Connor Clark & Lunn Investment Management Ltd. Lowers Stake in Brookfield Renewable Partners L.P. (NYSE:BEP)

Connor Clark & Lunn Investment Management Ltd. reduced its position in shares of Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) by 76.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 354,900 shares of the utilities provider’s stock after selling 1,126,027 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.12% of Brookfield Renewable Partners worth $7,859,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Golden State Wealth Management LLC boosted its stake in shares of Brookfield Renewable Partners by 103.6% during the 1st quarter. Golden State Wealth Management LLC now owns 1,138 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 579 shares in the last quarter. Rossby Financial LCC acquired a new position in shares of Brookfield Renewable Partners during the 1st quarter worth about $41,000. NBC Securities Inc. acquired a new position in shares of Brookfield Renewable Partners during the 1st quarter worth about $42,000. Trifecta Capital Advisors LLC acquired a new position in shares of Brookfield Renewable Partners during the 1st quarter worth about $69,000. Finally, Barclays PLC raised its position in shares of Brookfield Renewable Partners by 13.5% during the 4th quarter. Barclays PLC now owns 7,998 shares of the utilities provider’s stock worth $183,000 after purchasing an additional 951 shares during the last quarter. 63.16% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on BEP. Wells Fargo & Company cut their price objective on shares of Brookfield Renewable Partners from $29.00 to $27.00 and set an “overweight” rating for the company in a report on Monday, May 5th. National Bank Financial upgraded shares of Brookfield Renewable Partners to a “strong-buy” rating in a report on Sunday, June 8th. National Bankshares increased their price objective on shares of Brookfield Renewable Partners from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Tuesday, August 5th. JPMorgan Chase & Co. cut their price objective on shares of Brookfield Renewable Partners from $30.00 to $29.00 and set an “overweight” rating for the company in a report on Tuesday, July 22nd. Finally, Scotiabank increased their price objective on shares of Brookfield Renewable Partners from $29.00 to $30.00 and gave the company a “sector outperform” rating in a report on Friday, July 18th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $30.11.

Brookfield Renewable Partners Stock Performance

Shares of BEP stock opened at $24.67 on Tuesday. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.97. Brookfield Renewable Partners L.P. has a 52 week low of $19.29 and a 52 week high of $29.56. The stock has a market capitalization of $7.00 billion, a PE ratio of -25.97 and a beta of 1.05. The firm has a 50 day moving average of $26.00 and a two-hundred day moving average of $23.76.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its quarterly earnings results on Friday, August 1st. The utilities provider reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.03). Brookfield Renewable Partners had a net margin of 2.28% and a return on equity of 0.44%. The business had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.64 billion. On average, research analysts predict that Brookfield Renewable Partners L.P. will post -1.04 EPS for the current fiscal year.

Brookfield Renewable Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Friday, August 29th will be given a dividend of $0.373 per share. This represents a $1.49 annualized dividend and a dividend yield of 6.0%. The ex-dividend date of this dividend is Friday, August 29th. Brookfield Renewable Partners’s payout ratio is -156.84%.

About Brookfield Renewable Partners

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.