CIBC Asset Management Inc Lowers Holdings in Brookfield Renewable Partners L.P. $BEP

CIBC Asset Management Inc decreased its holdings in Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) by 0.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,567,224 shares of the utilities provider’s stock after selling 23,348 shares during the quarter. CIBC Asset Management Inc owned approximately 1.61% of Brookfield Renewable Partners worth $123,488,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Ovata Capital Management Ltd purchased a new stake in shares of Brookfield Renewable Partners during the 3rd quarter valued at $4,511,000. Citigroup Inc. grew its stake in shares of Brookfield Renewable Partners by 246.1% during the 3rd quarter. Citigroup Inc. now owns 169,621 shares of the utilities provider’s stock valued at $4,373,000 after buying an additional 120,618 shares during the period. Principal Financial Group Inc. grew its stake in shares of Brookfield Renewable Partners by 1.8% during the 4th quarter. Principal Financial Group Inc. now owns 10,305,148 shares of the utilities provider’s stock valued at $277,930,000 after buying an additional 177,599 shares during the period. Picton Mahoney Asset Management grew its stake in shares of Brookfield Renewable Partners by 95.6% during the 3rd quarter. Picton Mahoney Asset Management now owns 1,070,639 shares of the utilities provider’s stock valued at $27,589,000 after buying an additional 523,263 shares during the period. Finally, CIBC Bancorp USA Inc. purchased a new stake in shares of Brookfield Renewable Partners during the 3rd quarter valued at $19,944,000. 63.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. TD boosted their target price on Brookfield Renewable Partners from $38.00 to $39.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating and set a $40.00 target price (up from $37.00) on shares of Brookfield Renewable Partners in a report on Monday, April 20th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Brookfield Renewable Partners in a report on Friday, March 27th. Morgan Stanley boosted their target price on Brookfield Renewable Partners from $38.00 to $42.00 and gave the stock an “overweight” rating in a report on Monday, March 23rd. Finally, National Bank Financial boosted their target price on Brookfield Renewable Partners from $34.00 to $36.00 and gave the stock a “sector outperform” rating in a report on Monday, May 4th. Eleven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $37.71.

Brookfield Renewable Partners Stock Up 0.3%

Shares of Brookfield Renewable Partners stock opened at $36.95 on Wednesday. The company has a fifty day moving average price of $33.97 and a 200 day moving average price of $30.84. 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 $23.67 and a twelve month high of $37.76. The stock has a market cap of $11.21 billion, a price-to-earnings ratio of -119.20 and a beta of 1.09.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last released its quarterly earnings results on Friday, May 1st. The utilities provider reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.04). The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Brookfield Renewable Partners had a return on equity of 1.57% and a net margin of 8.28%. Equities research analysts forecast that Brookfield Renewable Partners L.P. will post -1.53 earnings per share 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. Shareholders of record on Friday, May 29th will be issued a $0.392 dividend. This represents a $1.57 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date is Friday, May 29th. Brookfield Renewable Partners’s dividend payout ratio is currently -506.45%.

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.