Brookfield Renewable Partners L.P. (NYSE:BEP) Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia reduced its stake in Brookfield Renewable Partners by 32.0%, selling 748,542 shares in the first quarter of the year, leaving it with approximately $35.2 million in value.
• Brookfield Renewable Partners saw its shares decline by 6.2%, with a current stock price of $25.83 and a market cap of $7.33 billion.
• The company announced a quarterly dividend of $0.373, resulting in a yield of 5.8%, despite a negative payout ratio of -147.52%.

Bank of Nova Scotia cut its position in Brookfield Renewable Partners L.P. (NYSE:BEP - Free Report) TSE: BEP by 32.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,590,398 shares of the utilities provider's stock after selling 748,542 shares during the period. Bank of Nova Scotia owned approximately 0.56% of Brookfield Renewable Partners worth $35,216,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Golden State Wealth Management LLC increased its holdings in shares of 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 valued at $25,000 after purchasing an additional 579 shares during the period. Rossby Financial LCC acquired a new position in shares of Brookfield Renewable Partners in the first quarter valued at about $41,000. NBC Securities Inc. acquired a new position in shares of Brookfield Renewable Partners in the first quarter valued at about $42,000. Trifecta Capital Advisors LLC acquired a new position in shares of Brookfield Renewable Partners in the first quarter valued at about $69,000. Finally, Barclays PLC increased its holdings in shares of Brookfield Renewable Partners by 13.5% in the fourth quarter. Barclays PLC now owns 7,998 shares of the utilities provider's stock valued at $183,000 after purchasing an additional 951 shares during the period. 63.16% of the stock is owned by institutional investors and hedge funds.

Brookfield Renewable Partners Stock Down 6.2%

Shares of BEP stock opened at $25.83 on Friday. The stock has a 50 day moving average of $25.80 and a 200 day moving average of $23.54. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.90. The stock has a market cap of $7.33 billion, a P/E ratio of -27.19 and a beta of 1.05. Brookfield Renewable Partners L.P. has a twelve month low of $19.29 and a twelve month high of $29.56.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP last announced its quarterly earnings results 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). The company had revenue of $1.69 billion for the quarter, compared to analysts' expectations of $1.64 billion. Brookfield Renewable Partners had a negative net margin of 0.79% and a negative return on equity of 0.15%. As a group, sell-side analysts expect that Brookfield Renewable Partners L.P. will post -1.04 EPS for the current year.

Brookfield Renewable Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, August 29th will be issued a $0.373 dividend. This represents a $1.49 annualized dividend and a yield of 5.8%. Brookfield Renewable Partners's payout ratio is currently -147.52%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. National Bank Financial raised Brookfield Renewable Partners to a "strong-buy" rating in a report on Sunday, June 8th. JPMorgan Chase & Co. cut their price objective 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 increased their price objective on Brookfield Renewable Partners from $29.00 to $30.00 and gave the company a "sector outperform" rating in a report on Friday, July 18th. Wells Fargo & Company cut their price objective 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. Finally, CIBC increased their price objective on Brookfield Renewable Partners from $30.00 to $31.00 and gave the company an "outperformer" rating in a report on Monday, July 21st. One research analyst has rated the stock with a sell rating, one has given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $29.89.

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.

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