Purpose Unlimited Inc. Buys New Stake in Brookfield Renewable Partners L.P. $BEP

Purpose Unlimited Inc. purchased a new stake in Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 465,393 shares of the utilities provider’s stock, valued at approximately $12,576,000. Purpose Unlimited Inc. owned about 0.15% of Brookfield Renewable Partners as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ovata Capital Management Ltd lifted its holdings in shares of Brookfield Renewable Partners by 3.3% in the 4th quarter. Ovata Capital Management Ltd now owns 180,781 shares of the utilities provider’s stock valued at $4,876,000 after buying an additional 5,855 shares during the period. Ketron Financial acquired a new stake in Brookfield Renewable Partners during the fourth quarter worth about $305,000. Mackenzie Financial Corp raised its position in Brookfield Renewable Partners by 3.5% during the fourth quarter. Mackenzie Financial Corp now owns 48,359 shares of the utilities provider’s stock valued at $1,297,000 after acquiring an additional 1,623 shares in the last quarter. XTX Topco Ltd purchased a new position in Brookfield Renewable Partners during the fourth quarter valued at approximately $1,073,000. Finally, Investment Management Corp of Ontario purchased a new position in Brookfield Renewable Partners during the fourth quarter valued at approximately $759,000. 63.16% of the stock is owned by institutional investors and hedge funds.

Brookfield Renewable Partners Stock Performance

NYSE BEP opened at $35.30 on Friday. The stock has a market capitalization of $10.65 billion, a price-to-earnings ratio of -113.88 and a beta of 1.09. The stock has a 50-day moving average of $34.88 and a 200 day moving average of $31.51. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.82. Brookfield Renewable Partners L.P. has a twelve month low of $24.13 and a twelve month high of $38.12.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its quarterly earnings data on Friday, May 1st. The utilities provider reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.04). The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.50 billion. Brookfield Renewable Partners had a net margin of 8.28% and a return on equity of 1.57%. Sell-side analysts anticipate that Brookfield Renewable Partners L.P. will post -1.53 EPS for the current fiscal year.

Brookfield Renewable Partners Announces Dividend

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

Analyst Ratings Changes

Several research firms have commented on BEP. National Bank Financial upped their price objective on Brookfield Renewable Partners from $36.00 to $39.00 and gave the stock an “outperform” rating in a research report on Thursday, June 11th. JPMorgan Chase & Co. lifted their target price on shares of Brookfield Renewable Partners from $34.00 to $40.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. TD boosted their target price on shares of Brookfield Renewable Partners from $38.00 to $39.00 and gave the company a “buy” rating in a research note on Monday, May 4th. Zacks Research downgraded shares of Brookfield Renewable Partners from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Finally, Scotiabank reissued an “outperform” rating and set a $42.00 price target (up from $36.00) on shares of Brookfield Renewable Partners in a report on Friday, May 29th. Eleven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $38.00.

Brookfield Renewable Partners Company 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.