JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Brookfield Renewable (NYSE:BEPC) Stock

Key Points

• JPMorgan raised its price target for Brookfield Renewable from $48 to $49 and kept an "overweight" rating, implying about a 12.3% upside from the prior close.
• Analyst sentiment is mixed: the MarketBeat consensus is a "Hold" with a $39.75 target (two Buys, one Hold, two Sells), while firms like Morgan Stanley and Weiss have cut ratings/targets recently.
• Institutional ownership is high at 75.12%, with recent inflows including Goldman Sachs increasing its stake to 644,505 shares (up 32.7%) and MIRAE Asset more than doubling its position.

Brookfield Renewable (NYSE:BEPC - Get Free Report) had its price objective boosted by analysts at JPMorgan Chase & Co. from $48.00 to $49.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 12.30% from the company's previous close.

Several other equities research analysts have also recently issued reports on the company. Weiss Ratings restated a "sell (e+)" rating on shares of Brookfield Renewable in a report on Monday, December 29th. Wall Street Zen cut Brookfield Renewable from a "hold" rating to a "sell" rating in a report on Saturday, March 28th. Morgan Stanley restated an "underweight" rating and set a $42.00 price objective (down from $48.00) on shares of Brookfield Renewable in a report on Monday, March 23rd. Finally, Barclays raised their price objective on Brookfield Renewable from $35.00 to $36.00 and gave the stock an "equal weight" rating in a report on Friday, January 23rd. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Brookfield Renewable currently has an average rating of "Hold" and a consensus target price of $39.75.

Brookfield Renewable Stock Performance

Shares of BEPC stock traded down $0.03 during mid-day trading on Thursday, hitting $43.63. 924,517 shares of the company's stock were exchanged, compared to its average volume of 1,184,304. Brookfield Renewable has a fifty-two week low of $26.35 and a fifty-two week high of $45.18. The stock has a 50-day simple moving average of $41.55 and a two-hundred day simple moving average of $40.50. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.26 and a quick ratio of 0.26.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in BEPC. AQR Capital Management LLC purchased a new position in shares of Brookfield Renewable in the 1st quarter worth $756,000. Integrated Wealth Concepts LLC purchased a new position in shares of Brookfield Renewable in the 1st quarter worth $214,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Brookfield Renewable by 115.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,963 shares of the company's stock worth $1,813,000 after buying an additional 34,799 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Brookfield Renewable by 32.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 644,505 shares of the company's stock worth $17,995,000 after buying an additional 158,771 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Brookfield Renewable by 2.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 226,020 shares of the company's stock worth $6,310,000 after buying an additional 4,768 shares during the period. 75.12% of the stock is owned by hedge funds and other institutional investors.

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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