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

Brookfield Renewable (NYSE:BEPC) was upgraded by JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report issued on Thursday, MarketBeat reports. The brokerage presently has a $34.00 target price on the stock, up from their previous target price of $32.00. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 14.29% from the company’s previous close.

Brookfield Renewable Stock Up 0.6 %

Shares of NYSE:BEPC opened at $29.75 on Thursday. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.89. The firm has a market cap of $5.34 billion, a price-to-earnings ratio of -36.28 and a beta of 1.19. The stock’s 50-day moving average price is $31.20 and its two-hundred day moving average price is $30.08. Brookfield Renewable has a 12-month low of $21.35 and a 12-month high of $35.14.

Brookfield Renewable (NYSE:BEPC) last released its earnings results on Friday, November 8th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.04). Brookfield Renewable had a return on equity of 0.43% and a net margin of 1.16%. The company had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the business posted ($0.14) earnings per share. On average, research analysts forecast that Brookfield Renewable will post -1.04 EPS for the current year.

Institutional Investors Weigh In On Brookfield Renewable

A number of institutional investors have recently added to or reduced their stakes in BEPC. Hexagon Capital Partners LLC lifted its stake in shares of Brookfield Renewable by 468.4% in the 3rd quarter. Hexagon Capital Partners LLC now owns 756 shares of the company’s stock valued at $25,000 after purchasing an additional 623 shares in the last quarter. Truvestments Capital LLC acquired a new position in Brookfield Renewable during the third quarter valued at approximately $31,000. Signaturefd LLC grew its stake in Brookfield Renewable by 250.7% during the third quarter. Signaturefd LLC now owns 2,192 shares of the company’s stock worth $72,000 after buying an additional 1,567 shares during the period. US Bancorp DE increased its position in shares of Brookfield Renewable by 99.4% in the third quarter. US Bancorp DE now owns 3,041 shares of the company’s stock worth $99,000 after acquiring an additional 1,516 shares in the last quarter. Finally, MeadowBrook Investment Advisors LLC raised its stake in shares of Brookfield Renewable by 206.6% in the 2nd quarter. MeadowBrook Investment Advisors LLC now owns 3,750 shares of the company’s stock valued at $106,000 after acquiring an additional 2,527 shares during the period. Hedge funds and other institutional investors own 75.12% of the company’s stock.

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.