Oak Grove Capital LLC Acquires 502,300 Shares of Brookfield Renewable Partners L.P. $BEP

Oak Grove Capital LLC lifted its stake in shares of Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) by 71.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,202,100 shares of the utilities provider’s stock after buying an additional 502,300 shares during the quarter. Brookfield Renewable Partners makes up about 1.5% of Oak Grove Capital LLC’s investment portfolio, making the stock its 9th largest holding. Oak Grove Capital LLC owned approximately 0.40% of Brookfield Renewable Partners worth $33,827,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in BEP. CENTRAL TRUST Co bought a new stake in Brookfield Renewable Partners in the first quarter valued at about $55,000. GAMMA Investing LLC increased its stake in Brookfield Renewable Partners by 44.5% during the third quarter. GAMMA Investing LLC now owns 2,460 shares of the utilities provider’s stock valued at $69,000 after purchasing an additional 757 shares during the last quarter. First Bancorp Inc ME bought a new position in shares of Brookfield Renewable Partners in the 2nd quarter worth about $71,000. Integrated Wealth Concepts LLC bought a new position in Brookfield Renewable Partners in the second quarter worth about $82,000. Finally, Wellington Altus USA Inc. boosted its stake in Brookfield Renewable Partners by 600.0% in the second quarter. Wellington Altus USA Inc. now owns 3,500 shares of the utilities provider’s stock valued at $114,000 after acquiring an additional 3,000 shares during the period. 63.16% of the stock is owned by institutional investors and hedge funds.

Brookfield Renewable Partners Stock Performance

Shares of BEP opened at $29.53 on Friday. Brookfield Renewable Partners L.P. has a one year low of $26.29 and a one year high of $38.12. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market cap of $8.86 billion, a price-to-earnings ratio of -64.19 and a beta of 1.10. The company has a 50-day moving average of $31.12 and a two-hundred day moving average of $33.01.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last announced its earnings results on Friday, July 31st. The utilities provider reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.02). The firm had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.56 billion. Brookfield Renewable Partners had a net margin of 4.50% and a return on equity of 0.84%. On average, equities research analysts expect that Brookfield Renewable Partners L.P. will post -1.87 earnings per share for the current year.

Brookfield Renewable Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st were paid a $0.3920 dividend. This represents a $1.57 annualized dividend and a yield of 5.3%. The ex-dividend date was Monday, August 31st. Brookfield Renewable Partners’s dividend payout ratio is currently -341.30%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BEP. National Bank Financial set a $38.00 price target on shares of Brookfield Renewable Partners and gave the company an “outperform” rating in a report on Thursday, October 1st. Weiss Ratings reiterated a “hold (c-)” rating on shares of Brookfield Renewable Partners in a research report on Monday, September 21st. Zacks Research raised Brookfield Renewable Partners from a “strong sell” rating to a “hold” rating in a research note on Friday, August 14th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating and issued a $41.00 target price on shares of Brookfield Renewable Partners in a research report on Friday, July 17th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $36.00 price target on shares of Brookfield Renewable Partners in a research note on Tuesday, July 21st. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $37.79.

Brookfield Renewable Partners Profile

Brookfield Renewable Partners L.P. is a renewable power and energy transition company that owns and operates a diversified portfolio of clean energy assets. Its main activities include generating electricity from hydroelectric, wind and solar facilities, as well as providing energy storage and other decarbonization solutions.

The company serves electricity markets and commercial, industrial and utility customers across North America, South America, Europe and the Asia-Pacific region. In addition to operating renewable power facilities, Brookfield Renewable develops new projects and invests in businesses supporting the transition to lower-carbon energy, including distributed energy and sustainable solutions.

Brookfield Renewable traces its origins to Brookfield Asset Management’s renewable power operations and became publicly listed as Brookfield Renewable Energy Partners in 2011.