Morgan Stanley Reiterates “Underweight” Rating for Brookfield Renewable (NYSE:BEPC)

Brookfield Renewable (NYSE:BEPC)‘s stock had its “underweight” rating reissued by analysts at Morgan Stanley in a research report issued to clients and investors on Monday, Marketbeat.com reports. They presently have a $42.00 price target on the stock, down from their previous price target of $48.00. Morgan Stanley’s target price points to a potential upside of 6.80% from the company’s previous close.

A number of other research analysts have also recently issued reports on the stock. Barclays boosted their price objective on shares of Brookfield Renewable from $35.00 to $36.00 and gave the company an “equal weight” rating in a report on Friday, January 23rd. Wall Street Zen upgraded shares of Brookfield Renewable from a “sell” rating to a “hold” rating in a report on Saturday, March 7th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Brookfield Renewable in a research report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Brookfield Renewable presently has an average rating of “Hold” and a consensus price target of $38.50.

Brookfield Renewable Price Performance

Brookfield Renewable stock opened at $39.33 on Monday. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 1.35. The firm has a market capitalization of $5.72 billion, a P/E ratio of -44.19 and a beta of 1.24. The business has a 50-day moving average of $41.18 and a 200-day moving average of $39.75. Brookfield Renewable has a 1 year low of $23.73 and a 1 year high of $45.18.

Institutional Investors Weigh In On Brookfield Renewable

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Clearbridge Investments LLC boosted its stake in shares of Brookfield Renewable by 103.3% during the 4th quarter. Clearbridge Investments LLC now owns 9,211,875 shares of the company’s stock worth $353,183,000 after buying an additional 4,681,203 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Brookfield Renewable by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 6,095,578 shares of the company’s stock valued at $233,817,000 after acquiring an additional 90,863 shares during the last quarter. Parnassus Investments LLC raised its holdings in Brookfield Renewable by 1.4% during the third quarter. Parnassus Investments LLC now owns 5,337,630 shares of the company’s stock worth $183,721,000 after acquiring an additional 74,543 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Brookfield Renewable by 2.7% during the third quarter. Principal Financial Group Inc. now owns 4,646,524 shares of the company’s stock worth $159,935,000 after acquiring an additional 121,328 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in Brookfield Renewable by 5.5% during the fourth quarter. Legal & General Group Plc now owns 4,160,715 shares of the company’s stock valued at $159,809,000 after purchasing an additional 215,911 shares during the last quarter. 75.12% of the stock is currently owned by institutional investors and hedge funds.

About Brookfield Renewable

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.