Frank Rimerman Advisors LLC Invests $353,000 in Clearway Energy, Inc. (NYSE:CWEN)

Frank Rimerman Advisors LLC bought a new stake in Clearway Energy, Inc. (NYSE:CWEN) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 14,291 shares of the company’s stock, valued at approximately $353,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CWEN. Bank of Nova Scotia raised its position in Clearway Energy by 113.4% in the fourth quarter. Bank of Nova Scotia now owns 211,727 shares of the company’s stock worth $5,808,000 after purchasing an additional 112,496 shares in the last quarter. CIBC Asset Management Inc bought a new stake in shares of Clearway Energy in the 4th quarter valued at approximately $274,000. First Trust Advisors LP raised its holdings in shares of Clearway Energy by 4.3% in the 4th quarter. First Trust Advisors LP now owns 912,578 shares of the company’s stock worth $25,032,000 after buying an additional 38,032 shares in the last quarter. Pinebridge Investments L.P. lifted its position in shares of Clearway Energy by 31.8% during the 4th quarter. Pinebridge Investments L.P. now owns 335,489 shares of the company’s stock worth $9,202,000 after buying an additional 80,962 shares during the period. Finally, Westwood Holdings Group Inc. acquired a new stake in Clearway Energy in the 4th quarter valued at $9,807,000. 38.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Jefferies Financial Group assumed coverage on Clearway Energy in a report on Friday, September 20th. They set a “buy” rating and a $35.00 price objective for the company. StockNews.com upgraded shares of Clearway Energy from a “sell” rating to a “hold” rating in a research report on Friday, August 9th. Roth Mkm reaffirmed a “buy” rating and set a $32.00 price objective (up previously from $30.00) on shares of Clearway Energy in a report on Friday, August 2nd. Finally, Morgan Stanley raised Clearway Energy from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $25.00 to $36.00 in a report on Wednesday, July 31st. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Clearway Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.71.

Clearway Energy Price Performance

CWEN opened at $29.96 on Wednesday. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.46 and a quick ratio of 1.37. The stock has a market capitalization of $6.06 billion, a P/E ratio of 45.39, a price-to-earnings-growth ratio of 2.24 and a beta of 0.86. The company’s 50 day simple moving average is $28.05 and its 200-day simple moving average is $25.85. Clearway Energy, Inc. has a one year low of $18.59 and a one year high of $30.35.

Clearway Energy (NYSE:CWEN) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.23). The firm had revenue of $366.00 million during the quarter, compared to the consensus estimate of $424.59 million. Clearway Energy had a net margin of 7.21% and a return on equity of 1.80%. The firm’s quarterly revenue was down 9.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.33 earnings per share. Sell-side analysts anticipate that Clearway Energy, Inc. will post 0.9 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, September 16th. Shareholders of record on Tuesday, September 3rd were issued a dividend of $0.417 per share. This is a boost from Clearway Energy’s previous quarterly dividend of $0.41. This represents a $1.67 annualized dividend and a yield of 5.57%. The ex-dividend date was Tuesday, September 3rd. Clearway Energy’s payout ratio is currently 251.52%.

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.