Clearway Energy (NYSE:CWEN) Hits New 52-Week High at $29.95

Clearway Energy, Inc. (NYSE:CWEN)’s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $29.95 and last traded at $29.95, with a volume of 31740 shares trading hands. The stock had previously closed at $29.60.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. StockNews.com upgraded shares of Clearway Energy from a “sell” rating to a “hold” rating in a research note on Friday, August 9th. Morgan Stanley upgraded Clearway Energy from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $25.00 to $36.00 in a research note on Wednesday, July 31st. Roth Mkm reiterated a “buy” rating and set a $32.00 target price (up from $30.00) on shares of Clearway Energy in a research report on Friday, August 2nd. Finally, Jefferies Financial Group started coverage on shares of Clearway Energy in a report on Friday, September 20th. They issued a “buy” rating and a $35.00 target price for the company. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $31.71.

Clearway Energy Stock Performance

The firm has a market capitalization of $6.06 billion, a PE ratio of 45.39, a price-to-earnings-growth ratio of 2.24 and a beta of 0.86. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.37 and a current ratio of 1.46. The business’s fifty day simple moving average is $28.05 and its 200-day simple moving average is $25.85.

Clearway Energy (NYSE:CWEN) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.23). Clearway Energy had a net margin of 7.21% and a return on equity of 1.80%. The company had revenue of $366.00 million during the quarter, compared to the consensus estimate of $424.59 million. During the same quarter in the prior year, the firm posted $0.33 earnings per share. The business’s revenue was down 9.9% on a year-over-year basis. As a group, equities research analysts expect that Clearway Energy, Inc. will post 0.9 EPS for the current year.

Clearway Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were paid a dividend of $0.417 per share. The ex-dividend date was Tuesday, September 3rd. This is a positive change from Clearway Energy’s previous quarterly dividend of $0.41. This represents a $1.67 dividend on an annualized basis and a yield of 5.57%. Clearway Energy’s dividend payout ratio is presently 251.52%.

Institutional Trading of Clearway Energy

Hedge funds have recently modified their holdings of the company. 1832 Asset Management L.P. purchased a new stake in Clearway Energy during the second quarter valued at $32,310,000. Apollo Management Holdings L.P. raised its position in shares of Clearway Energy by 38.4% during the 1st quarter. Apollo Management Holdings L.P. now owns 1,645,296 shares of the company’s stock valued at $37,924,000 after buying an additional 456,197 shares in the last quarter. Point72 Asset Management L.P. grew its position in 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 acquiring an additional 384,837 shares in the last quarter. Westwood Holdings Group Inc. bought a new stake in Clearway Energy during the fourth quarter worth approximately $9,807,000. Finally, Yaupon Capital Management LP purchased a new stake in Clearway Energy during the first quarter valued at approximately $7,346,000. 38.03% of the stock is owned by hedge funds and other institutional investors.

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.