Truist Financial Upgrades Clearway Energy (NYSE:CWEN) to Strong-Buy

Clearway Energy (NYSE:CWEN) was upgraded by stock analysts at Truist Financial to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

CWEN has been the subject of several other research reports. UBS Group raised their price target on Clearway Energy from $44.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Weiss Ratings downgraded Clearway Energy from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, May 11th. Deutsche Bank Aktiengesellschaft set a $41.00 target price on shares of Clearway Energy in a report on Thursday, April 9th. Zacks Research cut shares of Clearway Energy from a “hold” rating to a “strong sell” rating in a research report on Friday, July 10th. Finally, Wall Street Zen raised shares of Clearway Energy from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Clearway Energy Stock Up 3.8%

CWEN opened at $34.45 on Monday. The firm has a 50-day simple moving average of $37.18 and a two-hundred day simple moving average of $37.53. Clearway Energy has a 52 week low of $27.67 and a 52 week high of $41.74. The company has a market capitalization of $7.07 billion, a PE ratio of 861.44 and a beta of 0.89. The company has a quick ratio of 1.02, a current ratio of 1.11 and a debt-to-equity ratio of 1.55.

Clearway Energy (NYSE:CWEN) last issued its earnings results on Thursday, May 7th. The company reported ($1.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.45) by ($0.90). The firm had revenue of $354.00 million during the quarter, compared to the consensus estimate of $340.75 million. Clearway Energy had a return on equity of 0.04% and a net margin of 0.13%. Analysts forecast that Clearway Energy will post -0.87 earnings per share for the current fiscal year.

Institutional Trading of Clearway Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Clearway Energy by 12.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,333 shares of the company’s stock worth $1,070,000 after buying an additional 3,787 shares during the period. Jump Financial LLC purchased a new stake in shares of Clearway Energy in the second quarter valued at $215,000. Cerity Partners LLC lifted its holdings in shares of Clearway Energy by 1.8% in the 2nd quarter. Cerity Partners LLC now owns 68,489 shares of the company’s stock worth $2,192,000 after acquiring an additional 1,180 shares during the last quarter. Brevan Howard Capital Management LP lifted its holdings in shares of Clearway Energy by 233.7% in the 2nd quarter. Brevan Howard Capital Management LP now owns 45,896 shares of the company’s stock worth $1,469,000 after acquiring an additional 32,144 shares during the last quarter. Finally, Hudson Bay Capital Management LP purchased a new position in shares of Clearway Energy during the 2nd quarter worth about $2,352,000. Hedge funds and other institutional investors 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.