Brookfield Renewable (NYSE:BEPC) Shares Up 6.4% – Time to Buy?

Brookfield Renewable Co. (NYSE:BEPC)’s share price rose 6.4% during trading on Monday . The company traded as high as $31.38 and last traded at $31.50. Approximately 173,405 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 951,201 shares. The stock had previously closed at $29.61.

Wall Street Analyst Weigh In

Several research firms have issued reports on BEPC. Barclays initiated coverage on Brookfield Renewable in a report on Wednesday, April 2nd. They set an “equal weight” rating and a $31.00 price target for the company. Wells Fargo & Company lowered their price target on shares of Brookfield Renewable from $33.00 to $32.00 and set an “overweight” rating on the stock in a report on Monday, May 5th.

Brookfield Renewable Trading Up 8.3%

The stock has a fifty day simple moving average of $28.13 and a 200 day simple moving average of $28.14. The firm has a market capitalization of $4.65 billion, a P/E ratio of -36.03 and a beta of 1.14. The company has a quick ratio of 0.51, a current ratio of 0.27 and a debt-to-equity ratio of 0.89.

Brookfield Renewable Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, May 30th will be issued a $0.373 dividend. This represents a $1.49 annualized dividend and a dividend yield of 4.65%. The ex-dividend date of this dividend is Friday, May 30th. Brookfield Renewable’s dividend payout ratio (DPR) is presently -167.42%.

Hedge Funds Weigh In On Brookfield Renewable

Several institutional investors have recently bought and sold shares of BEPC. Modern Wealth Management LLC boosted its holdings in shares of Brookfield Renewable by 6.8% during the 1st quarter. Modern Wealth Management LLC now owns 14,529 shares of the company’s stock valued at $406,000 after purchasing an additional 919 shares during the last quarter. Rhumbline Advisers boosted its stake in Brookfield Renewable by 5.8% during the first quarter. Rhumbline Advisers now owns 123,616 shares of the company’s stock valued at $3,451,000 after buying an additional 6,814 shares during the last quarter. Strs Ohio bought a new position in Brookfield Renewable during the first quarter valued at approximately $2,100,000. Foresight Group Ltd Liability Partnership purchased a new position in Brookfield Renewable during the 1st quarter valued at approximately $6,338,000. Finally, Advisors Capital Management LLC increased its stake in Brookfield Renewable by 9.0% in the 1st quarter. Advisors Capital Management LLC now owns 1,655,180 shares of the company’s stock worth $46,212,000 after acquiring an additional 136,037 shares during the last quarter. 75.12% of the stock is 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.