Purpose Unlimited Inc. Invests $12.58 Million in Brookfield Renewable Partners L.P. $BEP

Purpose Unlimited Inc. purchased a new position in shares of Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 465,393 shares of the utilities provider’s stock, valued at approximately $12,576,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Goldman Sachs Group Inc. boosted its holdings in Brookfield Renewable Partners by 57.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 919,693 shares of the utilities provider’s stock worth $20,380,000 after buying an additional 333,789 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in shares of Brookfield Renewable Partners during the second quarter valued at approximately $34,000. Cresset Asset Management LLC raised its holdings in shares of Brookfield Renewable Partners by 42.8% during the second quarter. Cresset Asset Management LLC now owns 20,031 shares of the utilities provider’s stock valued at $511,000 after acquiring an additional 6,000 shares during the last quarter. Diversify Advisory Services LLC acquired a new position in shares of Brookfield Renewable Partners during the second quarter valued at approximately $648,000. Finally, Ameriprise Financial Inc. lifted its position in shares of Brookfield Renewable Partners by 4.4% in the second quarter. Ameriprise Financial Inc. now owns 1,490,603 shares of the utilities provider’s stock valued at $38,025,000 after acquiring an additional 62,774 shares in the last quarter. 63.16% of the stock is owned by hedge funds and other institutional investors.

Brookfield Renewable Partners Stock Performance

Shares of Brookfield Renewable Partners stock opened at $35.30 on Friday. Brookfield Renewable Partners L.P. has a one year low of $24.13 and a one year high of $38.12. The company has a market cap of $10.65 billion, a price-to-earnings ratio of -113.88 and a beta of 1.09. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.75 and a current ratio of 0.75. The business’s 50 day moving average price is $34.88 and its 200 day moving average price is $31.51.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last released its quarterly earnings data on Friday, May 1st. The utilities provider reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.04). The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.50 billion. Brookfield Renewable Partners had a return on equity of 1.57% and a net margin of 8.28%. On average, research analysts predict that Brookfield Renewable Partners L.P. will post -1.53 EPS for the current year.

Brookfield Renewable Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Friday, May 29th will be issued a dividend of $0.392 per share. This represents a $1.57 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Friday, May 29th. Brookfield Renewable Partners’s payout ratio is currently -506.45%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating and issued a $40.00 price target (up from $37.00) on shares of Brookfield Renewable Partners in a research note on Monday, April 20th. JPMorgan Chase & Co. increased their price objective on Brookfield Renewable Partners from $34.00 to $40.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Wall Street Zen lowered Brookfield Renewable Partners from a “sell” rating to a “strong sell” rating in a report on Sunday, May 10th. UBS Group restated a “buy” rating and issued a $40.00 price objective (up from $39.00) on shares of Brookfield Renewable Partners in a report on Friday, June 12th. Finally, National Bank Financial lifted their target price on shares of Brookfield Renewable Partners from $36.00 to $39.00 and gave the stock an “outperform” rating in a research note on Thursday, June 11th. Eleven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.00.

About Brookfield Renewable Partners

Brookfield Renewable Partners L.P. is a leading global owner, operator and developer of renewable power assets. Listed on the New York Stock Exchange under the ticker BEP, the partnership focuses on generating clean electricity from a diversified mix of hydroelectric, wind, solar and energy storage facilities. As part of the Brookfield Asset Management group, Brookfield Renewable leverages a long-term, asset-backed approach to investing in sustainable energy projects that support the transition to a low-carbon economy.

The company’s platform encompasses approximately 23,000 megawatts of installed capacity across four continents.