Bank of Nova Scotia Grows Stock Holdings in Brookfield Renewable Partners L.P. $BEP

Key Points

• Bank of Nova Scotia increased its stake in Brookfield Renewable Partners by 11.0% in the first quarter, adding 114,127 shares to hold 1,148,128 shares worth about $37.4 million.
• Analyst sentiment is mixed, but broadly positive: the stock carries a Moderate Buy consensus with an average target price of $37.93, though Zacks Research recently cut it to strong sell.
• Brookfield Renewable Partners reported a quarterly EPS loss of $0.40, slightly worse than estimates, while revenue came in at $1.51 billion. The company also paid a quarterly dividend of $0.392, or an annualized yield of 4.7%.

Bank of Nova Scotia lifted its stake in shares of Brookfield Renewable Partners L.P. (NYSE:BEP - Free Report) TSE: BEP by 11.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,148,128 shares of the utilities provider's stock after acquiring an additional 114,127 shares during the quarter. Bank of Nova Scotia owned approximately 0.38% of Brookfield Renewable Partners worth $37,444,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Kelleher Financial Advisors purchased a new position in Brookfield Renewable Partners during the 3rd quarter worth $26,000. Russell Investments Group Ltd. purchased a new stake in shares of Brookfield Renewable Partners in the 2nd quarter worth $34,000. CENTRAL TRUST Co bought a new position in shares of Brookfield Renewable Partners during the 1st quarter worth $55,000. Triumph Capital Management purchased a new position in shares of Brookfield Renewable Partners during the third quarter valued at $55,000. Finally, Global Retirement Partners LLC raised its holdings in shares of Brookfield Renewable Partners by 284.5% in the fourth quarter. Global Retirement Partners LLC now owns 2,207 shares of the utilities provider's stock valued at $60,000 after acquiring an additional 1,633 shares in the last quarter. Institutional investors own 63.16% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Zacks Research cut shares of Brookfield Renewable Partners from a "hold" rating to a "strong sell" rating in a report on Friday, July 3rd. Weiss Ratings reiterated a "hold (c-)" rating on shares of Brookfield Renewable Partners in a research note on Wednesday, June 24th. TD Securities reissued a "buy" rating and set a $39.00 price objective on shares of Brookfield Renewable Partners in a report on Monday, May 4th. TD boosted their price objective on shares of Brookfield Renewable Partners from $38.00 to $39.00 and gave the stock a "buy" rating in a research note on Monday, May 4th. Finally, Scotiabank restated an "outperform" rating and set a $42.00 target price (up from $36.00) on shares of Brookfield Renewable Partners in a report on Friday, May 29th. Ten research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $37.93.

Brookfield Renewable Partners Stock Up 0.2%

Shares of BEP stock opened at $33.12 on Friday. The stock has a market cap of $9.94 billion, a P/E ratio of -106.84 and a beta of 1.10. Brookfield Renewable Partners L.P. has a twelve month low of $24.13 and a twelve month high of $38.12. The stock has a 50 day moving average of $34.58 and a 200 day moving average of $32.53. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.82.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP last posted its earnings results on Saturday, May 2nd. The utilities provider reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.04). The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.50 billion. Brookfield Renewable Partners had a net margin of 8.28% and a return on equity of 1.57%. As a group, sell-side analysts expect that Brookfield Renewable Partners L.P. will post -1.55 EPS for the current year.

Brookfield Renewable Partners Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Friday, May 29th were paid a $0.392 dividend. This represents a $1.57 annualized dividend and a dividend yield of 4.7%. The ex-dividend date was Friday, May 29th. Brookfield Renewable Partners's payout ratio is currently -503.23%.

Brookfield Renewable Partners Company Profile

Brookfield Renewable Partners L.P. is a leading global owner, operator and developer of renewable power assets. Listed on the New York Stock Exchange under the ticker BEP, the partnership focuses on generating clean electricity from a diversified mix of hydroelectric, wind, solar and energy storage facilities. As part of the Brookfield Asset Management group, Brookfield Renewable leverages a long-term, asset-backed approach to investing in sustainable energy projects that support the transition to a low-carbon economy.

The company’s platform encompasses approximately 23,000 megawatts of installed capacity across four continents.

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