Principal Financial Group Inc. Has $286.25 Million Stock Position in Brookfield Renewable Partners L.P. $BEP

Principal Financial Group Inc. cut its holdings in shares of Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) by 14.9% in the 1st quarter, Holdings Channel reports. The firm owned 8,769,824 shares of the utilities provider’s stock after selling 1,535,324 shares during the period. Principal Financial Group Inc.’s holdings in Brookfield Renewable Partners were worth $286,247,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Envestnet Asset Management Inc. boosted its holdings in shares of Brookfield Renewable Partners by 7.8% in the 3rd quarter. Envestnet Asset Management Inc. now owns 10,223 shares of the utilities provider’s stock valued at $264,000 after purchasing an additional 742 shares in the last quarter. Allworth Financial LP raised its holdings in shares of Brookfield Renewable Partners by 9.5% during the 4th quarter. Allworth Financial LP now owns 8,645 shares of the utilities provider’s stock worth $233,000 after buying an additional 750 shares in the last quarter. Tacita Capital Inc raised its holdings in shares of Brookfield Renewable Partners by 0.7% during the 4th quarter. Tacita Capital Inc now owns 119,101 shares of the utilities provider’s stock worth $3,220,000 after buying an additional 770 shares in the last quarter. Kelleher Financial Advisors bought a new stake in shares of Brookfield Renewable Partners during the 3rd quarter worth $26,000. Finally, Osaic Holdings Inc. lifted its position in shares of Brookfield Renewable Partners by 5.4% during the 2nd quarter. Osaic Holdings Inc. now owns 23,468 shares of the utilities provider’s stock worth $599,000 after buying an additional 1,212 shares during the last quarter. Institutional investors and hedge funds own 63.16% of the company’s stock.

Analyst Ratings Changes

BEP has been the topic of a number of recent analyst reports. Wall Street Zen cut Brookfield Renewable Partners from a “sell” rating to a “strong sell” rating in a research report on Sunday, May 10th. Zacks Research cut shares of Brookfield Renewable Partners from a “hold” rating to a “strong sell” rating in a report on Friday, July 3rd. Scotiabank restated an “outperform” rating and issued a $42.00 price target (up from $36.00) on shares of Brookfield Renewable Partners in a research note on Friday, May 29th. National Bank Financial lifted their price target on shares of Brookfield Renewable Partners from $36.00 to $39.00 and gave the company an “outperform” rating in a report on Thursday, June 11th. Finally, UBS Group reiterated a “buy” rating and set a $40.00 price objective (up from $39.00) on shares of Brookfield Renewable Partners in a research report on Friday, June 12th. Eleven research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell 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 $38.00.

Brookfield Renewable Partners Trading Up 0.9%

Shares of BEP stock opened at $32.15 on Wednesday. The firm has a market capitalization of $9.65 billion, a P/E ratio of -103.71 and a beta of 1.10. Brookfield Renewable Partners L.P. has a twelve month low of $24.13 and a twelve month high of $38.12. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.82. The stock’s fifty day simple moving average is $34.90 and its 200 day simple moving average is $32.29.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its earnings results on Saturday, May 2nd. The utilities provider reported ($0.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.04). The firm had revenue of $1.51 billion during 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%. As a group, sell-side analysts predict that Brookfield Renewable Partners L.P. will post -1.53 EPS for the current fiscal year.

Brookfield Renewable Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Friday, May 29th were paid a $0.392 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.57 annualized dividend and a dividend yield of 4.9%. Brookfield Renewable Partners’s dividend payout ratio is currently -506.45%.

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.