Brookfield Renewable (NYSE:BEPC) Earns "Neutral" Rating from JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. reaffirmed its Neutral rating on Brookfield Renewable and kept a $38 price target, implying about 11.6% upside from the prior close.
• Analyst sentiment is mixed overall: Brookfield Renewable currently has a consensus rating of “Reduce” and a consensus price target of $38.67, with several firms recently issuing or lowering cautious ratings.
• The stock traded lower on Tuesday at $34.05, and institutional ownership remains high at 75.12% after several large investors significantly increased their holdings.

Brookfield Renewable (NYSE:BEPC - Get Free Report)'s stock had its "neutral" rating reissued by stock analysts at JPMorgan Chase & Co. in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $38.00 price objective on the stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 11.58% from the stock's previous close.

A number of other equities research analysts have also commented on the company. Morgan Stanley reaffirmed an "underweight" rating and set a $42.00 price target (down from $48.00) on shares of Brookfield Renewable in a research report on Monday, March 23rd. Weiss Ratings downgraded Brookfield Renewable from a "sell (d)" rating to a "sell (e+)" rating in a research note on Monday, May 4th. Finally, Wall Street Zen cut Brookfield Renewable from a "hold" rating to a "sell" rating in a research report on Saturday, March 28th. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Brookfield Renewable has a consensus rating of "Reduce" and a consensus price target of $38.67.

Brookfield Renewable Stock Down 0.5%

NYSE BEPC traded down $0.17 on Tuesday, reaching $34.05. The company had a trading volume of 130,751 shares, compared to its average volume of 1,329,270. The stock's 50 day moving average is $37.03 and its 200-day moving average is $39.33. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 1.81. Brookfield Renewable has a 52 week low of $32.76 and a 52 week high of $45.18.

Institutional Investors Weigh In On Brookfield Renewable

A number of institutional investors have recently made changes to their positions in the stock. Clearbridge Investments LLC grew its holdings in shares of Brookfield Renewable by 103.3% during 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 during the last quarter. Norges Bank bought a new position in shares of Brookfield Renewable in the fourth quarter valued at approximately $68,132,000. UBS Group AG grew its holdings in Brookfield Renewable by 225.2% during the fourth quarter. UBS Group AG now owns 1,802,162 shares of the company's stock worth $69,095,000 after buying an additional 1,247,953 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in Brookfield Renewable by 49.6% during the second quarter. Canada Pension Plan Investment Board now owns 2,972,774 shares of the company's stock worth $97,457,000 after buying an additional 985,442 shares in the last quarter. Finally, Gotham Asset Management LLC raised its position in Brookfield Renewable by 128.4% in the 4th quarter. Gotham Asset Management LLC now owns 1,287,302 shares of the company's stock valued at $49,355,000 after buying an additional 723,692 shares during the last quarter. Institutional investors own 75.12% of the company's stock.

Brookfield Renewable Company Profile

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.

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