Brookfield Renewable (NYSE:BEPC) Sets New 52-Week Low – What’s Next?

Brookfield Renewable Corporation (NYSE:BEPC)’s stock price hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $32.21 and last traded at $32.6340, with a volume of 5145484 shares changing hands. The stock had previously closed at $34.17.

Analyst Ratings Changes

A number of brokerages have weighed in on BEPC. Wall Street Zen downgraded Brookfield Renewable from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $38.00 price objective on shares of Brookfield Renewable in a research report on Tuesday. Weiss Ratings downgraded Brookfield Renewable from a “sell (d)” rating to a “sell (e+)” rating in a research note on Monday, May 4th. Finally, Barclays boosted their target price on Brookfield Renewable from $36.00 to $39.00 and gave the stock an “equal weight” rating in a report on Wednesday. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $39.67.

Brookfield Renewable Price Performance

The company has a debt-to-equity ratio of 1.81, a current ratio of 0.33 and a quick ratio of 0.33. The firm has a 50 day moving average of $36.88 and a 200-day moving average of $39.26.

Brookfield Renewable Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Friday, May 29th were issued a $0.392 dividend. This represents a $1.57 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend was Friday, May 29th.

Institutional Investors Weigh In On Brookfield Renewable

Hedge funds have recently made changes to their positions in the stock. Clearbridge Investments LLC boosted its position in Brookfield Renewable by 103.3% in the fourth quarter. Clearbridge Investments LLC now owns 9,211,875 shares of the company’s stock valued at $353,183,000 after buying an additional 4,681,203 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Brookfield Renewable by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 6,095,578 shares of the company’s stock worth $233,817,000 after buying an additional 90,863 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Brookfield Renewable by 5.5% during the fourth quarter. Legal & General Group Plc now owns 4,160,715 shares of the company’s stock worth $159,809,000 after buying an additional 215,911 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake in shares of Brookfield Renewable by 49.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 2,972,774 shares of the company’s stock valued at $97,457,000 after acquiring an additional 985,442 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Brookfield Renewable by 3.4% in the 3rd quarter. Bank of America Corp DE now owns 2,295,040 shares of the company’s stock valued at $78,995,000 after acquiring an additional 74,766 shares during the last quarter. 75.12% of the stock is currently owned by institutional investors and hedge funds.

About Brookfield Renewable

Brookfield Renewable Corporation (NYSE: BEPC) is a leading global owner, operator and developer of renewable power assets. Through its preferred equity securities, BEPC provides investors with exposure to a diversified portfolio of hydropower, wind, solar and energy storage facilities that are underpinned by long-term contractual revenues. The company focuses on delivering clean energy to wholesale and retail markets across multiple jurisdictions, leveraging the experience and financial backing of its parent, Brookfield Asset Management.

The company’s operations span North America, South America, Europe and Asia-Pacific, with more than 23,000 megawatts of operational capacity.