Assenagon Asset Management S.A. Makes New $1.24 Million Investment in Clearway Energy, Inc. $CWEN

Assenagon Asset Management S.A. bought a new stake in Clearway Energy, Inc. (NYSE:CWEN) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 44,050 shares of the company’s stock, valued at approximately $1,244,000.

A number of other hedge funds have also added to or reduced their stakes in CWEN. Hilltop National Bank bought a new stake in Clearway Energy in the 2nd quarter worth about $35,000. Headlands Technologies LLC bought a new position in shares of Clearway Energy in the second quarter worth $43,000. Jump Financial LLC bought a new stake in shares of Clearway Energy during the second quarter valued at about $215,000. Northwestern Mutual Wealth Management Co. increased its stake in Clearway Energy by 140.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 6,818 shares of the company’s stock worth $218,000 after acquiring an additional 3,982 shares during the last quarter. Finally, Evergreen Capital Management LLC purchased a new position in Clearway Energy in the 1st quarter worth approximately $314,000. Institutional investors and hedge funds own 84.53% of the company’s stock.

Clearway Energy Trading Up 0.1%

Shares of NYSE CWEN opened at $33.44 on Thursday. Clearway Energy, Inc. has a twelve month low of $24.40 and a twelve month high of $36.89. The company has a quick ratio of 1.44, a current ratio of 1.54 and a debt-to-equity ratio of 1.41. The firm has a market cap of $6.81 billion, a PE ratio of 14.29, a price-to-earnings-growth ratio of 0.38 and a beta of 0.95. The business has a fifty day simple moving average of $33.78 and a two-hundred day simple moving average of $31.75.

Clearway Energy (NYSE:CWEN) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $1.68. The firm had revenue of $429.00 million for the quarter, compared to the consensus estimate of $427.72 million. Clearway Energy had a net margin of 20.07% and a return on equity of 4.96%. The company’s quarterly revenue was down 11.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.31 EPS. Analysts expect that Clearway Energy, Inc. will post 0.83 earnings per share for the current fiscal year.

Clearway Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were issued a $0.4528 dividend. This is an increase from Clearway Energy’s previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date of this dividend was Monday, December 1st. Clearway Energy’s payout ratio is currently 77.35%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Cibc Captl Mkts raised Clearway Energy from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 16th. Royal Bank Of Canada started coverage on Clearway Energy in a report on Wednesday, October 8th. They issued an “outperform” rating and a $36.00 target price for the company. CIBC raised Clearway Energy from a “neutral” rating to a “sector outperform” rating and increased their price target for the company from $37.00 to $38.00 in a report on Tuesday, December 16th. UBS Group reiterated a “buy” rating and set a $39.00 price target on shares of Clearway Energy in a research note on Wednesday, December 10th. Finally, Wall Street Zen upgraded shares of Clearway Energy from a “sell” rating to a “hold” rating in a research report on Sunday, November 9th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $37.25.

Clearway Energy Profile

Clearway Energy Group (NYSE: CWEN) is a U.S.-based energy company specializing in the ownership, operation and development of clean and conventional power generation assets. The company’s portfolio spans utility-scale wind and solar farms, biogas and natural gas-fired thermal facilities, as well as distributed generation projects such as rooftop solar and energy storage. Clearway’s generation assets are largely underpinned by long-term power purchase agreements and service contracts with creditworthy counterparties, enabling stable, predictable cash flows.

Originally launched in 2013 as NRG Yield and rebranded to Clearway Energy in 2018 following a strategic sponsorship change, the business has grown into one of the largest independent renewable energy platforms in the United States.