Bank of Nova Scotia Purchases 564,515 Shares of Brookfield Renewable Partners L.P. (NYSE:BEP)

Bank of Nova Scotia raised its stake in Brookfield Renewable Partners L.P. (NYSE:BEP - Free Report) TSE: BEP by 31.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,338,940 shares of the utilities provider's stock after purchasing an additional 564,515 shares during the period. Bank of Nova Scotia owned 0.82% of Brookfield Renewable Partners worth $53,263,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB acquired a new position in Brookfield Renewable Partners during the 3rd quarter worth approximately $28,000. Promus Capital LLC bought a new stake in shares of Brookfield Renewable Partners during the fourth quarter valued at approximately $37,000. Jones Financial Companies Lllp raised its position in shares of Brookfield Renewable Partners by 26.2% during the fourth quarter. Jones Financial Companies Lllp now owns 2,587 shares of the utilities provider's stock worth $59,000 after purchasing an additional 537 shares during the period. Allworth Financial LP bought a new position in shares of Brookfield Renewable Partners in the 4th quarter worth $68,000. Finally, Steward Partners Investment Advisory LLC grew its position in Brookfield Renewable Partners by 81.4% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 3,099 shares of the utilities provider's stock valued at $71,000 after purchasing an additional 1,391 shares during the period. Institutional investors and hedge funds own 63.16% of the company's stock.

Remove Ads

Brookfield Renewable Partners Stock Performance

Shares of NYSE BEP traded up $0.42 during mid-day trading on Monday, reaching $21.77. 229,747 shares of the company's stock were exchanged, compared to its average volume of 810,610. The firm has a 50-day moving average price of $22.44 and a two-hundred day moving average price of $23.80. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.25 and a quick ratio of 0.73. The firm has a market capitalization of $6.19 billion, a price-to-earnings ratio of -24.46 and a beta of 0.99. Brookfield Renewable Partners L.P. has a 52 week low of $19.29 and a 52 week high of $29.56.

Brookfield Renewable Partners (NYSE:BEP - Get Free Report) TSE: BEP last announced its quarterly earnings data on Friday, January 31st. The utilities provider reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.16. Brookfield Renewable Partners had a negative net margin of 0.15% and a negative return on equity of 0.03%. During the same period last year, the business earned $0.01 EPS. Analysts predict that Brookfield Renewable Partners L.P. will post -1.04 EPS for the current year.

Brookfield Renewable Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, February 28th were paid a $0.373 dividend. This is an increase from Brookfield Renewable Partners's previous quarterly dividend of $0.36. The ex-dividend date was Friday, February 28th. This represents a $1.49 annualized dividend and a yield of 6.85%. Brookfield Renewable Partners's dividend payout ratio is presently -167.42%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Scotiabank upped their price objective on shares of Brookfield Renewable Partners from $28.00 to $29.00 and gave the stock an "outperform" rating in a report on Thursday, February 13th. Royal Bank of Canada reiterated an "outperform" rating and set a $31.00 price target on shares of Brookfield Renewable Partners in a research note on Monday, February 3rd. Wells Fargo & Company decreased their price objective on Brookfield Renewable Partners from $31.00 to $29.00 and set an "overweight" rating for the company in a report on Monday, February 3rd. JPMorgan Chase & Co. dropped their target price on Brookfield Renewable Partners from $30.00 to $28.00 and set an "overweight" rating on the stock in a report on Thursday, January 23rd. Finally, Barclays initiated coverage on Brookfield Renewable Partners in a report on Wednesday, April 2nd. They set an "equal weight" rating and a $27.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $30.18.

Brookfield Renewable Partners 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.