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Will Brookfield Renewable Partners L.P. (BEP) Benefit from Increased Demand for Renewable Power?

Soumya Eswaran
·2-min read

Parnassus Investments, an investment management company, released the “Parnassus Value Equity Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the Fund (Investor Shares) appreciated 10.17% outperforming the Russell 1000 Value Index’s 8.99%. Stock selection in the Information Technology and Communication Services sectors was the main contributor to the fund’s performance in the first quarter. Overweight in Financials and underweight in Real Estate also contributed. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Parnassus Value Equity Fund highlighted stocks like Brookfield Renewable Partners L.P. (NYSE:BEP), in the first quarter 2024 investor letter. Brookfield Renewable Partners L.P. (NYSE:BEP) owns a portfolio of renewable power generating facilities. The one-month return of Brookfield Renewable Partners L.P. (NYSE:BEP) was -11.66%, and its shares lost 16.54% of their value over the last 52 weeks. On June 28, 2024, Brookfield Renewable Partners L.P. (NYSE:BEP) stock closed at $24.77 per share with a market capitalization of $16.312 billion.

Parnassus Value Equity Fund stated the following regarding Brookfield Renewable Partners L.P. (NYSE:BEP) in its first quarter 2024 investor letter:

"Brookfield Renewable Partners L.P. (NYSE:BEP) shares were impacted by below-average generation within the renewable energy investment company’s hydroelectric portfolio. Despite this short-term variation, the company remains well-placed to benefit from the growing demand for renewable power."

A stunning aerial view of a mountainside with a hydroelectric power station in the foreground.

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Brookfield Renewable Partners L.P. (NYSE:BEP) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Brookfield Renewable Partners L.P. (NYSE:BEP) at the end of the first quarter which was 17 in the previous quarter. While we acknowledge the potential of Brookfield Renewable Partners L.P. (NYSE:BEP) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

We discussed Brookfield Renewable Partners L.P. (NYSE:BEP) in another article and shared the list of best dividend stocks with high upside potential. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.