JPMorgan Chase & Co. Upgrades Brookfield Renewable (NYSE:BEPC) to Overweight

JPMorgan Chase & Co. upgraded shares of Brookfield Renewable (NYSE:BEPC) from a neutral rating to an overweight rating in a report issued on Thursday morning, MarketBeat Ratings reports. JPMorgan Chase & Co. currently has $34.00 target price on the stock, up from their prior target price of $32.00.

Brookfield Renewable Price Performance

Shares of BEPC stock opened at $29.75 on Thursday. Brookfield Renewable has a 52 week low of $21.35 and a 52 week high of $35.14. The stock has a market capitalization of $5.34 billion, a PE ratio of -36.28 and a beta of 1.19. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.51 and a current ratio of 0.51. The stock’s fifty day moving average is $31.20 and its 200-day moving average is $30.06.

Brookfield Renewable (NYSE:BEPC) last issued its quarterly earnings data on Friday, November 8th. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.04). The company had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.37 billion. Brookfield Renewable had a return on equity of 0.43% and a net margin of 1.16%. During the same period in the prior year, the company earned ($0.14) EPS. Equities research analysts expect that Brookfield Renewable will post -1.04 EPS for the current fiscal year.

Brookfield Renewable Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, November 29th will be given a $0.355 dividend. This represents a $1.42 annualized dividend and a yield of 4.77%. The ex-dividend date is Friday, November 29th. Brookfield Renewable’s dividend payout ratio (DPR) is presently -173.17%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BEPC. Epoch Investment Partners Inc. raised its position in shares of Brookfield Renewable by 4,491.1% during the second quarter. Epoch Investment Partners Inc. now owns 1,940,525 shares of the company’s stock worth $55,072,000 after acquiring an additional 1,898,258 shares during the last quarter. TD Asset Management Inc increased its position in Brookfield Renewable by 301.6% in the second quarter. TD Asset Management Inc now owns 969,055 shares of the company’s stock worth $27,488,000 after purchasing an additional 727,780 shares during the period. CIBC Asset Management Inc increased its position in Brookfield Renewable by 26.0% in the third quarter. CIBC Asset Management Inc now owns 2,443,111 shares of the company’s stock worth $81,291,000 after purchasing an additional 504,060 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in Brookfield Renewable during the 2nd quarter worth about $9,831,000. Finally, Envestnet Asset Management Inc. lifted its position in Brookfield Renewable by 66.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 539,696 shares of the company’s stock valued at $15,317,000 after purchasing an additional 215,592 shares during the period. Institutional investors and hedge funds own 75.12% of the company’s stock.

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.