Barclays Reiterates Hold Rating on Brookfield Renewable (BEPC)

Brookfield Renewable Corporation (NYSE:BEPC) is included among the 14 Best Utility Dividend Stocks to Buy Now.

Brookfield Renewable Corporation (NYSE:BEPC) operates one of the world’s largest publicly traded platforms for renewable power and decarbonization solutions. The company’s diversified portfolio consists of hydroelectric, wind, solar, distributed energy, and sustainable solutions across five continents.

On November 7, Barclays reiterated its ‘Hold’ rating on Brookfield Renewable Corporation (NYSE:BEPC), assigning the stock a price target of $35, according to a report by The Fly. The target represents a downside of over 15% from its current market price.

It needs mentioning that Brookfield Renewable Corporation (NYSE:BEPC) soared to a multi-year high earlier this month when the company announced its third-quarter results, despite falling below estimates. However, Brookfield’s FFO grew by almost 10% YoY to $302 million in the quarter, benefiting from solid operating performance, growth from development activities, and accretive acquisitions. The energy provider expects to achieve its target of over 10% FFO per unit growth this year.

Moreover, Brookfield Renewable Corporation (NYSE:BEPC) highlighted the partnership that it signed with the US government last month, which is expected to significantly accelerate the deployment of Westinghouse’s leading reactor technology domestically and abroad, driving substantial growth for the company in the coming year.

Brookfield Renewable Corporation (NYSE:BEPC) offers a robust annual dividend yield of 3.62% as of the writing of this piece. The company stays committed to its shareholders, with aim to deliver 5% to 9% annual dividend growth over the long term.

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Disclosure: None.