Scotia Capital Inc. Reduces Stock Holdings 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. reduced its stake in shares of Brookfield Renewable Partners L.P. (NYSE:BEP - Free Report) TSE: BEP by 1.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm 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 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. TD Asset Management Inc increased its holdings in Brookfield Renewable Partners by 30.1% during the 1st quarter. TD Asset Management Inc now owns 2,975,447 shares of the utilities provider's stock worth $65,866,000 after purchasing an additional 689,196 shares during the last quarter. 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 last quarter. Principal Financial Group Inc. increased its holdings in Brookfield Renewable Partners by 6.3% during the 1st quarter. Principal Financial Group Inc. now owns 8,344,041 shares of the utilities provider's stock worth $184,904,000 after purchasing an additional 492,199 shares during the last quarter. Bank of Montreal Can increased its holdings 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 during the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in Brookfield Renewable Partners by 20.5% during the 4th quarter. Ameriprise Financial Inc. now owns 1,616,911 shares of the utilities provider's stock worth $36,849,000 after purchasing an additional 275,612 shares during the last quarter. 63.16% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Wells Fargo & Company dropped 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. Scotiabank lifted their price objective 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. CIBC lifted their price objective 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 upgraded Brookfield Renewable Partners to a "strong-buy" rating in a research report on Sunday, June 8th. Finally, JPMorgan Chase & Co. decreased their target price on Brookfield Renewable Partners from $30.00 to $29.00 and set an "overweight" rating for the company in a research report on Tuesday, July 22nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Brookfield Renewable Partners currently has an average rating of "Moderate Buy" and a consensus price target of $29.89.

Brookfield Renewable Partners Trading Down 6.2%

NYSE:BEP opened at $25.83 on Friday. Brookfield Renewable Partners L.P. has a 12-month low of $19.29 and a 12-month high of $29.56. The firm has a market capitalization of $7.33 billion, a P/E ratio of -27.19 and a beta of 1.05. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.51 and a quick ratio of 0.51. The business has a 50 day simple moving average of $25.80 and a 200 day simple moving average of $23.54.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP last released its quarterly earnings data on Friday, August 1st. The utilities provider reported ($0.22) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.03). Brookfield Renewable Partners had a negative net margin of 0.79% and a negative return on equity of 0.15%. The company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.64 billion. Equities research analysts predict that Brookfield Renewable Partners L.P. will post -1.04 EPS for the current year.

Brookfield Renewable Partners Dividend Announcement

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

Brookfield Renewable Partners Company 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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