JPMorgan Chase & Co. Raises Brookfield Renewable (NYSE:BEPC) Price Target to $41.00

Key Points

• JPMorgan Chase & Co. has raised its target price for Brookfield Renewable from $39.00 to $41.00, reflecting a potential upside of 19.55% from the company's previous close.
• Brookfield Renewable currently holds an average rating of "Moderate Buy" with an average price target of $35.75 from analysts, following a similar upgrade from Morgan Stanley.
• Institutional investors, including Vanguard Group and Canada Pension Plan Investment Board, have increased their holdings significantly in this company, with 75.12% of the stock now owned by institutional investors and hedge funds.

Brookfield Renewable (NYSE:BEPC - Free Report) had its price target boosted by JPMorgan Chase & Co. from $39.00 to $41.00 in a research report released on Friday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Separately, Morgan Stanley upped their price target on Brookfield Renewable from $38.00 to $39.00 and gave the stock an "overweight" rating in a report on Tuesday, August 26th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, Brookfield Renewable has a consensus rating of "Moderate Buy" and a consensus price target of $35.75.

Brookfield Renewable Stock Up 0.6%

Shares of BEPC stock traded up $0.19 during trading hours on Friday, reaching $34.37. The company had a trading volume of 212,420 shares, compared to its average volume of 981,578. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.27 and a current ratio of 0.27. Brookfield Renewable has a twelve month low of $23.73 and a twelve month high of $37.00. The company has a market capitalization of $4.98 billion, a P/E ratio of -38.61 and a beta of 1.13. The stock's fifty day simple moving average is $34.43 and its 200 day simple moving average is $31.21.

Brookfield Renewable Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Friday, August 29th will be issued a $0.373 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.49 dividend on an annualized basis and a yield of 4.3%. Brookfield Renewable's dividend payout ratio is currently -167.42%.

Hedge Funds Weigh In On Brookfield Renewable

A number of institutional investors have recently made changes to their positions in BEPC. Wealth Enhancement Advisory Services LLC increased its stake in shares of Brookfield Renewable by 15.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 31,205 shares of the company's stock worth $863,000 after buying an additional 4,190 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Brookfield Renewable by 1.6% during the 1st quarter. Bank of New York Mellon Corp now owns 484,723 shares of the company's stock worth $13,533,000 after acquiring an additional 7,415 shares in the last quarter. Raymond James Financial Inc. grew its holdings in Brookfield Renewable by 23.2% during the 1st quarter. Raymond James Financial Inc. now owns 163,852 shares of the company's stock worth $4,575,000 after acquiring an additional 30,840 shares in the last quarter. LPL Financial LLC lifted its position in shares of Brookfield Renewable by 91.9% during the first quarter. LPL Financial LLC now owns 64,108 shares of the company's stock worth $1,790,000 after purchasing an additional 30,704 shares during the last quarter. Finally, Foresight Group Ltd Liability Partnership bought a new position in shares of Brookfield Renewable during the first quarter worth about $6,338,000. 75.12% of the stock is owned by institutional investors and hedge funds.

Brookfield Renewable Company Profile

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.