Franklin Resources Inc. Sells 1,734 Shares of Brookfield Renewable Partners L.P. (NYSE:BEP)

Posted by Defense World Staff on Jun 2nd, 2023

Franklin Resources Inc. trimmed its stake in shares of Brookfield Renewable Partners L.P. (NYSE:BEP – Get Rating) (TSE:BEP) by 0.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 328,895 shares of the utilities provider’s stock after selling 1,734 shares during the quarter. Franklin Resources Inc. owned about 0.12% of Brookfield Renewable Partners worth $8,329,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BEP. Bank of Montreal Can boosted its position in shares of Brookfield Renewable Partners by 8.4% in the third quarter. Bank of Montreal Can now owns 6,722,986 shares of the utilities provider’s stock valued at $247,844,000 after acquiring an additional 523,228 shares during the period. Principal Financial Group Inc. boosted its position in shares of Brookfield Renewable Partners by 2.0% in the fourth quarter. Principal Financial Group Inc. now owns 6,333,427 shares of the utilities provider’s stock valued at $160,489,000 after acquiring an additional 122,390 shares during the period. Toronto Dominion Bank boosted its position in shares of Brookfield Renewable Partners by 26.5% in the third quarter. Toronto Dominion Bank now owns 2,856,312 shares of the utilities provider’s stock valued at $89,517,000 after acquiring an additional 597,823 shares during the period. Kayne Anderson Capital Advisors LP boosted its position in shares of Brookfield Renewable Partners by 16.2% in the fourth quarter. Kayne Anderson Capital Advisors LP now owns 2,768,370 shares of the utilities provider’s stock valued at $70,150,000 after acquiring an additional 385,795 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in shares of Brookfield Renewable Partners by 3.9% in the second quarter. Goldman Sachs Group Inc. now owns 2,536,554 shares of the utilities provider’s stock valued at $88,272,000 after acquiring an additional 94,102 shares during the period. 57.61% of the stock is owned by institutional investors.

Brookfield Renewable Partners Stock Performance

Brookfield Renewable Partners stock opened at $30.54 on Friday. The business has a 50 day moving average of $30.92 and a 200-day moving average of $28.90. Brookfield Renewable Partners L.P. has a 1 year low of $24.13 and a 1 year high of $41.30. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.73 and a quick ratio of 0.73. The company has a market capitalization of $8.41 billion, a P/E ratio of -57.62 and a beta of 0.82.

Brookfield Renewable Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Wednesday, May 31st will be paid a $0.338 dividend. This represents a $1.35 annualized dividend and a dividend yield of 4.43%. The ex-dividend date is Tuesday, May 30th. Brookfield Renewable Partners’s dividend payout ratio is currently -254.72%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Scotiabank reaffirmed a “sector outperform” rating on shares of Brookfield Renewable Partners in a research report on Thursday, April 13th. Mizuho cut their price objective on shares of Brookfield Renewable Partners from $33.00 to $31.00 and set a “neutral” rating for the company in a research report on Monday, April 17th. National Bankshares upped their price objective on shares of Brookfield Renewable Partners from $31.00 to $34.00 and gave the stock an “outperform” rating in a research report on Thursday, April 20th. BMO Capital Markets upped their price objective on shares of Brookfield Renewable Partners from $33.00 to $34.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 28th. Finally, StockNews.com assumed coverage on shares of Brookfield Renewable Partners in a research report on Thursday, May 18th. They set a “hold” rating for the company. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $38.56.

Brookfield Renewable Partners Profile

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Brookfield Renewable Partners LP engages in the ownership of a portfolio of renewable power and sustainable solution assets. It operates through the following segments: Hydroelectric, Wind, Utility-Scale Solar, Distributed Energy and Sustainable Solutions, and Corporate. The Distributed Energy and Sustainable Solutions segment includes distributed generation, pumped storage, renewable natural gas, carbon capture and storage, recycling, and cogeneration and biomass.