Brookfield Renewable Co. (NYSE:BEPC) Sees Large Drop in Short Interest

Brookfield Renewable Co. (NYSE:BEPC) was the target of a significant drop in short interest in the month of September. As of September 30th, there was short interest totalling 6,000,000 shares, a drop of 8.1% from the September 15th total of 6,530,000 shares. Based on an average daily volume of 819,000 shares, the short-interest ratio is currently 7.3 days.

Brookfield Renewable Stock Down 0.8 %

Shares of NYSE BEPC opened at $32.47 on Friday. Brookfield Renewable has a 12-month low of $21.35 and a 12-month high of $33.17. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.87. The firm has a market cap of $5.83 billion, a PE ratio of -70.59 and a beta of 1.19. The company’s fifty day simple moving average is $29.72 and its 200 day simple moving average is $28.76.

Brookfield Renewable (NYSE:BEPC) last issued its earnings results on Friday, August 2nd. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Brookfield Renewable had a net margin of 2.37% and a return on equity of 0.79%. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.51 billion. As a group, sell-side analysts forecast that Brookfield Renewable will post -1.02 earnings per share for the current fiscal year.

Brookfield Renewable Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, August 30th were issued a dividend of $0.355 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.42 annualized dividend and a dividend yield of 4.37%. Brookfield Renewable’s dividend payout ratio is -308.70%.

Hedge Funds Weigh In On Brookfield Renewable

A number of large investors have recently modified their holdings of BEPC. CWM LLC raised its holdings in Brookfield Renewable by 9.5% during the second quarter. CWM LLC now owns 4,069 shares of the company’s stock worth $115,000 after buying an additional 353 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Brookfield Renewable by 1.6% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 29,126 shares of the company’s stock worth $827,000 after acquiring an additional 446 shares during the last quarter. Smith Salley Wealth Management raised its holdings in shares of Brookfield Renewable by 2.2% in the 2nd quarter. Smith Salley Wealth Management now owns 26,470 shares of the company’s stock worth $751,000 after acquiring an additional 563 shares during the last quarter. Abich Financial Wealth Management LLC lifted its position in Brookfield Renewable by 49.7% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,783 shares of the company’s stock valued at $44,000 after acquiring an additional 592 shares in the last quarter. Finally, Lazard Asset Management LLC boosted its stake in Brookfield Renewable by 10.2% during the 1st quarter. Lazard Asset Management LLC now owns 6,465 shares of the company’s stock valued at $158,000 after purchasing an additional 597 shares during the last quarter. 75.12% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. dropped their price target on Brookfield Renewable from $34.00 to $32.00 and set a “neutral” rating on the stock in a research note on Thursday.

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.