Clearbridge Investments LLC Purchases 649,509 Shares of Brookfield Renewable Partners L.P. $BEP

Clearbridge Investments LLC boosted its position in shares of Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) by 1,145.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 706,237 shares of the utilities provider’s stock after buying an additional 649,509 shares during the quarter. Clearbridge Investments LLC’s holdings in Brookfield Renewable Partners were worth $19,047,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ovata Capital Management Ltd bought a new stake in Brookfield Renewable Partners during the 3rd quarter valued at $4,511,000. Citigroup Inc. raised its holdings in Brookfield Renewable Partners by 246.1% in the 3rd quarter. Citigroup Inc. now owns 169,621 shares of the utilities provider’s stock worth $4,373,000 after purchasing an additional 120,618 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Brookfield Renewable Partners by 1.8% in the 4th quarter. Principal Financial Group Inc. now owns 10,305,148 shares of the utilities provider’s stock worth $277,930,000 after purchasing an additional 177,599 shares in the last quarter. Picton Mahoney Asset Management raised its holdings in Brookfield Renewable Partners by 95.6% in the 3rd quarter. Picton Mahoney Asset Management now owns 1,070,639 shares of the utilities provider’s stock worth $27,589,000 after purchasing an additional 523,263 shares in the last quarter. Finally, CIBC Bancorp USA Inc. bought a new position in Brookfield Renewable Partners in the 3rd quarter worth $19,944,000. 63.16% of the stock is currently owned by institutional investors.

Brookfield Renewable Partners Stock Performance

Shares of BEP stock opened at $36.48 on Wednesday. Brookfield Renewable Partners L.P. has a one year low of $24.13 and a one year high of $38.12. The company’s 50-day moving average is $34.61 and its 200 day moving average is $31.17. The company has a market capitalization of $11.06 billion, a price-to-earnings ratio of -117.67 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.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its earnings results on Friday, May 1st. The utilities provider reported ($0.40) earnings per share (EPS) 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 analysts’ expectations of $1.50 billion. Brookfield Renewable Partners had a return on equity of 1.57% and a net margin of 8.28%. Sell-side analysts expect 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 announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Friday, May 29th will be issued a $0.392 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.57 annualized dividend and a yield of 4.3%. Brookfield Renewable Partners’s payout ratio is -506.45%.

Analysts Set New Price Targets

Several brokerages have commented on BEP. Zacks Research lowered shares of Brookfield Renewable Partners from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Wall Street Zen lowered shares of Brookfield Renewable Partners from a “sell” rating to a “strong sell” rating in a research note on Sunday, May 10th. Canadian Imperial Bank of Commerce reiterated 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. Scotiabank reiterated 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. Finally, TD increased their price target on shares of Brookfield Renewable Partners from $38.00 to $39.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. Eleven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $37.71.

Brookfield Renewable Partners Profile

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.