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

Clearway Energy, Inc. (NYSE:CWEN) has received an average rating of “Moderate Buy” from the eight ratings firms that are presently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $33.13.

A number of equities analysts have issued reports on the company. StockNews.com lowered Clearway Energy from a “hold” rating to a “sell” rating in a research report on Saturday, November 30th. Jefferies Financial Group initiated coverage on Clearway Energy in a report on Friday, September 20th. They issued a “buy” rating and a $35.00 price target for the company. CIBC boosted their price target on Clearway Energy from $33.00 to $34.00 and gave the company an “outperformer” rating in a report on Tuesday, October 22nd. Finally, BNP Paribas initiated coverage on Clearway Energy in a report on Tuesday, October 1st. They issued an “outperform” rating and a $36.00 price target for the company.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. 1832 Asset Management L.P. bought a new position in Clearway Energy during the 2nd quarter worth $32,310,000. Point72 Asset Management L.P. grew 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 worth $25,106,000 after buying an additional 384,837 shares during the last quarter. abrdn plc grew its stake in Clearway Energy by 8.7% during the 3rd quarter. abrdn plc now owns 461,200 shares of the company’s stock worth $14,150,000 after buying an additional 37,100 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Clearway Energy by 144.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 430,269 shares of the company’s stock worth $10,623,000 after buying an additional 254,486 shares during the last quarter. Finally, Yaupon Capital Management LP grew its stake in shares of Clearway Energy by 209.3% in the third quarter. Yaupon Capital Management LP now owns 325,643 shares of the company’s stock worth $9,991,000 after purchasing an additional 220,360 shares in the last quarter. 84.53% of the stock is currently owned by institutional investors.

Clearway Energy Stock Performance

Shares of CWEN opened at $28.16 on Wednesday. The business’s 50 day moving average is $27.95 and its two-hundred day moving average is $27.58. Clearway Energy has a 52-week low of $20.63 and a 52-week high of $30.92. The firm has a market cap of $5.69 billion, a price-to-earnings ratio of 27.08, a PEG ratio of 1.28 and a beta of 0.86. The company has a quick ratio of 1.49, a current ratio of 1.59 and a debt-to-equity ratio of 1.20.

Clearway Energy (NYSE:CWEN) last announced its earnings results on Wednesday, October 30th. The company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.17). Clearway Energy had a net margin of 8.94% and a return on equity of 2.28%. The business had revenue of $486.00 million during the quarter, compared to analyst estimates of $417.55 million. During the same period in the previous year, the company earned $0.03 earnings per share. The business’s revenue for the quarter was up 31.0% on a year-over-year basis. Analysts forecast that Clearway Energy will post 0.82 EPS for the current fiscal year.

Clearway Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a dividend of $0.424 per share. This is an increase from Clearway Energy’s previous quarterly dividend of $0.42. This represents a $1.70 dividend on an annualized basis and a yield of 6.02%. The ex-dividend date is Monday, December 2nd. Clearway Energy’s dividend payout ratio is presently 163.46%.

About Clearway Energy

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.