Bank of Nova Scotia Trust Co. Boosts Stake in Brookfield Renewable Partners L.P. $BEP

Bank of Nova Scotia Trust Co. increased its position in Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) by 19.2% in the second quarter, HoldingsChannel reports. The firm owned 177,937 shares of the utilities provider’s stock after purchasing an additional 28,716 shares during the quarter. Bank of Nova Scotia Trust Co.’s holdings in Brookfield Renewable Partners were worth $4,539,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BEP. Hilltop National Bank bought a new position in Brookfield Renewable Partners in the second quarter worth $34,000. Russell Investments Group Ltd. bought a new position in shares of Brookfield Renewable Partners in the 2nd quarter worth about $34,000. Activest Wealth Management bought a new position in shares of Brookfield Renewable Partners in the 2nd quarter worth about $50,000. Northwestern Mutual Wealth Management Co. lifted its position in Brookfield Renewable Partners by 136.6% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,730 shares of the utilities provider’s stock valued at $60,000 after acquiring an additional 1,576 shares during the period. Finally, Allworth Financial LP boosted its stake in Brookfield Renewable Partners by 76.7% during the second quarter. Allworth Financial LP now owns 5,300 shares of the utilities provider’s stock worth $135,000 after acquiring an additional 2,300 shares in the last quarter. 63.16% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on BEP shares. CIBC set a $35.00 price target on Brookfield Renewable Partners and gave the stock an “outperformer” rating in a research report on Thursday, November 6th. National Bankshares lifted their price objective on Brookfield Renewable Partners from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Wednesday, October 29th. Morgan Stanley reissued an “overweight” rating and issued a $38.00 target price (up from $36.00) on shares of Brookfield Renewable Partners in a research note on Monday. TD Securities raised their price target on Brookfield Renewable Partners from $31.00 to $35.00 and gave the company a “buy” rating in a report on Monday, November 3rd. Finally, Mizuho set a $33.00 price target on shares of Brookfield Renewable Partners in a research note on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $34.79.

Brookfield Renewable Partners Trading Down 0.0%

Brookfield Renewable Partners stock opened at $28.24 on Friday. Brookfield Renewable Partners L.P. has a one year low of $19.29 and a one year high of $32.72. The business’s fifty day moving average is $28.33 and its 200 day moving average is $26.40. The stock has a market capitalization of $8.64 billion, a PE ratio of -29.72 and a beta of 1.16. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.44 and a quick ratio of 0.44.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last posted its earnings results on Wednesday, November 5th. The utilities provider reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.22. The business had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.61 billion. Brookfield Renewable Partners had a net margin of 2.28% and a return on equity of 0.44%. On average, sell-side analysts predict that Brookfield Renewable Partners L.P. will post -1.04 EPS for the current year.

Brookfield Renewable Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Friday, November 28th will be issued a $0.373 dividend. The ex-dividend date is Friday, November 28th. This represents a $1.49 annualized dividend and a yield of 5.3%. Brookfield Renewable Partners’s dividend payout ratio (DPR) is currently -173.26%.

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.