Principal Financial Group Inc. Increases Stake in Brookfield Renewable Partners L.P. (NYSE:BEP)

Principal Financial Group Inc. raised its holdings in Brookfield Renewable Partners L.P. (NYSE:BEP - Free Report) TSE: BEP by 6.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,344,041 shares of the utilities provider's stock after buying an additional 492,199 shares during the period. Principal Financial Group Inc. owned approximately 2.94% of Brookfield Renewable Partners worth $184,904,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Royal Bank of Canada increased its position in shares of Brookfield Renewable Partners by 1.3% during the fourth quarter. Royal Bank of Canada now owns 16,465,478 shares of the utilities provider's stock worth $375,248,000 after acquiring an additional 211,467 shares during the period. Bank of Montreal Can grew its stake in Brookfield Renewable Partners by 4.7% during the 4th quarter. Bank of Montreal Can now owns 7,059,557 shares of the utilities provider's stock worth $160,585,000 after purchasing an additional 315,272 shares in the last quarter. Scotia Capital Inc. increased its holdings in Brookfield Renewable Partners by 13.5% during the 4th quarter. Scotia Capital Inc. now owns 2,715,043 shares of the utilities provider's stock worth $61,433,000 after purchasing an additional 323,619 shares during the period. Bank of Nova Scotia increased its holdings in Brookfield Renewable Partners by 31.8% during the 4th quarter. Bank of Nova Scotia now owns 2,338,940 shares of the utilities provider's stock worth $53,263,000 after purchasing an additional 564,515 shares during the period. Finally, National Bank of Canada FI raised its position in Brookfield Renewable Partners by 102.4% in the 4th quarter. National Bank of Canada FI now owns 2,106,264 shares of the utilities provider's stock valued at $48,023,000 after purchasing an additional 1,065,590 shares in the last quarter. Hedge funds and other institutional investors own 63.16% of the company's stock.

Brookfield Renewable Partners Stock Performance

Shares of BEP opened at $26.60 on Friday. The company has a market capitalization of $7.55 billion, a price-to-earnings ratio of -26.33 and a beta of 0.99. Brookfield Renewable Partners L.P. has a 52-week low of $19.29 and a 52-week high of $29.56. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.90. The stock has a 50 day moving average price of $24.38 and a 200 day moving average price of $22.97.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP last issued its earnings results on Friday, May 2nd. The utilities provider reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.09). The company had revenue of $907.00 million during the quarter, compared to analyst estimates of $1.73 billion. Brookfield Renewable Partners had a negative net margin of 0.79% and a negative return on equity of 0.15%. Research analysts predict that Brookfield Renewable Partners L.P. will post -1.04 EPS for the current fiscal year.

Brookfield Renewable Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, May 30th were paid a $0.373 dividend. The ex-dividend date was Friday, May 30th. This represents a $1.49 annualized dividend and a yield of 5.61%. Brookfield Renewable Partners's dividend payout ratio is presently -147.52%.

Analyst Ratings Changes

BEP has been the subject of a number of analyst reports. CIBC lowered their price objective on Brookfield Renewable Partners from $31.00 to $30.00 and set an "outperformer" rating for the company in a research report on Monday, May 5th. National Bank Financial upgraded shares of Brookfield Renewable Partners to a "strong-buy" rating in a research note on Sunday, June 8th. Barclays assumed coverage on shares of Brookfield Renewable Partners in a research report on Wednesday, April 2nd. They issued an "equal weight" rating and a $27.00 price objective on the stock. Finally, Wells Fargo & Company reduced their price objective on shares of 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 investment analyst has rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $29.13.

About Brookfield Renewable Partners

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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