. NINE MASTS CAPITAL Ltd boosted its position in shares of Brookfield Renewable Partners by 240.0% in the 4th quarter. NINE MASTS CAPITAL Ltd now owns 137,573 shares of the utilities provider’s stock valued at $3,135,000 after purchasing an additional 97,105 shares during the period. Finally, SOA Wealth Advisors LLC. acquired a new stake in shares of Brookfield Renewable Partners in the 1st quarter valued at about $583,000. Hedge funds and other institutional investors own 63.16% of the company’s stock.

Brookfield Renewable Partners Stock Down 1.3%

BEP opened at $25.95 on Thursday. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.25 and a quick ratio of 0.73. The business has a 50 day simple moving average of $22.99 and a 200-day simple moving average of $22.88. The stock has a market capitalization of $7.36 billion, a P/E ratio of -29.16 and a beta of 0.98. Brookfield Renewable Partners L.P. has a 12 month low of $19.29 and a 12 month high of $29.56.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last posted its quarterly earnings results on Friday, May 2nd. The utilities provider reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.09). The business had revenue of $907.00 million during the quarter, compared to analyst estimates of $1.73 billion. Brookfield Renewable Partners had a negative net margin of 0.15% and a negative return on equity of 0.03%. On average, equities analysts anticipate that Brookfield Renewable Partners L.P. will post -1.04 earnings per share for the current fiscal year.

Brookfield Renewable Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, May 30th will be issued a $0.373 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.49 annualized dividend and a dividend yield of 5.75%. Brookfield Renewable Partners’s dividend payout ratio is currently -147.52%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on BEP. Barclays began coverage on Brookfield Renewable Partners in a research report on Wednesday, April 2nd. They issued an “equal weight” rating and a $27.00 target price for the company. Wells Fargo & Company lowered their target price on Brookfield Renewable Partners from $29.00 to $27.00 and set an “overweight” rating on the stock in a research note on Monday, May 5th. Wall Street Zen downgraded Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, February 25th. National Bank Financial upgraded Brookfield Renewable Partners to a “strong-buy” rating in a research note on Sunday. Finally, CIBC lowered their target price on Brookfield Renewable Partners from $31.00 to $30.00 and set an “outperformer” rating on the stock in a research note on Monday, May 5th. One research analyst has rated the stock with a sell rating, one has given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $29.13.

Brookfield Renewable Partners Profile

Brookfield Renewable Partners L.P. owns a portfolio of renewable power generating facilities primarily in North America, Colombia, and Brazil. The company generates electricity through hydroelectric, wind, solar, distributed generation, and pumped storage, as well as renewable natural gas, carbon capture and storage, recycling, cogeneration biomass, nuclear services, and power transformation.