Clearway Energy, Inc. (NYSE:CWEN) Given Average Recommendation of “Buy” by Brokerages

Clearway Energy, Inc. (NYSE:CWEN) has earned an average recommendation of “Buy” from the nine research firms that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $44.50.

A number of equities research analysts recently weighed in on the company. UBS Group boosted their price objective on Clearway Energy from $44.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Wall Street Zen upgraded shares of Clearway Energy from a “strong sell” rating to a “sell” rating in a report on Sunday, August 9th. Truist Financial initiated coverage on shares of Clearway Energy in a research report on Monday, July 13th. They set a “buy” rating and a $43.00 target price on the stock. Morgan Stanley decreased their price target on shares of Clearway Energy from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, Weiss Ratings raised shares of Clearway Energy from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th.

Clearway Energy Stock Down 3.1%

CWEN opened at $32.63 on Friday. The company has a debt-to-equity ratio of 1.55, a quick ratio of 1.02 and a current ratio of 1.11. The stock has a fifty day moving average of $34.04 and a 200-day moving average of $37.26. Clearway Energy has a fifty-two week low of $27.67 and a fifty-two week high of $41.74. The company has a market capitalization of $6.70 billion, a P/E ratio of 42.93 and a beta of 0.89.

Clearway Energy (NYSE:CWEN) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.76. The business had revenue of $481.00 million during the quarter, compared to analysts’ expectations of $473.92 million. Clearway Energy had a return on equity of 1.60% and a net margin of 5.78%. On average, equities analysts expect that Clearway Energy will post -0.5 EPS for the current year.

Clearway Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a $0.475 dividend. The ex-dividend date is Tuesday, September 1st. This is a positive change from Clearway Energy’s previous quarterly dividend of $0.47. This represents a $1.90 annualized dividend and a yield of 5.8%. Clearway Energy’s dividend payout ratio (DPR) is presently 250.00%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CWEN. Clearbridge Investments LLC increased its position in shares of Clearway Energy by 26.7% during the fourth quarter. Clearbridge Investments LLC now owns 4,656,937 shares of the company’s stock worth $154,890,000 after acquiring an additional 981,488 shares in the last quarter. Pacer Advisors Inc. increased its holdings in Clearway Energy by 0.9% during the 1st quarter. Pacer Advisors Inc. now owns 844,221 shares of the company’s stock worth $33,169,000 after purchasing an additional 7,215 shares in the last quarter. Wellington Management Group LLP purchased a new stake in shares of Clearway Energy in the fourth quarter worth approximately $21,906,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Clearway Energy by 1.2% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 435,054 shares of the company’s stock valued at $12,290,000 after buying an additional 5,142 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in Clearway Energy by 19.0% during the 3rd quarter. Victory Capital Management Inc. now owns 327,638 shares of the company’s stock valued at $9,256,000 after acquiring an additional 52,338 shares in the last quarter. Institutional investors and hedge funds own 84.53% of the company’s stock.

Clearway Energy Company Profile

Clearway Energy Group (NYSE: CWEN) is a U.S.-based energy company specializing in the ownership, operation and development of clean and conventional power generation assets. The company’s portfolio spans utility-scale wind and solar farms, biogas and natural gas-fired thermal facilities, as well as distributed generation projects such as rooftop solar and energy storage. Clearway’s generation assets are largely underpinned by long-term power purchase agreements and service contracts with creditworthy counterparties, enabling stable, predictable cash flows.

Originally launched in 2013 as NRG Yield and rebranded to Clearway Energy in 2018 following a strategic sponsorship change, the business has grown into one of the largest independent renewable energy platforms in the United States.