Barclays Forecasts Strong Price Appreciation for Brookfield Renewable (NYSE:BEPC) Stock

Brookfield Renewable (NYSE:BEPC) had its price objective increased by Barclays from $31.00 to $35.00 in a report issued on Wednesday, MarketBeat.com reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s price objective indicates a potential downside of 11.49% from the company’s previous close.

BEPC has been the subject of a number of other research reports. Morgan Stanley raised their target price on Brookfield Renewable from $38.00 to $39.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 26th. JPMorgan Chase & Co. raised their price objective on Brookfield Renewable from $41.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Brookfield Renewable in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $37.50.

Brookfield Renewable Trading Up 1.0%

NYSE BEPC opened at $39.55 on Wednesday. Brookfield Renewable has a 12-month low of $23.73 and a 12-month high of $41.73. The company has a fifty day simple moving average of $35.50 and a two-hundred day simple moving average of $32.63. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 1.19. The stock has a market cap of $5.73 billion, a P/E ratio of -44.43 and a beta of 1.21.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Brookfield Renewable by 2.4% in the first quarter. Vanguard Group Inc. now owns 5,717,397 shares of the company’s stock valued at $159,596,000 after acquiring an additional 135,776 shares during the period. Parnassus Investments LLC lifted its stake in shares of Brookfield Renewable by 24.2% in the 1st quarter. Parnassus Investments LLC now owns 4,855,793 shares of the company’s stock valued at $135,574,000 after purchasing an additional 945,297 shares during the period. Principal Financial Group Inc. boosted its holdings in Brookfield Renewable by 6.0% during the first quarter. Principal Financial Group Inc. now owns 4,430,978 shares of the company’s stock worth $123,713,000 after buying an additional 251,310 shares in the last quarter. Legal & General Group Plc grew its position in Brookfield Renewable by 10.8% during the second quarter. Legal & General Group Plc now owns 3,827,746 shares of the company’s stock valued at $125,179,000 after buying an additional 373,517 shares during the period. Finally, Canada Pension Plan Investment Board grew its position in Brookfield Renewable by 49.6% during 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 buying an additional 985,442 shares during the period. 75.12% of the stock is currently owned by hedge funds and other institutional investors.

About Brookfield Renewable

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.