Parnassus Investments LLC Reduces Stake in Brookfield Renewable Corporation $BEPC

Parnassus Investments LLC trimmed its stake in Brookfield Renewable Corporation (NYSE:BEPC) by 5.7% during the fourth quarter, Holdings Channel reports. The fund owned 5,032,949 shares of the company’s stock after selling 304,681 shares during the period. Parnassus Investments LLC’s holdings in Brookfield Renewable were worth $192,963,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BEPC. Torren Management LLC purchased a new position in Brookfield Renewable in the fourth quarter valued at about $26,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Brookfield Renewable in the fourth quarter valued at about $27,000. Princeton Global Asset Management LLC boosted its stake in Brookfield Renewable by 102.5% in the fourth quarter. Princeton Global Asset Management LLC now owns 800 shares of the company’s stock valued at $31,000 after acquiring an additional 405 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in Brookfield Renewable by 191.5% in the third quarter. Smartleaf Asset Management LLC now owns 997 shares of the company’s stock valued at $35,000 after acquiring an additional 655 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in shares of Brookfield Renewable by 88.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,157 shares of the company’s stock valued at $38,000 after purchasing an additional 543 shares during the period. 75.12% of the stock is currently owned by hedge funds and other institutional investors.

Brookfield Renewable Stock Performance

Brookfield Renewable stock opened at $37.73 on Friday. The firm’s 50 day simple moving average is $39.25 and its 200 day simple moving average is $39.95. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 1.81. Brookfield Renewable Corporation has a 1-year low of $31.19 and a 1-year high of $45.18.

Brookfield Renewable Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, May 29th will be issued a dividend of $0.392 per share. This represents a $1.57 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend is Friday, May 29th.

Analyst Upgrades and Downgrades

BEPC has been the topic of a number of recent research reports. Weiss Ratings cut shares of Brookfield Renewable from a “sell (d)” rating to a “sell (e+)” rating in a research note on Monday, May 4th. Morgan Stanley restated an “underweight” rating and set a $42.00 price target (down from $48.00) on shares of Brookfield Renewable in a research note on Monday, March 23rd. JPMorgan Chase & Co. upped their price target on shares of Brookfield Renewable from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Finally, Wall Street Zen cut shares of Brookfield Renewable from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $42.33.

Brookfield Renewable Company Profile

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.