Brookfield Renewable (NYSE:BEPC) Hits New 12-Month Low - What's Next?

Key Points

• Brookfield Renewable shares hit a new 52-week low, falling to $30.91 and trading below both their 50-day and 200-day moving averages.
• Analyst sentiment is weak: recent actions included downgrades and lower price targets, leaving the stock with an average “Reduce” rating and a $39 consensus target.
• The company announced a quarterly dividend of $0.392 per share, equivalent to a 5.1% annualized yield, while institutional investors own approximately 75.1% of the stock.

Brookfield Renewable Corporation (NYSE:BEPC - Get Free Report) shares reached a new 52-week low on Thursday . The stock traded as low as $30.91 and last traded at $30.9180, with a volume of 1998478 shares traded. The stock had previously closed at $31.59.

Analyst Ratings Changes

A number of brokerages recently commented on BEPC. Wall Street Zen downgraded Brookfield Renewable from a "hold" rating to a "sell" rating in a research report on Sunday, August 9th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Brookfield Renewable in a research note on Friday, July 31st. JPMorgan Chase & Co. reduced their target price on shares of Brookfield Renewable from $38.00 to $36.00 and set a "neutral" rating on the stock in a report on Monday, August 3rd. Finally, Barclays increased their price target on Brookfield Renewable from $36.00 to $39.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 22nd. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and an average price target of $39.00.

Brookfield Renewable Stock Down 2.1%

The stock's 50 day moving average is $33.72 and its two-hundred day moving average is $37.42. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.40 and a current ratio of 0.40.

Brookfield Renewable Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be given a dividend of $0.392 per share. This represents a $1.57 annualized dividend and a dividend yield of 5.1%. The ex-dividend date is Monday, August 31st.

Hedge Funds Weigh In On Brookfield Renewable

Several hedge funds have recently added to or reduced their stakes in BEPC. Clearbridge Investments LLC raised its holdings in Brookfield Renewable by 103.3% in the 4th quarter. Clearbridge Investments LLC now owns 9,211,875 shares of the company's stock valued at $353,183,000 after acquiring an additional 4,681,203 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Brookfield Renewable by 5.5% during the fourth quarter. Legal & General Group Plc now owns 4,160,715 shares of the company's stock worth $159,809,000 after purchasing an additional 215,911 shares in the last quarter. Baird Financial Group Inc. boosted its holdings in Brookfield Renewable by 11.4% in the 2nd quarter. Baird Financial Group Inc. now owns 3,335,117 shares of the company's stock worth $123,800,000 after acquiring an additional 340,103 shares during the period. Canada Pension Plan Investment Board boosted its stake in shares of Brookfield Renewable by 49.6% in the second quarter. Canada Pension Plan Investment Board now owns 2,972,774 shares of the company's stock valued at $97,457,000 after purchasing an additional 985,442 shares during the period. Finally, Bank of America Corp DE boosted its position in Brookfield Renewable by 3.4% in the 3rd quarter. Bank of America Corp DE now owns 2,295,040 shares of the company's stock valued at $78,995,000 after buying an additional 74,766 shares during the last quarter. 75.12% of the stock is currently 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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