Clearway Energy, Inc. (NYSE:CWEN) Shares Purchased by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC boosted its holdings in Clearway Energy, Inc. (NYSE:CWEN) by 130.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 272,257 shares of the company’s stock after buying an additional 154,239 shares during the period. HITE Hedge Asset Management LLC owned approximately 0.13% of Clearway Energy worth $6,722,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

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

Clearway Energy Price Performance

Shares of CWEN stock opened at $29.96 on Wednesday. The firm has a market cap of $6.06 billion, a P/E ratio of 45.39, a P/E/G ratio of 2.52 and a beta of 0.86. The firm has a fifty day moving average of $28.05 and a two-hundred day moving average of $25.85. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.46 and a quick ratio of 1.37. Clearway Energy, Inc. has a 1-year low of $18.59 and a 1-year high of $30.35.

Clearway Energy (NYSE:CWEN) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.66 by ($0.23). Clearway Energy had a net margin of 7.21% and a return on equity of 1.80%. The firm had revenue of $366.00 million during the quarter, compared to the consensus estimate of $424.59 million. During the same period in the prior year, the firm earned $0.33 earnings per share. The firm’s quarterly revenue was down 9.9% compared to the same quarter last year. As a group, research analysts anticipate that Clearway Energy, Inc. will post 0.85 earnings per share for the current fiscal 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 given a dividend of $0.417 per share. This is a positive change from Clearway Energy’s previous quarterly dividend of $0.41. This represents a $1.67 annualized dividend and a dividend yield of 5.57%. The ex-dividend date of this dividend was Tuesday, September 3rd. Clearway Energy’s dividend payout ratio is currently 253.03%.

Clearway Energy 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.