BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 274,537 Shares of Brookfield Renewable Partners L.P. $BEP

Key Points

• British Columbia Investment Management Corp significantly reduced its stake in Brookfield Renewable Partners by 69.5%, selling 274,537 shares and now holds 120,453 shares valued at approximately $2.67 million.
• Despite the recent sell-off, shares of Brookfield Renewable Partners are currently trading at $25.43, reflecting a 1.4% increase and a market capitalization of $7.22 billion.
• The company declared a quarterly dividend of $0.373, which represents an annualized yield of 5.9%, though its dividend payout ratio stands at a concerning -156.84%.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its holdings in Brookfield Renewable Partners L.P. (NYSE:BEP - Free Report) TSE: BEP by 69.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 120,453 shares of the utilities provider's stock after selling 274,537 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Brookfield Renewable Partners were worth $2,667,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Golden State Wealth Management LLC boosted its holdings in Brookfield Renewable Partners by 103.6% in the first 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 bought a new stake in Brookfield Renewable Partners in the first quarter worth $41,000. NBC Securities Inc. bought a new stake in Brookfield Renewable Partners in the first quarter worth $42,000. Trifecta Capital Advisors LLC bought a new stake in Brookfield Renewable Partners in the first quarter worth $69,000. Finally, Barclays PLC boosted its holdings in Brookfield Renewable Partners by 13.5% in the fourth quarter. Barclays PLC now owns 7,998 shares of the utilities provider's stock worth $183,000 after acquiring an additional 951 shares in the last quarter. 63.16% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on BEP. CIBC boosted their target price on Brookfield Renewable Partners from $30.00 to $31.00 and gave the stock an "outperformer" rating in a report on Monday, July 21st. National Bank Financial raised Brookfield Renewable Partners to a "strong-buy" rating in a report on Sunday, June 8th. JPMorgan Chase & Co. dropped their target price on Brookfield Renewable Partners from $30.00 to $29.00 and set an "overweight" rating on the stock in a report on Tuesday, July 22nd. Scotiabank boosted their target price on Brookfield Renewable Partners from $29.00 to $30.00 and gave the stock a "sector outperform" rating in a report on Friday, July 18th. Finally, Wells Fargo & Company lowered their price target on Brookfield Renewable Partners from $29.00 to $27.00 and set an "overweight" rating on the stock in a report on Monday, May 5th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, Brookfield Renewable Partners presently has a consensus rating of "Buy" and a consensus price target of $30.11.

Brookfield Renewable Partners Stock Performance

Brookfield Renewable Partners stock traded down $0.53 during mid-day trading on Friday, reaching $25.36. 478,849 shares of the stock traded hands, compared to its average volume of 461,837. The stock has a market capitalization of $7.20 billion, a PE ratio of -26.69 and a beta of 1.05. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.44 and a quick ratio of 0.44. Brookfield Renewable Partners L.P. has a 12-month low of $19.29 and a 12-month high of $29.56. The business's 50-day moving average is $25.91 and its 200-day moving average is $24.07.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP last posted its quarterly earnings data on Friday, August 1st. The utilities provider reported ($0.22) EPS for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.03). The firm had revenue of $1.69 billion for the quarter, compared to analysts' expectations of $1.64 billion. Brookfield Renewable Partners had a net margin of 2.28% and a return on equity of 0.44%. As a group, sell-side analysts predict that Brookfield Renewable Partners L.P. will post -1.04 EPS for the current fiscal year.

Brookfield Renewable Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, August 29th will be given a $0.373 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.49 dividend on an annualized basis and a yield of 5.9%. Brookfield Renewable Partners's dividend payout ratio is presently -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.