5 Green Energy Stocks to Watch As Europe Cuts Reliance on Russia

3. Brookfield Renewable Partners L.P. (NYSE:BEP)

Number of Hedge Fund Holders: 21

Brookfield Renewable Partners L.P. (NYSE:BEP) is a renewable power company that generates electricity by hydroelectric, wind, solar, distributed generation, pumped storage, cogeneration, and biomass sources. These renewable power generating facilities are primarily located in North America, Colombia, Brazil, Europe, India, and China. 

As Europe lowers its reliance on Russia for oil and gas, Brookfield Renewable Partners L.P. (NYSE:BEP) is uniquely positioned to fill the gap in the renewables space, since it already operates in Europe. The stock has gained 15% over the past month as oil and gas prices soared over 30% and solar stocks surged as a result. 

Brookfield Renewable Partners L.P. (NYSE:BEP) declared a $0.32 per share quarterly dividend, a 5.3% increase from its prior dividend of $0.30. The dividend will be paid on March 31, to shareholders of record on February 28. 

On February 10, Wells Fargo analyst Jonathan Reeder lowered the price target on Brookfield Renewable Partners L.P. (NYSE:BEP) to $40 from $46 and kept an Overweight rating on the shares. In the nearer-term, Brookfield Renewable Partners L.P. (NYSE:BEP) share price performance may be driven more by macro factors, namely interest rate concerns, the analyst contended.

A total of 21 hedge funds were bullish on Brookfield Renewable Partners L.P. (NYSE:BEP) in the fourth quarter of 2021, up from 17 funds in the earlier quarter. Select Equity Group held the leading stake in the company, with 1.13 million shares worth $40.5 million. 

Clearbridge Investments mentioned Brookfield Renewable Partners L.P. (NYSE:BEP) in its Q1 2021 investor letter. Here is what the firm said: 

“U.S. renewables utility Brookfield Renewable was another detractor. Brookfield Renewable is a pure-play renewables operator and developer headquartered in Canada and domiciled in the U.S., focused on international hydro, solar, wind and storage technology. As more private and public institutions announce ambitious carbon reduction initiatives, Brookfield Renewable’s globally diversified, multi-technology renewables business makes it an attractive partner. Its development pipeline stands at 18,000 megawatts, providing confidence the company can meet its targeted double-digit cash flow growth through to 2025. Shares moderated amid expectations of rising bond yields, and a cool-off on the green trade.”