Why Brookfield Renewable Stock Surged More Than 16% in November
Shares of Brookfield Renewable (NYSE: BEPC) rallied 16.6% in November, according to data provided by S&P Global Market Intelligence. Meanwhile, its economically equivalent twin, Brookfield Renewable Partners (NYSE: BEP), surged 18.2%. That was a nice bounce-back month for the Brookfield entities, which fell sharply in late September on concerns that higher interest rates might slow their growth. Those concerns faded last month after the company highlighted its growth opportunities.
Rising interest rates have weighed on the renewable energy sector this year. They've made it more expensive for some companies to finance new projects. That could slow the sector's growth. This factor has weighed on Brookfield Renewable's shares this year, especially after one of its peers, NextEra Energy Partners, slammed the brakes on its dividend growth forecast.
CEO Connor Teskey wrote about the factors contributing to the decline in the company's share price in his third-quarter letter to investors. He noted:
Source Fool.com
Brookfield Corp. Stock
With 13 Buy predictions and only 1 Sell predictions the community sentiment for the stock is positive.
On the other hand, the target price of 43 € is below the current price of 43.6 € for Brookfield Corp., so the potential is actually -1.38%.
