Brighton Jones LLC Makes New Investment in Brookfield Renewable Partners L.P. $BEP

Brighton Jones LLC acquired a new stake in Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 18,098 shares of the utilities provider’s stock, valued at approximately $509,000.

A number of other hedge funds have also modified their holdings of BEP. TD Waterhouse Canada Inc. raised its holdings in Brookfield Renewable Partners by 5.0% in the third quarter. TD Waterhouse Canada Inc. now owns 1,125,447 shares of the utilities provider’s stock valued at $31,986,000 after acquiring an additional 53,316 shares in the last quarter. Bank of America Corp DE increased its stake in Brookfield Renewable Partners by 413.2% in the 1st quarter. Bank of America Corp DE now owns 973,260 shares of the utilities provider’s stock valued at $31,767,000 after buying an additional 783,620 shares during the period. Groupe la Francaise boosted its holdings in Brookfield Renewable Partners by 194.5% in the 1st quarter. Groupe la Francaise now owns 159,894 shares of the utilities provider’s stock valued at $5,214,000 after purchasing an additional 105,599 shares in the last quarter. Bank of Nova Scotia lifted its holdings in shares of Brookfield Renewable Partners by 11.0% in the 1st quarter. Bank of Nova Scotia now owns 1,148,128 shares of the utilities provider’s stock valued at $37,444,000 after buying an additional 114,127 shares during the period. Finally, Oak Grove Capital LLC boosted its stake in shares of Brookfield Renewable Partners by 71.8% in the third quarter. Oak Grove Capital LLC now owns 1,202,100 shares of the utilities provider’s stock valued at $33,827,000 after buying an additional 502,300 shares in the last quarter. 63.16% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on BEP shares. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating and issued a $41.00 target price on shares of Brookfield Renewable Partners in a report on Friday, July 17th. Wall Street Zen raised Brookfield Renewable Partners from a “strong sell” rating to a “sell” rating in a report on Saturday, November 7th. BMO Capital Markets set a $41.00 target price on Brookfield Renewable Partners in a research report on Monday, August 17th. JPMorgan Chase & Co. lowered their target price on Brookfield Renewable Partners from $36.00 to $32.00 and set a “neutral” rating on the stock in a report on Monday, October 19th. Finally, Morgan Stanley dropped their price target on Brookfield Renewable Partners from $42.00 to $37.00 and set an “overweight” rating for the company in a research report on Tuesday, October 13th. Eight equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $36.73.

Brookfield Renewable Partners Trading Up 1.3%

Shares of NYSE BEP opened at $29.97 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93. Brookfield Renewable Partners L.P. has a 1-year low of $26.30 and a 1-year high of $38.12. The business has a 50-day moving average of $29.37 and a 200-day moving average of $32.14.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last posted its quarterly earnings results on Wednesday, November 4th. The utilities provider reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.50) by ($0.02). The company had revenue of $1.78 billion during the quarter, compared to analyst estimates of $1.46 billion. Brookfield Renewable Partners had a negative net margin of 1.77% and a negative return on equity of 0.33%. As a group, equities analysts anticipate that Brookfield Renewable Partners L.P. will post -1.88 EPS for the current year.

About Brookfield Renewable Partners

Brookfield Renewable Partners L.P. owns and operates a global portfolio of renewable power and sustainable energy assets. Its operations include hydroelectric, wind and solar generation, as well as battery storage and distributed energy businesses. The partnership serves markets across North America, South America, Europe and the Asia-Pacific region. It sells renewable electricity and related services to utilities, businesses and other customers. Brookfield Renewable traces its roots to Brookfield Asset Management’s renewable power business and operates as part of the Brookfield group.