Clearway Energy (NYSE:CWEN) Stock Price Crosses Above Two Hundred Day Moving Average – What’s Next?

Clearway Energy, Inc. (NYSE:CWEN) shares crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $35.56 and traded as high as $35.78. Clearway Energy shares last traded at $35.7080, with a volume of 1,957,733 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CWEN. Seaport Research Partners reduced their price target on shares of Clearway Energy from $41.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, October 2nd. Truist Financial cut their target price on Clearway Energy from $43.00 to $40.00 and set a “buy” rating on the stock in a research note on Monday, September 28th. UBS Group dropped their target price on shares of Clearway Energy from $45.00 to $38.00 and set a “buy” rating on the stock in a research note on Wednesday, October 21st. Weiss Ratings downgraded shares of Clearway Energy from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, September 24th. Finally, Canadian Imperial Bank of Commerce set a $42.00 target price on shares of Clearway Energy in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Clearway Energy has a consensus rating of “Buy” and a consensus target price of $42.00.

Clearway Energy Stock Up 3.7%

The company has a debt-to-equity ratio of 1.55, a current ratio of 1.11 and a quick ratio of 1.02. The firm has a market cap of $7.33 billion, a price-to-earnings ratio of 46.98 and a beta of 0.81. The business has a fifty day simple moving average of $31.05 and a 200 day simple moving average of $35.56.

Clearway Energy (NYSE:CWEN) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.00 EPS for the quarter, beating the consensus estimate of $0.24 by $0.76. The firm had revenue of $481.00 million during the quarter, compared to the consensus estimate of $473.92 million. Clearway Energy had a return on equity of 1.60% and a net margin of 5.78%. As a group, equities analysts forecast that Clearway Energy, Inc. will post -0.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Clearway Energy

A number of large investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC increased its stake in shares of Clearway Energy by 1,928.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 589,009 shares of the company’s stock worth $17,164,000 after acquiring an additional 559,972 shares during the last quarter. Squarepoint Ops LLC grew its stake in shares of Clearway Energy by 276.7% in the 2nd quarter. Squarepoint Ops LLC now owns 207,332 shares of the company’s stock valued at $7,087,000 after buying an additional 152,292 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Clearway Energy during the 3rd quarter worth approximately $3,380,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Clearway Energy during the second quarter worth $3,182,000. Finally, Tectonic Advisors LLC raised its position in Clearway Energy by 12.8% in the third quarter. Tectonic Advisors LLC now owns 567,137 shares of the company’s stock valued at $16,600,000 after purchasing an additional 64,439 shares during the period. 84.53% of the stock is currently owned by hedge funds and other institutional investors.

Clearway Energy Company Profile

Clearway Energy, Inc (NYSE:CWEN) owns and operates a diversified portfolio of renewable and conventional energy assets in the United States. Its generating facilities produce electricity for utilities, commercial customers and other power purchasers under long-term agreements.

The company’s renewable energy operations include wind and utility-scale solar facilities, while its conventional power portfolio includes natural-gas generation and other dispatchable assets. Clearway also owns district energy systems that provide services such as electricity, steam and chilled water to customers in select markets.

Clearway Energy was established in 2013 as NRG Yield and adopted its current name in 2018.