Principal Financial Group Inc. Boosts Position in Brookfield Renewable Partners L.P. $BEP

Principal Financial Group Inc. boosted its holdings in Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) by 1.8% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 10,305,148 shares of the utilities provider’s stock after buying an additional 177,599 shares during the period. Principal Financial Group Inc. owned approximately 3.37% of Brookfield Renewable Partners worth $277,930,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of BEP. Intact Investment Management Inc. raised its position in Brookfield Renewable Partners by 45.3% in the fourth quarter. Intact Investment Management Inc. now owns 1,156,587 shares of the utilities provider’s stock valued at $31,253,000 after purchasing an additional 360,820 shares during the period. Sanctuary Advisors LLC raised its position in Brookfield Renewable Partners by 6.6% in the fourth quarter. Sanctuary Advisors LLC now owns 63,723 shares of the utilities provider’s stock valued at $1,719,000 after purchasing an additional 3,931 shares during the period. Warren Street Wealth Advisors LLC purchased a new position in Brookfield Renewable Partners in the fourth quarter valued at about $225,000. Gold Investment Management Ltd. raised its position in Brookfield Renewable Partners by 3.6% in the fourth quarter. Gold Investment Management Ltd. now owns 101,946 shares of the utilities provider’s stock valued at $2,755,000 after purchasing an additional 3,524 shares during the period. Finally, TABR Capital Management LLC purchased a new position in Brookfield Renewable Partners in the fourth quarter valued at about $544,000. Hedge funds and other institutional investors own 63.16% of the company’s stock.

Brookfield Renewable Partners Stock Up 2.9%

Shares of NYSE:BEP opened at $33.69 on Wednesday. The company has a current ratio of 0.75, a quick ratio of 0.57 and a debt-to-equity ratio of 0.82. The firm has a market cap of $10.22 billion, a PE ratio of -108.66 and a beta of 1.06. Brookfield Renewable Partners L.P. has a 12-month low of $22.25 and a 12-month high of $35.97. The company has a fifty day simple moving average of $32.44 and a 200 day simple moving average of $30.14.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last announced its quarterly earnings data on Friday, May 1st. The utilities provider reported ($0.40) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.04). The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.50 billion. Brookfield Renewable Partners had a net margin of 8.28% and a return on equity of 1.57%. On average, equities research analysts anticipate that Brookfield Renewable Partners L.P. will post -1.18 EPS for the current fiscal year.

Brookfield Renewable Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, May 29th will be issued a $0.392 dividend. This represents a $1.57 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend is Friday, May 29th. Brookfield Renewable Partners’s payout ratio is currently -506.45%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on BEP. Canadian Imperial Bank of Commerce reiterated an “outperform” rating and set a $40.00 price objective (up from $37.00) on shares of Brookfield Renewable Partners in a research note on Monday, April 20th. Morgan Stanley lifted their price objective on shares of Brookfield Renewable Partners from $38.00 to $42.00 and gave the company an “overweight” rating in a research note on Monday, March 23rd. JPMorgan Chase & Co. lifted their price objective on shares of Brookfield Renewable Partners from $34.00 to $40.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. National Bank Financial lifted their price objective on shares of Brookfield Renewable Partners from $34.00 to $36.00 and gave the company a “sector outperform” rating in a research note on Monday. Finally, TD lifted their target price on Brookfield Renewable Partners from $38.00 to $39.00 and gave the stock a “buy” rating in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.21.

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.