Brookfield Renewable Partners L.P. $BEP Stake Reduced by DAVENPORT & Co LLC

DAVENPORT & Co LLC trimmed its stake in Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) by 1.8% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 364,045 shares of the utilities provider’s stock after selling 6,500 shares during the quarter. DAVENPORT & Co LLC owned approximately 0.13% of Brookfield Renewable Partners worth $9,294,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of BEP. SCS Capital Management LLC acquired a new stake in shares of Brookfield Renewable Partners in the 1st quarter worth about $15,939,000. TD Asset Management Inc increased its stake in shares of Brookfield Renewable Partners by 30.1% in the first quarter. TD Asset Management Inc now owns 2,975,447 shares of the utilities provider’s stock valued at $65,866,000 after purchasing an additional 689,196 shares during the period. Principal Financial Group Inc. increased its stake in shares of Brookfield Renewable Partners by 6.3% in the first quarter. Principal Financial Group Inc. now owns 8,344,041 shares of the utilities provider’s stock valued at $184,904,000 after purchasing an additional 492,199 shares during the period. Royal Bank of Canada raised its holdings in shares of Brookfield Renewable Partners by 2.3% during the first quarter. Royal Bank of Canada now owns 16,839,565 shares of the utilities provider’s stock valued at $373,164,000 after buying an additional 374,087 shares during the last quarter. Finally, National Bank of Canada FI boosted its position in shares of Brookfield Renewable Partners by 17.1% during the first quarter. National Bank of Canada FI now owns 2,466,957 shares of the utilities provider’s stock worth $54,395,000 after buying an additional 360,693 shares during the period. Institutional investors and hedge funds own 63.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BEP. CIBC raised their target price on Brookfield Renewable Partners from $30.00 to $31.00 and gave the company an “outperformer” rating in a research report on Monday, July 21st. Weiss Ratings reissued a “sell (d+)” rating on shares of Brookfield Renewable Partners in a report on Saturday, September 27th. JPMorgan Chase & Co. lifted their price objective on shares of Brookfield Renewable Partners from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Friday, September 19th. Mizuho increased their target price on shares of Brookfield Renewable Partners from $26.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, September 26th. Finally, Scotiabank raised their target price on shares of Brookfield Renewable Partners from $29.00 to $30.00 and gave the company a “sector outperform” rating in a research note on Friday, July 18th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $30.00.

Brookfield Renewable Partners Price Performance

NYSE:BEP opened at $27.37 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. The business’s 50-day moving average price is $25.50 and its 200 day moving average price is $24.58. Brookfield Renewable Partners L.P. has a 52-week low of $19.29 and a 52-week high of $29.56. The firm has a market cap of $7.77 billion, a P/E ratio of -28.81 and a beta of 1.13.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last posted its quarterly earnings data on Friday, August 1st. The utilities provider reported ($0.22) earnings per share 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 for the quarter, compared to the consensus estimate of $1.64 billion. As a group, sell-side analysts predict that Brookfield Renewable Partners L.P. will post -1.04 earnings per share for the current fiscal year.

Brookfield Renewable Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Friday, August 29th were given a $0.373 dividend. The ex-dividend date was Friday, August 29th. This represents a $1.49 annualized dividend and a yield of 5.5%. Brookfield Renewable Partners’s payout ratio is -156.84%.

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.