Brookfield Renewable (NYSE:BEPC) Trading 6.5% Higher - Time to Buy?

Brookfield Renewable Corporation (NYSE:BEPC - Get Free Report)'s stock price shot up 6.5% during mid-day trading on Tuesday . The stock traded as high as $35.38 and last traded at $35.48. 897,401 shares changed hands during trading, a decline of 7% from the average session volume of 969,602 shares. The stock had previously closed at $33.33.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BEPC. Barclays began coverage on Brookfield Renewable in a report on Wednesday, April 2nd. They set an "equal weight" rating and a $31.00 price objective for the company. Wells Fargo & Company cut their price objective on Brookfield Renewable from $33.00 to $32.00 and set an "overweight" rating for the company in a report on Monday, May 5th.

Brookfield Renewable Trading Up 3.1%

The company has a fifty day simple moving average of $31.44 and a two-hundred day simple moving average of $28.76. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.25 and a quick ratio of 0.25. The company has a market capitalization of $5.28 billion, a P/E ratio of -40.90 and a beta of 1.16.

Brookfield Renewable Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, May 30th were issued a dividend of $0.373 per share. The ex-dividend date was Friday, May 30th. This represents a $1.49 annualized dividend and a yield of 4.10%. Brookfield Renewable's dividend payout ratio (DPR) is currently -167.42%.

Institutional Investors Weigh In On Brookfield Renewable

Several hedge funds and other institutional investors have recently made changes to their positions in BEPC. MAI Capital Management grew its position in Brookfield Renewable by 59.0% during the first quarter. MAI Capital Management now owns 951 shares of the company's stock worth $27,000 after buying an additional 353 shares in the last quarter. New England Capital Financial Advisors LLC acquired a new stake in Brookfield Renewable during the first quarter worth about $28,000. Monetary Management Group Inc. acquired a new stake in Brookfield Renewable during the first quarter worth about $28,000. MassMutual Private Wealth & Trust FSB grew its position in Brookfield Renewable by 43.0% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,244 shares of the company's stock worth $35,000 after buying an additional 374 shares in the last quarter. Finally, Dunhill Financial LLC acquired a new stake in Brookfield Renewable during the fourth quarter worth about $41,000. 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.