Brookfield Renewable (NYSE:BEPC) Hits New 52-Week High – Here’s Why

Brookfield Renewable Corporation (NYSE:BEPC)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $45.10 and last traded at $44.20, with a volume of 850513 shares trading hands. The stock had previously closed at $44.43.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on BEPC shares. Wall Street Zen cut shares of Brookfield Renewable from a “hold” rating to a “strong sell” rating in a report on Saturday, November 8th. Weiss Ratings restated a “sell (d)” rating on shares of Brookfield Renewable in a research note on Wednesday, October 8th. JPMorgan Chase & Co. boosted their price target on Brookfield Renewable from $41.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Barclays increased their price objective on Brookfield Renewable from $31.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, October 22nd. Finally, Morgan Stanley lifted their target price on Brookfield Renewable from $38.00 to $39.00 and gave the stock an “overweight” rating in a report on Tuesday, August 26th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $37.50.

Brookfield Renewable Price Performance

The firm has a market cap of $6.09 billion, a PE ratio of -47.19 and a beta of 1.29. The stock has a 50 day simple moving average of $38.11 and a two-hundred day simple moving average of $34.31. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.39 and a current ratio of 0.39.

Brookfield Renewable Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Friday, November 28th will be given a dividend of $0.373 per share. This represents a $1.49 annualized dividend and a yield of 3.6%. The ex-dividend date is Friday, November 28th. Brookfield Renewable’s dividend payout ratio (DPR) is currently -167.42%.

Institutional Investors Weigh In On Brookfield Renewable

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Brookfield Renewable during the 2nd quarter valued at approximately $58,250,000. Canada Pension Plan Investment Board grew its position in Brookfield Renewable by 177.4% during the first quarter. Canada Pension Plan Investment Board now owns 1,987,332 shares of the company’s stock valued at $55,486,000 after buying an additional 1,270,946 shares during the period. Parnassus Investments LLC increased its holdings in Brookfield Renewable by 24.2% in the first quarter. Parnassus Investments LLC now owns 4,855,793 shares of the company’s stock valued at $135,574,000 after buying an additional 945,297 shares in the last quarter. ASR Vermogensbeheer N.V. acquired a new position in shares of Brookfield Renewable in the first quarter worth about $25,186,000. Finally, Northern Trust Corp boosted its stake in shares of Brookfield Renewable by 111.5% during the 1st quarter. Northern Trust Corp now owns 1,599,275 shares of the company’s stock worth $44,652,000 after acquiring an additional 843,210 shares in the last quarter. Institutional investors and hedge funds own 75.12% of the company’s stock.

About Brookfield Renewable

Brookfield Renewable Corporation owns and operates a portfolio of renewable power and sustainable solution assets primarily in the United States, Europe, Colombia, and Brazil. It operates hydroelectric, wind, solar, and distributed energy and sustainable solutions with an installed capacity of approximately 19,161 megawatts.