Royal Bank of Canada Purchases 374,087 Shares of Brookfield Renewable Partners L.P. $BEP

Key Points

• Royal Bank of Canada increased its holdings in Brookfield Renewable Partners L.P. by 2.3%, owning approximately 5.93% of the company, valued at $373.16 million as of the end of Q1.
• Several analysts have issued positive ratings for Brookfield Renewable Partners, with price targets ranging from $29.00 to $32.00, indicating a consensus rating of "Buy."
• Brookfield Renewable Partners declared a quarterly dividend of $0.373, which translates to an annualized dividend yield of 5.9% despite a negative payout ratio of -156.84%.

Royal Bank of Canada boosted its holdings in Brookfield Renewable Partners L.P. (NYSE:BEP - Free Report) TSE: BEP by 2.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 16,839,565 shares of the utilities provider's stock after buying an additional 374,087 shares during the quarter. Royal Bank of Canada owned 5.93% of Brookfield Renewable Partners worth $373,164,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Golden State Wealth Management LLC grew 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 valued at $25,000 after purchasing an additional 579 shares during the period. Rossby Financial LCC bought a new stake in shares of Brookfield Renewable Partners during the 1st quarter valued at about $41,000. NBC Securities Inc. bought a new stake in shares of Brookfield Renewable Partners during the 1st quarter valued at about $42,000. Northwestern Mutual Wealth Management Co. grew its stake in shares of Brookfield Renewable Partners by 136.6% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,730 shares of the utilities provider's stock valued at $60,000 after acquiring an additional 1,576 shares during the period. Finally, Trifecta Capital Advisors LLC bought a new position in shares of Brookfield Renewable Partners during the 1st quarter valued at approximately $69,000. Hedge funds and other institutional investors own 63.16% of the company's stock.

Brookfield Renewable Partners Price Performance

Shares of NYSE BEP traded up $0.23 during midday trading on Thursday, reaching $24.89. 587,020 shares of the stock traded hands, compared to its average volume of 624,858. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.44 and a quick ratio of 0.44. The stock has a market capitalization of $7.07 billion, a PE ratio of -26.20 and a beta of 1.04. Brookfield Renewable Partners L.P. has a one year low of $19.29 and a one year high of $29.56. The company's 50 day moving average is $25.88 and its 200 day moving average is $24.13.

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

Brookfield Renewable Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, August 29th will be paid 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 6.0%. Brookfield Renewable Partners's dividend payout ratio (DPR) is presently -156.84%.

Analyst Ratings Changes

A number of brokerages recently issued reports on BEP. JPMorgan Chase & Co. cut their price objective on Brookfield Renewable Partners from $30.00 to $29.00 and set an "overweight" rating for the company in a research note on Tuesday, July 22nd. Raymond James Financial downgraded Brookfield Renewable Partners from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, July 17th. National Bank Financial upgraded Brookfield Renewable Partners to a "strong-buy" rating in a research note on Sunday, June 8th. CIBC boosted their price objective on Brookfield Renewable Partners from $30.00 to $31.00 and gave the company an "outperformer" rating in a research note on Monday, July 21st. Finally, Scotiabank boosted their price objective on 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, six have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $30.11.

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.