Clearway Energy, Inc. (NYSE:CWEN) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Clearway Energy, Inc. (NYSE:CWEN) have been assigned an average recommendation of “Moderate Buy” from the nine ratings firms that are currently covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $43.00.

Several research firms have recently commented on CWEN. Wall Street Zen raised shares of Clearway Energy from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. UBS Group raised their target price on shares of Clearway Energy from $44.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Weiss Ratings downgraded shares of Clearway Energy from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, May 11th. Morgan Stanley boosted their price target on shares of Clearway Energy from $56.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 27th. Finally, Deutsche Bank Aktiengesellschaft set a $41.00 price objective on shares of Clearway Energy in a report on Thursday, April 9th.

Clearway Energy Stock Performance

NYSE:CWEN opened at $33.55 on Thursday. The stock has a 50-day moving average price of $38.27 and a 200 day moving average price of $37.50. The stock has a market capitalization of $6.89 billion, a P/E ratio of 838.96 and a beta of 0.89. Clearway Energy has a 12-month low of $27.67 and a 12-month high of $41.74. The company has a current ratio of 1.11, a quick ratio of 1.02 and a debt-to-equity ratio of 1.55.

Clearway Energy (NYSE:CWEN) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($1.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.90). Clearway Energy had a return on equity of 0.04% and a net margin of 0.13%.The business had revenue of $354.00 million during the quarter, compared to analysts’ expectations of $340.75 million. Equities research analysts forecast that Clearway Energy will post -0.87 EPS for the current fiscal year.

Clearway Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a $0.4676 dividend. This is an increase from Clearway Energy’s previous quarterly dividend of $0.46. This represents a $1.87 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date was Monday, June 1st. Clearway Energy’s dividend payout ratio (DPR) is presently 4,675.00%.

Hedge Funds Weigh In On Clearway Energy

Several institutional investors have recently added to or reduced their stakes in CWEN. Clearbridge Investments LLC raised its holdings in shares of Clearway Energy by 26.7% during the 4th quarter. Clearbridge Investments LLC now owns 4,656,937 shares of the company’s stock worth $154,890,000 after acquiring an additional 981,488 shares in the last quarter. Wellington Management Group LLP purchased a new position in shares of Clearway Energy in the fourth quarter valued at $21,906,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Clearway Energy by 1,116.7% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 429,912 shares of the company’s stock valued at $13,757,000 after purchasing an additional 394,579 shares in the last quarter. Capula Management Ltd bought a new stake in Clearway Energy in the third quarter worth $4,646,000. Finally, Pacer Advisors Inc. increased its position in Clearway Energy by 20.1% in the fourth quarter. Pacer Advisors Inc. now owns 837,006 shares of the company’s stock worth $27,839,000 after purchasing an additional 140,006 shares during the last quarter. Hedge funds and other institutional investors own 84.53% of the company’s stock.

About Clearway Energy

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.