Truist Financial Cuts Clearway Energy (NYSE:CWEN) Price Target to $40.00

Clearway Energy (NYSE:CWEN) had its target price cut by Truist Financial from $43.00 to $40.00 in a research note released on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also weighed in on CWEN. Evercore restated a “positive” rating and set a $40.00 price objective on shares of Clearway Energy in a research note on Monday, August 17th. Wall Street Zen raised shares of Clearway Energy from a “sell” rating to a “hold” rating in a research report on Saturday, August 29th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Clearway Energy in a research report on Friday, September 4th. Weiss Ratings lowered Clearway Energy from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, September 24th. Finally, Zacks Research upgraded Clearway Energy from a “strong sell” rating to a “hold” rating in a research note on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Clearway Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.44.

Clearway Energy Stock Down 0.0%

Shares of NYSE:CWEN opened at $29.28 on Monday. The stock has a fifty day simple moving average of $31.80 and a two-hundred day simple moving average of $35.73. The stock has a market capitalization of $6.01 billion, a price-to-earnings ratio of 38.53 and a beta of 0.87. Clearway Energy has a 12-month low of $28.28 and a 12-month high of $41.74. The company has a current ratio of 1.11, a quick ratio of 1.02 and a debt-to-equity ratio of 1.55.

Clearway Energy (NYSE:CWEN) last released its earnings results on Wednesday, August 5th. The company reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.76. The firm had revenue of $481.00 million for 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, research analysts anticipate that Clearway Energy will post -0.36 earnings per share for the current fiscal year.

Clearway Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were issued a $0.4750 dividend. This is an increase from Clearway Energy’s previous quarterly dividend of $0.4676. This represents a $1.90 annualized dividend and a yield of 6.5%. The ex-dividend date was Tuesday, September 1st. Clearway Energy’s dividend payout ratio is 250.00%.

Institutional Investors Weigh In On Clearway Energy

A number of hedge funds have recently added to or reduced their stakes in CWEN. Sequoia Financial Advisors LLC boosted its stake in shares of Clearway Energy by 42.3% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 8,644 shares of the company’s stock worth $295,000 after buying an additional 2,571 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Clearway Energy during the second quarter valued at $83,000. Maven Securities LTD bought a new position in Clearway Energy in the second quarter valued at about $667,000. NewEdge Advisors LLC boosted its position in Clearway Energy by 51.0% in the second quarter. NewEdge Advisors LLC now owns 12,242 shares of the company’s stock worth $418,000 after purchasing an additional 4,136 shares during the last quarter. Finally, Squarepoint Ops LLC grew its stake in shares of Clearway Energy by 276.7% during the 2nd quarter. Squarepoint Ops LLC now owns 207,332 shares of the company’s stock valued at $7,087,000 after purchasing an additional 152,292 shares during the period. 84.53% of the stock is currently owned by hedge funds and other institutional investors.

About Clearway Energy

Clearway Energy, Inc (NYSE:CWEN) is an independent power generation company that owns and operates a portfolio of renewable and conventional energy assets in the United States. The company’s operations are focused primarily on contracted electricity generation, with power and renewable energy sold under long-term agreements to utilities, commercial and industrial customers, and other counterparties.

Clearway’s renewable portfolio includes wind and solar generation facilities, while its conventional assets include natural gas-fired power plants and district energy systems.