HITE Hedge Asset Management LLC Has $2 Million Stock Holdings in Clearway Energy, Inc. (NYSE:CWEN)

HITE Hedge Asset Management LLC lessened its holdings in shares of Clearway Energy, Inc. (NYSE:CWEN) by 76.1% during the 3rd quarter, Holdings Channel reports. The firm owned 65,115 shares of the company’s stock after selling 207,142 shares during the period. HITE Hedge Asset Management LLC’s holdings in Clearway Energy were worth $1,998,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. 1832 Asset Management L.P. purchased a new stake in shares of Clearway Energy in the second quarter worth about $32,310,000. Point72 Asset Management L.P. raised its stake in Clearway Energy by 60.9% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,016,837 shares of the company’s stock valued at $25,106,000 after acquiring an additional 384,837 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Clearway Energy by 144.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 430,269 shares of the company’s stock valued at $10,623,000 after purchasing an additional 254,486 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Clearway Energy by 726.3% during the second quarter. American Century Companies Inc. now owns 171,321 shares of the company’s stock worth $4,230,000 after purchasing an additional 150,588 shares during the last quarter. Finally, Edgestream Partners L.P. purchased a new position in Clearway Energy in the second quarter valued at about $3,643,000. Institutional investors own 38.03% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on CWEN. Jefferies Financial Group started coverage on Clearway Energy in a report on Friday, September 20th. They set a “buy” rating and a $35.00 target price on the stock. CIBC increased their price objective on shares of Clearway Energy from $33.00 to $34.00 and gave the company an “outperformer” rating in a report on Tuesday, October 22nd. BNP Paribas started coverage on shares of Clearway Energy in a research report on Tuesday, October 1st. They issued an “outperform” rating and a $36.00 price objective for the company. Finally, StockNews.com lowered shares of Clearway Energy from a “hold” rating to a “sell” rating in a research report on Saturday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $33.13.

Clearway Energy Stock Performance

NYSE CWEN opened at $29.08 on Tuesday. The company has a current ratio of 1.59, a quick ratio of 1.49 and a debt-to-equity ratio of 1.20. The company has a market capitalization of $5.88 billion, a PE ratio of 27.96, a price-to-earnings-growth ratio of 1.41 and a beta of 0.86. Clearway Energy, Inc. has a twelve month low of $20.63 and a twelve month high of $30.92. The business’s 50-day moving average price is $28.19 and its 200 day moving average price is $27.52.

Clearway Energy (NYSE:CWEN) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.17). Clearway Energy had a return on equity of 2.28% and a net margin of 8.94%. The company had revenue of $486.00 million during the quarter, compared to analysts’ expectations of $417.55 million. During the same period in the prior year, the business earned $0.03 EPS. The company’s quarterly revenue was up 31.0% on a year-over-year basis. On average, research analysts predict that Clearway Energy, Inc. will post 0.78 earnings per share for the current year.

Clearway Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.424 per share. The ex-dividend date of this dividend is Monday, December 2nd. This is a positive change from Clearway Energy’s previous quarterly dividend of $0.42. This represents a $1.70 dividend on an annualized basis and a yield of 5.83%. Clearway Energy’s dividend payout ratio is currently 160.58%.

Clearway Energy Profile

Clearway Energy, Inc operates in the renewable energy business in the United States. The company operates through Conventional and Renewables segments. It has approximately 6,000 net MW of installed wind, solar, and energy generation projects; and approximately 2,500 net MW of natural gas-fired generation facilities.