Scotia Capital Inc. Cuts Stake in Brookfield Renewable Partners L.P. (NYSE:BEP)

Key Points

• Scotia Capital Inc. reduced its stake in Brookfield Renewable Partners L.P. by 1.2% in the 1st quarter, now holding 2,683,317 shares worth approximately $59.27 million.
• Other hedge funds, such as TD Asset Management Inc., increased their holdings significantly, with TD acquiring an additional 689,196 shares, marking a 30.1% increase.
• Brookfield Renewable Partners recently posted a quarterly loss, reporting earnings per share of ($0.22), missing analyst estimates, while also announcing a quarterly dividend of $0.373 per share.

Scotia Capital Inc. trimmed its holdings in shares of Brookfield Renewable Partners L.P. (NYSE:BEP - Free Report) TSE: BEP by 1.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,683,317 shares of the utilities provider's stock after selling 31,726 shares during the quarter. Scotia Capital Inc. owned 0.94% of Brookfield Renewable Partners worth $59,273,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in BEP. Golden State Wealth Management LLC grew its position 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 in the last quarter. Rossby Financial LCC purchased a new position in shares of Brookfield Renewable Partners during the first quarter valued at approximately $41,000. NBC Securities Inc. purchased a new position in shares of Brookfield Renewable Partners during the first quarter valued at about $42,000. Trifecta Capital Advisors LLC purchased a new position in shares of Brookfield Renewable Partners in the 1st quarter valued at approximately $69,000. Finally, Barclays PLC lifted its position in Brookfield Renewable Partners by 13.5% during the 4th quarter. Barclays PLC now owns 7,998 shares of the utilities provider's stock valued at $183,000 after acquiring an additional 951 shares during the period. Institutional investors own 63.16% of the company's stock.

Wall Street Analyst Weigh In

BEP has been the subject of a number of research analyst reports. National Bank Financial raised Brookfield Renewable Partners to a "strong-buy" rating in a report on Sunday, June 8th. Raymond James Financial cut shares of Brookfield Renewable Partners from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, July 17th. JPMorgan Chase & Co. decreased their target price on Brookfield Renewable Partners from $30.00 to $29.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 22nd. CIBC raised their price target on Brookfield Renewable Partners from $30.00 to $31.00 and gave the stock an "outperformer" rating in a research report 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 report on Friday, July 18th. 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 issued a strong buy rating to the company. According to data from MarketBeat.com, Brookfield Renewable Partners has a consensus rating of "Moderate Buy" and a consensus target price of $30.11.

Brookfield Renewable Partners Stock Performance

Shares of BEP stock traded down $0.02 on Thursday, hitting $25.71. The company had a trading volume of 98,036 shares, compared to its average volume of 639,771. The company has a 50-day moving average price of $25.90 and a 200-day moving average price of $23.61. The company has a quick ratio of 0.51, a current ratio of 0.44 and a debt-to-equity ratio of 0.97. The firm has a market cap of $7.30 billion, a P/E ratio of -27.02 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 issued its quarterly earnings data on Friday, August 1st. The utilities provider reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.03). Brookfield Renewable Partners had a net margin of 2.28% and a return on equity of 0.44%. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.64 billion. As a group, equities research analysts predict that Brookfield Renewable Partners L.P. will post -1.04 earnings per share for the current fiscal year.

Brookfield Renewable Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Friday, August 29th will be paid a $0.373 dividend. This represents a $1.49 annualized dividend and a dividend yield of 5.8%. The ex-dividend date of this dividend is Friday, August 29th. Brookfield Renewable Partners's dividend payout ratio is -156.84%.

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.