Bank of Nova Scotia Sells 287,675 Shares of Brookfield Renewable Partners L.P. $BEP

Bank of Nova Scotia cut its position in shares of Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) by 21.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,025,256 shares of the utilities provider’s stock after selling 287,675 shares during the period. Bank of Nova Scotia owned about 0.36% of Brookfield Renewable Partners worth $26,422,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Ameriprise Financial Inc. lifted its stake in Brookfield Renewable Partners by 20.2% during the third quarter. Ameriprise Financial Inc. now owns 1,791,832 shares of the utilities provider’s stock worth $46,211,000 after purchasing an additional 301,229 shares during the period. Kelleher Financial Advisors acquired a new stake in Brookfield Renewable Partners in the 3rd quarter valued at $26,000. Scotia Capital Inc. grew its position in Brookfield Renewable Partners by 2.5% in the third quarter. Scotia Capital Inc. now owns 2,751,581 shares of the utilities provider’s stock valued at $70,795,000 after acquiring an additional 67,481 shares during the period. Invesco Ltd. raised its stake in Brookfield Renewable Partners by 1.5% during the third quarter. Invesco Ltd. now owns 1,716,308 shares of the utilities provider’s stock worth $44,264,000 after acquiring an additional 24,673 shares in the last quarter. Finally, UBS Group AG lifted its holdings in shares of Brookfield Renewable Partners by 50.2% during the third quarter. UBS Group AG now owns 1,196,648 shares of the utilities provider’s stock valued at $30,862,000 after acquiring an additional 400,052 shares during the period. Institutional investors own 63.16% of the company’s stock.

Analyst Ratings Changes

BEP has been the subject of several analyst reports. Wall Street Zen raised shares of Brookfield Renewable Partners from a “sell” rating to a “hold” rating in a report on Saturday, March 7th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Brookfield Renewable Partners in a report on Monday, December 29th. National Bank Financial lifted their target price on shares of Brookfield Renewable Partners from $33.00 to $34.00 and gave the company an “outperform” rating in a research note on Monday, February 2nd. UBS Group reissued a “buy” rating and issued a $39.00 target price (up from $38.00) on shares of Brookfield Renewable Partners in a report on Friday, December 5th. Finally, Desjardins upgraded Brookfield Renewable Partners to a “hold” rating in a research report on Wednesday, November 26th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $34.93.

Brookfield Renewable Partners Trading Up 1.6%

Shares of NYSE BEP opened at $30.65 on Tuesday. Brookfield Renewable Partners L.P. has a 1-year low of $19.29 and a 1-year high of $32.78. The company has a market cap of $9.36 billion, a PE ratio of -117.88 and a beta of 1.13. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 0.80. The company has a 50-day moving average of $29.93 and a two-hundred day moving average of $28.44.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last released its quarterly earnings results on Friday, January 30th. The utilities provider reported $0.54 EPS for the quarter, beating the consensus estimate of ($0.34) by $0.88. The business had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Brookfield Renewable Partners had a net margin of 11.11% and a return on equity of 2.15%. As a group, equities analysts expect that Brookfield Renewable Partners L.P. will post -1.04 earnings per share for the current fiscal year.

Brookfield Renewable Partners Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, February 27th will be paid a $0.392 dividend. This is an increase from Brookfield Renewable Partners’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Friday, February 27th. This represents a $1.57 annualized dividend and a dividend yield of 5.1%. Brookfield Renewable Partners’s payout ratio is -603.85%.

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.