Tortoise Capital Advisors L.L.C. Buys 238,564 Shares of Brookfield Renewable Partners L.P. (NYSE:BEP)

Tortoise Capital Advisors L.L.C. increased its stake in Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) by 203.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 356,035 shares of the utilities provider’s stock after buying an additional 238,564 shares during the period. Tortoise Capital Advisors L.L.C. owned 0.13% of Brookfield Renewable Partners worth $15,179,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Brookfield Asset Management Inc. raised its stake in Brookfield Renewable Partners by 50.0% in the fourth quarter. Brookfield Asset Management Inc. now owns 68,749,416 shares of the utilities provider’s stock worth $2,966,537,000 after buying an additional 22,916,472 shares in the last quarter. FIL Ltd grew its holdings in Brookfield Renewable Partners by 6.1% in the first quarter. FIL Ltd now owns 13,187,284 shares of the utilities provider’s stock worth $562,981,000 after purchasing an additional 760,042 shares during the period. Bank of Montreal Can grew its holdings in Brookfield Renewable Partners by 2.4% in the first quarter. Bank of Montreal Can now owns 6,375,270 shares of the utilities provider’s stock worth $273,434,000 after purchasing an additional 147,500 shares during the period. Principal Financial Group Inc. grew its holdings in Brookfield Renewable Partners by 1.2% in the first quarter. Principal Financial Group Inc. now owns 3,545,044 shares of the utilities provider’s stock worth $151,017,000 after purchasing an additional 43,481 shares during the period. Finally, CIBC World Markets Inc. grew its holdings in Brookfield Renewable Partners by 0.6% in the first quarter. CIBC World Markets Inc. now owns 2,056,554 shares of the utilities provider’s stock worth $87,609,000 after purchasing an additional 11,577 shares during the period. 54.14% of the stock is owned by institutional investors.

BEP traded down $0.14 during trading on Thursday, hitting $38.10. The company’s stock had a trading volume of 3,453 shares, compared to its average volume of 256,153. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.81 and a current ratio of 0.81. Brookfield Renewable Partners L.P. has a one year low of $26.59 and a one year high of $49.87. The stock has a market cap of $10.48 billion, a price-to-earnings ratio of -44.95 and a beta of 0.56. The stock has a 50 day moving average price of $38.56.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last released its quarterly earnings results on Tuesday, May 4th. The utilities provider reported ($0.24) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by ($0.19). Brookfield Renewable Partners had a negative return on equity of 1.53% and a negative net margin of 8.11%. The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $953.23 million. During the same quarter in the previous year, the business posted $0.40 earnings per share. The firm’s revenue was down 2.8% on a year-over-year basis. Analysts expect that Brookfield Renewable Partners L.P. will post -0.27 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 30th. Shareholders of record on Friday, May 28th were given a $0.3038 dividend. The ex-dividend date of this dividend was Thursday, May 27th. This represents a $1.22 annualized dividend and a yield of 3.19%. Brookfield Renewable Partners’s payout ratio is presently -95.08%.

BEP has been the topic of a number of recent research reports. Raymond James cut their price objective on shares of Brookfield Renewable Partners from $44.00 to $41.00 and set a “market perform” rating on the stock in a report on Wednesday, May 5th. TD Securities cut their price objective on shares of Brookfield Renewable Partners from $47.00 to $44.00 and set a “hold” rating on the stock in a report on Wednesday, May 5th. Credit Suisse Group upgraded shares of Brookfield Renewable Partners from a “neutral” rating to an “outperform” rating and set a $45.00 price target on the stock in a report on Monday, June 28th. Royal Bank of Canada cut their price target on shares of Brookfield Renewable Partners from $48.00 to $45.00 and set a “sector perform” rating on the stock in a report on Wednesday, May 5th. Finally, TheStreet cut shares of Brookfield Renewable Partners from a “c” rating to a “d+” rating in a report on Friday, May 14th. Twelve investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $40.69.

Brookfield Renewable Partners Company Profile

Brookfield Renewable Partners L.P. owns a portfolio of renewable power generating facilities primarily in North America, Colombia, Brazil, Europe, India, and China. The company generates electricity through hydroelectric, wind, solar, distributed generation, pumped storage, cogeneration, and biomass sources.

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Institutional Ownership by Quarter for Brookfield Renewable Partners (NYSE:BEP)

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