Global X Management Co. LLC raised its stake in Brookfield Renewable Partners LP (NYSE:BEP) (TSE:BEP) by 6.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 346,011 shares of the utilities provider’s stock after acquiring an additional 20,901 shares during the period. Global X Management Co. LLC owned 0.19% of Brookfield Renewable Partners worth $12,079,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in BEP. Brookfield Asset Management Inc. grew its position in Brookfield Renewable Partners by 9.7% during the second quarter. Brookfield Asset Management Inc. now owns 56,068,944 shares of the utilities provider’s stock worth $1,786,357,000 after buying an additional 4,943,000 shares during the period. TD Asset Management Inc. grew its position in Brookfield Renewable Partners by 0.4% during the third quarter. TD Asset Management Inc. now owns 3,384,550 shares of the utilities provider’s stock worth $113,148,000 after buying an additional 12,896 shares during the period. Principal Financial Group Inc. grew its position in Brookfield Renewable Partners by 1.5% during the third quarter. Principal Financial Group Inc. now owns 2,428,721 shares of the utilities provider’s stock worth $81,411,000 after buying an additional 36,368 shares during the period. CIBC Asset Management Inc grew its position in Brookfield Renewable Partners by 166.4% during the fourth quarter. CIBC Asset Management Inc now owns 1,724,407 shares of the utilities provider’s stock worth $60,353,000 after buying an additional 1,077,118 shares during the period. Finally, FMR LLC grew its position in shares of Brookfield Renewable Partners by 5.1% in the second quarter. FMR LLC now owns 1,245,800 shares of the utilities provider’s stock valued at $39,724,000 after purchasing an additional 60,000 shares during the last quarter. 54.74% of the stock is owned by institutional investors and hedge funds.
Shares of Brookfield Renewable Partners LP (BEP) traded down $0.08 during mid-day trading on Thursday, reaching $31.94. 48,339 shares of the company’s stock traded hands, compared to its average volume of 104,931. The firm has a market cap of $5,851.25, a price-to-earnings ratio of -266.48 and a beta of 0.16. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.58 and a current ratio of 0.58. Brookfield Renewable Partners LP has a 52 week low of $28.13 and a 52 week high of $36.00.
Brookfield Renewable Partners declared that its board has approved a stock buyback plan on Friday, December 22nd that allows the company to repurchase 9,000,000 shares. This repurchase authorization allows the utilities provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Wednesday, February 28th will be issued a $0.49 dividend. The ex-dividend date of this dividend is Tuesday, February 27th. This is a positive change from Brookfield Renewable Partners’s previous quarterly dividend of $0.47. This represents a $1.96 annualized dividend and a dividend yield of 6.14%. Brookfield Renewable Partners’s payout ratio is -1,558.20%.
Several analysts have recently commented on BEP shares. Guggenheim set a $36.00 price target on shares of Brookfield Renewable Partners and gave the company a “buy” rating in a research report on Thursday, January 18th. Zacks Investment Research upgraded shares of Brookfield Renewable Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, January 2nd. Raymond James Financial set a $35.00 target price on shares of Brookfield Renewable Partners and gave the stock a “market perform” rating in a research report on Monday, February 12th. CIBC lowered shares of Brookfield Renewable Partners from a “sector outperform” rating to a “neutral” rating in a research report on Thursday, November 2nd. Finally, Credit Suisse Group raised shares of Brookfield Renewable Partners from a “neutral” rating to an “outperform” rating in a research note on Tuesday, February 6th. Twelve investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Brookfield Renewable Partners presently has a consensus rating of “Hold” and a consensus price target of $36.45.
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About Brookfield Renewable Partners
Brookfield Renewable Partners L.P., formerly Brookfield Renewable Energy Partners L.P., is the owner and operator of a portfolio of assets that generate electricity from renewable resources. The Company operates as a pure-play renewable power platform. Its segments include Hydroelectric, Wind, Other and Corporate.
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