Cannell & Spears LLC Sells 386,075 Shares of Brookfield Renewable Corporation $BEPC

Key Points

• Cannell & Spears LLC cut its Brookfield Renewable stake by 68.7% in the first quarter, selling 386,075 shares and leaving it with 176,104 shares valued at about $7.01 million.
• Analysts remain cautious on BEPC, with an average rating of “Reduce” and a consensus price target of $39.67; recent updates included Barclays raising its target to $39 and JPMorgan reiterating a neutral rating.
• Brookfield Renewable recently paid a quarterly dividend of $0.392 per share, annualizing to $1.57 per share for a 4.7% yield, while the stock traded at $33.58, near its 12-month low of $32.10.

Cannell & Spears LLC trimmed its position in Brookfield Renewable Corporation (NYSE:BEPC - Free Report) by 68.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 176,104 shares of the company's stock after selling 386,075 shares during the quarter. Cannell & Spears LLC owned about 0.12% of Brookfield Renewable worth $7,010,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BEPC. Motiv8 Investments LLC bought a new position in shares of Brookfield Renewable in the fourth quarter worth approximately $25,000. Torren Management LLC bought a new stake in shares of Brookfield Renewable during the 4th quarter valued at $26,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Brookfield Renewable during the 4th quarter valued at $27,000. SHP Wealth Management purchased a new position in shares of Brookfield Renewable during the 4th quarter valued at $30,000. Finally, Princeton Global Asset Management LLC lifted its stake in shares of Brookfield Renewable by 102.5% during the 4th quarter. Princeton Global Asset Management LLC now owns 800 shares of the company's stock valued at $31,000 after buying an additional 405 shares in the last quarter. Institutional investors own 75.12% of the company's stock.

Analysts Set New Price Targets

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

Brookfield Renewable Stock Performance

Shares of Brookfield Renewable stock opened at $33.58 on Friday. The business has a 50-day moving average price of $36.77 and a 200-day moving average price of $39.18. The company has a debt-to-equity ratio of 1.81, a quick ratio of 0.33 and a current ratio of 0.33. Brookfield Renewable Corporation has a twelve month low of $32.10 and a twelve month high of $45.18.

Brookfield Renewable Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Friday, May 29th were paid a dividend of $0.392 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.57 dividend on an annualized basis and a yield of 4.7%.

Brookfield Renewable 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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