Roth Capital Forecasts Clearway Energy FY2024 Earnings

Clearway Energy, Inc. (NYSE:CWEN) – Equities researchers at Roth Capital boosted their FY2024 earnings estimates for shares of Clearway Energy in a report issued on Wednesday, October 30th. Roth Capital analyst J. Clare now forecasts that the company will earn $0.83 per share for the year, up from their prior forecast of $0.76. The consensus estimate for Clearway Energy’s current full-year earnings is $0.85 per share.

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

A number of other analysts have also weighed in on the stock. Morgan Stanley upgraded shares of Clearway Energy from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $25.00 to $36.00 in a research note on Wednesday, July 31st. 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 research report on Tuesday, October 22nd. Roth Mkm reaffirmed a “buy” rating and set a $32.00 price objective (up from $30.00) on shares of Clearway Energy in a research report on Friday, August 2nd. Jefferies Financial Group began coverage on Clearway Energy in a report on Friday, September 20th. They issued a “buy” rating and a $35.00 target price on the stock. Finally, BNP Paribas began coverage on Clearway Energy in a report on Tuesday, October 1st. They set an “outperform” rating and a $36.00 price target for the company. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $33.13.

Clearway Energy Price Performance

Shares of NYSE CWEN opened at $27.62 on Friday. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.59 and a quick ratio of 1.37. The company has a market cap of $5.58 billion, a price-to-earnings ratio of 26.55, a price-to-earnings-growth ratio of 2.34 and a beta of 0.86. The stock’s 50-day moving average is $28.43 and its two-hundred day moving average is $26.88. Clearway Energy has a 1-year low of $20.63 and a 1-year high of $30.92.

Clearway Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a $0.424 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This is a boost from Clearway Energy’s previous quarterly dividend of $0.42. This represents a $1.70 dividend on an annualized basis and a dividend yield of 6.14%. Clearway Energy’s dividend payout ratio is 162.50%.

Institutional Investors Weigh In On Clearway Energy

Large investors have recently modified their holdings of the company. Nordea Investment Management AB raised its position in Clearway Energy by 11.0% in the 1st quarter. Nordea Investment Management AB now owns 171,212 shares of the company’s stock valued at $3,892,000 after purchasing an additional 17,014 shares during the last quarter. Significant Wealth Partners LLC acquired a new stake in shares of Clearway Energy during the first quarter worth about $480,000. Sei Investments Co. purchased a new position in shares of Clearway Energy during the first quarter worth about $1,010,000. Meeder Asset Management Inc. acquired a new position in Clearway Energy in the 1st quarter valued at about $747,000. Finally, Qsemble Capital Management LP purchased a new stake in Clearway Energy during the 1st quarter valued at approximately $516,000. 38.03% of the stock is owned by institutional investors and hedge funds.

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.