Clearway Energy (NYSE:CWEN) Raised to “Hold” at Zacks Research

Clearway Energy (NYSE:CWEN) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

Several other brokerages have also commented on CWEN. Weiss Ratings upgraded Clearway Energy from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Truist Financial initiated coverage on Clearway Energy in a research report on Monday, July 13th. They issued a “buy” rating and a $43.00 target price for the company. UBS Group upped their target price on Clearway Energy from $44.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Canadian Imperial Bank of Commerce set a $42.00 price target on shares of Clearway Energy in a research report on Friday, July 17th. Finally, Wall Street Zen raised shares of Clearway Energy from a “strong sell” rating to a “sell” rating in a research note on Sunday. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Clearway Energy has a consensus rating of “Moderate Buy” and an average price target of $44.00.

Clearway Energy Stock Up 4.5%

CWEN opened at $34.53 on Monday. The stock has a market cap of $7.09 billion, a PE ratio of 45.43 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 has a 52 week low of $27.67 and a 52 week high of $41.74. The business’s fifty day simple moving average is $34.79 and its 200 day simple moving average is $37.39.

Clearway Energy (NYSE:CWEN) last released its quarterly earnings results on Wednesday, August 5th. The company reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.76. Clearway Energy had a return on equity of 1.60% and a net margin of 5.78%.The business had revenue of $481.00 million for the quarter, compared to the consensus estimate of $473.92 million. As a group, research analysts expect that Clearway Energy will post -0.67 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Clearway Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sanctuary Advisors LLC grew its position in Clearway Energy by 23.6% during the 4th quarter. Sanctuary Advisors LLC now owns 185,449 shares of the company’s stock worth $6,168,000 after acquiring an additional 35,468 shares during the last quarter. Edgestream Partners L.P. bought a new stake in Clearway Energy in the first quarter valued at approximately $1,427,000. WINTON GROUP Ltd purchased a new stake in shares of Clearway Energy during the fourth quarter valued at approximately $759,000. Corient Private Wealth LLC boosted its stake in shares of Clearway Energy by 156.8% during the fourth quarter. Corient Private Wealth LLC now owns 39,631 shares of the company’s stock valued at $1,318,000 after purchasing an additional 24,201 shares during the period. Finally, Jefferies Financial Group Inc. bought a new position in shares of Clearway Energy in the fourth quarter worth approximately $994,000. 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.