Clearway Energy, Inc. (NYSE:CWEN) Receives $33.13 Average Target Price from Brokerages

Shares of Clearway Energy, Inc. (NYSE:CWEN) have received a consensus recommendation of “Moderate Buy” from the eight ratings firms that are currently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $33.13.

CWEN has been the subject of several research reports. BNP Paribas initiated coverage on shares of Clearway Energy in a research report on Tuesday, October 1st. They set an “outperform” rating and a $36.00 price target for the company. CIBC upped their price target 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. Jefferies Financial Group assumed coverage on Clearway Energy in a research note on Friday, September 20th. They issued a “buy” rating and a $35.00 price objective on the stock. Finally, StockNews.com downgraded Clearway Energy from a “hold” rating to a “sell” rating in a research note on Saturday, November 30th.

Hedge Funds Weigh In On Clearway Energy

A number of hedge funds have recently made changes to their positions in the business. 1832 Asset Management L.P. bought a new position in shares of Clearway Energy in the second quarter worth about $32,310,000. Point72 Asset Management L.P. increased its holdings in shares of Clearway Energy by 60.9% in the second quarter. Point72 Asset Management L.P. now owns 1,016,837 shares of the company’s stock worth $25,106,000 after purchasing an additional 384,837 shares during the last quarter. abrdn plc increased its holdings in shares of Clearway Energy by 8.7% in the third quarter. abrdn plc now owns 461,200 shares of the company’s stock worth $14,150,000 after purchasing an additional 37,100 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Clearway Energy by 144.8% in the second quarter. The Manufacturers Life Insurance Company now owns 430,269 shares of the company’s stock worth $10,623,000 after purchasing an additional 254,486 shares during the last quarter. Finally, Yaupon Capital Management LP increased its holdings 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 during the last quarter. Institutional investors own 38.03% of the company’s stock.

Clearway Energy Price Performance

CWEN opened at $28.24 on Wednesday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.49 and a current ratio of 1.59. The stock has a market capitalization of $5.71 billion, a P/E ratio of 27.15, a P/E/G ratio of 1.28 and a beta of 0.86. The company’s 50-day simple moving average is $28.05 and its two-hundred day simple moving average is $27.55. Clearway Energy has a 52-week low of $20.63 and a 52-week high of $30.92.

Clearway Energy (NYSE:CWEN) last posted its earnings results 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). The company had revenue of $486.00 million for the quarter, compared to the consensus estimate of $417.55 million. Clearway Energy had a net margin of 8.94% and a return on equity of 2.28%. Clearway Energy’s revenue was up 31.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.03 EPS. As a group, analysts predict that Clearway Energy will post 0.82 EPS for the current year.

Clearway Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.424 dividend. This is a positive change 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 6.01%. Clearway Energy’s dividend payout ratio is 163.46%.

Clearway Energy Company 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.