Victory Capital Management Inc. Sells 2,012 Shares of Clearway Energy, Inc. (NYSE:CWEN)

Victory Capital Management Inc. trimmed its holdings in Clearway Energy, Inc. (NYSE:CWEN) by 1.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 168,323 shares of the company’s stock after selling 2,012 shares during the quarter. Victory Capital Management Inc. owned approximately 0.08% of Clearway Energy worth $5,164,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Apollo Management Holdings L.P. boosted its stake in Clearway Energy by 38.4% in the 1st quarter. Apollo Management Holdings L.P. now owns 1,645,296 shares of the company’s stock worth $37,924,000 after purchasing an additional 456,197 shares during the period. 1832 Asset Management L.P. purchased a new stake in shares of Clearway Energy during the 2nd quarter worth approximately $32,310,000. Point72 Asset Management L.P. raised its holdings in shares of 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 acquiring an additional 384,837 shares in the last quarter. abrdn plc raised its holdings in shares of 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 acquiring an additional 37,100 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of 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 acquiring an additional 254,486 shares in the last quarter. 38.03% of the stock is currently owned by institutional investors.

Clearway Energy Stock Performance

CWEN stock opened at $28.35 on Friday. The company has a quick ratio of 1.49, a current ratio of 1.59 and a debt-to-equity ratio of 1.20. The business’s fifty day simple moving average is $28.22 and its two-hundred day simple moving average is $27.36. Clearway Energy, Inc. has a twelve month low of $20.63 and a twelve month high of $30.92. The firm has a market cap of $5.73 billion, a price-to-earnings ratio of 27.33, a PEG ratio of 2.46 and a beta of 0.87.

Clearway Energy (NYSE:CWEN) last posted its quarterly 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 return on equity of 2.28% and a net margin of 8.94%. The firm had revenue of $486.00 million for the quarter, compared to the consensus estimate of $417.55 million. During the same period in the previous year, the company posted $0.03 EPS. Clearway Energy’s quarterly revenue was up 31.0% compared to the same quarter last year. Analysts predict that Clearway Energy, Inc. will post 0.81 earnings per share for the current year.

Clearway Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.424 per share. This is an increase from Clearway Energy’s previous quarterly dividend of $0.42. The ex-dividend date is Monday, December 2nd. This represents a $1.70 dividend on an annualized basis and a dividend yield of 5.98%. Clearway Energy’s dividend payout ratio is presently 162.50%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CWEN. Jefferies Financial Group began coverage on Clearway Energy in a report on Friday, September 20th. They set a “buy” rating and a $35.00 price objective on the stock. Morgan Stanley upgraded Clearway Energy from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $25.00 to $36.00 in a report on Wednesday, July 31st. StockNews.com upgraded Clearway Energy from a “sell” rating to a “hold” rating in a report on Friday. BNP Paribas initiated coverage on Clearway Energy in a report on Tuesday, October 1st. They set an “outperform” rating and a $36.00 price target on the stock. Finally, Roth Mkm restated a “buy” rating and set a $32.00 price target (up previously from $30.00) on shares of Clearway Energy in a report on Friday, August 2nd. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Clearway Energy has an average rating of “Moderate Buy” and an average price target of $33.13.

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.