Brookfield Renewable Partners L.P. (NYSE:BEP) Shares Sold by Lake Street Advisors Group LLC

Lake Street Advisors Group LLC cut its holdings in Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) by 0.4% during the second quarter, HoldingsChannel reports. The fund owned 1,405,826 shares of the utilities provider’s stock after selling 5,115 shares during the period. Brookfield Renewable Partners comprises 1.7% of Lake Street Advisors Group LLC’s holdings, making the stock its 16th biggest position. Lake Street Advisors Group LLC’s holdings in Brookfield Renewable Partners were worth $34,822,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Scarborough Advisors LLC acquired a new stake in shares of Brookfield Renewable Partners in the fourth quarter valued at approximately $30,000. Dixon Mitchell Investment Counsel Inc. purchased a new stake in Brookfield Renewable Partners in the 1st quarter valued at approximately $31,000. Evermay Wealth Management LLC acquired a new stake in Brookfield Renewable Partners during the 1st quarter valued at $49,000. Clear Point Advisors Inc. purchased a new position in Brookfield Renewable Partners during the first quarter worth $49,000. Finally, Northwest Financial Advisors acquired a new stake in shares of Brookfield Renewable Partners during the 4th quarter worth about $65,000. 63.16% of the stock is currently owned by hedge funds and other institutional investors.

Brookfield Renewable Partners Trading Down 2.4 %

Shares of NYSE:BEP opened at $24.30 on Friday. The firm has a fifty day moving average of $24.70 and a two-hundred day moving average of $24.46. Brookfield Renewable Partners L.P. has a 12-month low of $19.92 and a 12-month high of $28.81. The firm has a market capitalization of $6.93 billion, a P/E ratio of -52.83 and a beta of 0.93. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.91.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last posted its earnings results on Friday, August 2nd. The utilities provider reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.13 by ($0.41). Brookfield Renewable Partners had a return on equity of 0.46% and a net margin of 2.37%. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the company earned ($0.10) earnings per share. The company’s quarterly revenue was up 23.0% compared to the same quarter last year. On average, equities analysts expect that Brookfield Renewable Partners L.P. will post -0.87 EPS for the current fiscal year.

Brookfield Renewable Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be given a dividend of $0.355 per share. The ex-dividend date is Friday, August 30th. This represents a $1.42 dividend on an annualized basis and a yield of 5.84%. Brookfield Renewable Partners’s payout ratio is currently -308.70%.

Analysts Set New Price Targets

BEP has been the topic of several recent analyst reports. TD Securities upped their price objective on shares of Brookfield Renewable Partners from $32.00 to $34.00 and gave the company a “buy” rating in a research note on Wednesday, May 29th. Royal Bank of Canada reissued an “outperform” rating and issued a $31.00 price objective on shares of Brookfield Renewable Partners in a research report on Monday, August 5th. StockNews.com cut shares of Brookfield Renewable Partners from a “hold” rating to a “sell” rating in a research report on Friday, August 2nd. Scotiabank upped their target price on shares of Brookfield Renewable Partners from $31.00 to $32.00 and gave the company a “sector outperform” rating in a research note on Wednesday, June 12th. Finally, JPMorgan Chase & Co. upped their target price on Brookfield Renewable Partners from $28.00 to $30.00 and gave the company a “neutral” rating in a research report on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Brookfield Renewable Partners presently has an average rating of “Moderate Buy” and an average price target of $31.82.

Brookfield Renewable Partners Company 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.