Why Brookfield Renewable Corporation Stock Soared 13.3% in August
Shares of recently created Brookfield Renewable Corporation (NYSE: BEPC) leaped 13.3% in August, according to data provided by S&P Global Market Intelligence. While the renewable energy producer reported strong second-quarter results last month, that wasn't the only factor powering its big month.
At the end of July, Brookfield Renewable Partners (NYSE: BEP) completed two notable transactions. It closed its acquisition of TerraForm Power and completed a special distribution of Brookfield Renewable Corporation shares to its investors, which was akin to a stock split. This move also opened the company up to new investors who weren't able to invest in Brookfield Renewable Partners' units because of the tax reporting issues of its partnership structure.
They took advantage of that opportunity by purchasing shares of the newly minted corporation last month. As a result, Brookfield Renewable Corporation's stock outperformed Brookfield Renewable Partners' units, which only gained 5.5% on the month.
Source Fool.com
