Is Brookfield Renewable a Better Buy Now Than It Was 6 Months Ago?
Brookfield Renewable sports an impressive dividend yield, and the stock is definitely cheaper than it was six months ago, but those aren't ringing endorsements.
Overview
Unbeknown to some rookie investors, high oil prices can stoke enthusiasm for clean energy stocks. It happened in 2022. Soon after Russia invaded Ukraine, oil prices spiked, sending the S&P Global Clean Energy Transition Index into rally mode.
Though not in jaw-dropping fashion, that scenario is playing out again this year, with that index up nearly 9% year to date as of Aug. 19. Renewable energy stocks rising in tandem with rising fossil fuel prices makes sense.Elevated crude prices can be demand-destructive, and when that situation arises due to geopolitical events, governments around the world increasingly view energy security as national security, prompting deeper consideration of renewables.
Brookfield Renewable stock looks worse today than it did six months ago. Image source: Getty Images.
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Originally published at www.fool.com.