Principal Financial Group Inc. Grows Position in Brookfield Renewable Partners L.P. (NYSE:BEP)

Principal Financial Group Inc. grew its stake in shares of Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) by 0.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,275,031 shares of the utilities provider’s stock after purchasing an additional 66,794 shares during the quarter. Principal Financial Group Inc. owned approximately 2.55% of Brookfield Renewable Partners worth $180,203,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Bank of Nova Scotia lifted its stake in Brookfield Renewable Partners by 10.7% in the fourth quarter. Bank of Nova Scotia now owns 704,744 shares of the utilities provider’s stock worth $18,515,000 after acquiring an additional 67,964 shares during the period. FIL Ltd lifted its stake in Brookfield Renewable Partners by 37.1% in the fourth quarter. FIL Ltd now owns 12,842,634 shares of the utilities provider’s stock worth $337,385,000 after acquiring an additional 3,474,522 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Brookfield Renewable Partners by 103.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,171,448 shares of the utilities provider’s stock worth $27,214,000 after acquiring an additional 595,335 shares during the period. National Bank of Canada FI lifted its stake in Brookfield Renewable Partners by 7.1% in the fourth quarter. National Bank of Canada FI now owns 1,041,274 shares of the utilities provider’s stock worth $26,964,000 after acquiring an additional 68,956 shares during the period. Finally, BNP Paribas Financial Markets lifted its stake in Brookfield Renewable Partners by 2,229.4% in the first quarter. BNP Paribas Financial Markets now owns 25,507 shares of the utilities provider’s stock worth $593,000 after acquiring an additional 24,412 shares during the period. Hedge funds and other institutional investors own 63.16% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. BMO Capital Markets raised their price target on Brookfield Renewable Partners from $28.00 to $30.00 and gave the stock an “outperform” rating in a research note on Monday, May 6th. National Bankshares raised their price objective on Brookfield Renewable Partners from $32.00 to $33.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. CIBC raised their price objective on Brookfield Renewable Partners from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Monday, May 6th. TD Securities raised their price objective on Brookfield Renewable Partners from $32.00 to $34.00 and gave the company a “buy” rating in a research report on Wednesday, May 29th. Finally, Scotiabank raised their price objective on Brookfield Renewable Partners from $31.00 to $32.00 and gave the company a “sector outperform” rating in a research report on Wednesday, June 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $31.82.

Brookfield Renewable Partners Stock Down 1.7 %

Shares of NYSE:BEP traded down $0.42 on Friday, hitting $24.51. 291,729 shares of the company traded hands, compared to its average volume of 482,929. Brookfield Renewable Partners L.P. has a 52 week low of $19.92 and a 52 week high of $28.81. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.88. The stock has a 50 day simple moving average of $24.81 and a 200-day simple moving average of $24.43. The company has a market cap of $6.99 billion, a PE ratio of -53.28 and a beta of 0.92.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last issued its quarterly earnings results on Friday, August 2nd. The utilities provider reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.41). Brookfield Renewable Partners had a net margin of 7.10% and a return on equity of 1.30%. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the previous year, the business earned ($0.10) earnings per share. Brookfield Renewable Partners’s revenue was up 23.0% compared to the same quarter last year. As a group, research analysts expect that Brookfield Renewable Partners L.P. will post -0.49 earnings per share for the current year.

Brookfield Renewable Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be issued a $0.355 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.42 annualized dividend and a yield of 5.79%. Brookfield Renewable Partners’s payout ratio is -308.70%.

Brookfield Renewable Partners 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.