Clearway Energy (NYSE:CWEN) Stock Price Target Lowered at Truist Financial

Clearway Energy (NYSE:CWEN) had its price objective lowered by Truist Financial from $43.00 to $40.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price target would indicate a potential upside of 37.15% from the stock’s previous close.

CWEN has been the subject of several other reports. Wall Street Zen raised shares of Clearway Energy from a “sell” rating to a “hold” rating in a research note on Saturday, August 29th. Jefferies Financial Group reaffirmed a “buy” rating and set a $38.00 price target on shares of Clearway Energy in a research report on Friday, September 4th. Evercore reiterated a “positive” rating and issued a $40.00 price target on shares of Clearway Energy in a research note on Monday, August 17th. Canadian Imperial Bank of Commerce set a $42.00 price objective on shares of Clearway Energy in a research report on Friday, July 17th. Finally, Morgan Stanley decreased their price objective 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, August 18th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Clearway Energy presently has a consensus rating of “Moderate Buy” and an average target price of $43.44.

Clearway Energy Stock Down 2.0%

NYSE CWEN traded down $0.60 during trading hours on Monday, hitting $29.17. 143,808 shares of the company traded hands, compared to its average volume of 1,142,680. The business’s 50-day moving average is $32.06 and its 200-day moving average is $35.91. Clearway Energy has a twelve month low of $27.97 and a twelve month high of $41.74. 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 market capitalization of $5.99 billion, a price-to-earnings ratio of 38.39 and a beta of 0.87.

Clearway Energy (NYSE:CWEN) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.76. The firm had revenue of $481.00 million for the quarter, compared to analyst estimates of $473.92 million. Clearway Energy had a return on equity of 1.60% and a net margin of 5.78%. Sell-side analysts anticipate that Clearway Energy will post -0.5 earnings per share for the current year.

Institutional Investors Weigh In On Clearway Energy

A number of large investors have recently added to or reduced their stakes in the business. Huntington National Bank lifted its holdings in Clearway Energy by 92.4% during the 4th quarter. Huntington National Bank now owns 858 shares of the company’s stock valued at $29,000 after purchasing an additional 412 shares during the last quarter. Allied Private Wealth LLC acquired a new position in shares of Clearway Energy in the second quarter valued at $35,000. Eastern Bank bought a new position in shares of Clearway Energy in the second quarter valued at about $57,000. First Bancorp Inc ME bought a new position in shares of Clearway Energy in the second quarter valued at about $65,000. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of Clearway Energy during the 2nd quarter worth about $83,000. Institutional investors own 84.53% of the company’s stock.

About Clearway Energy

Clearway Energy, Inc (NYSE: CWEN) is an independent power generation and energy infrastructure company that owns and operates a diversified portfolio of renewable and conventional energy assets in the United States. Its business is focused on producing electricity and selling energy, capacity and related services under long-term agreements with utilities, municipalities, commercial and industrial customers, and other counterparties.

The company’s renewable portfolio includes wind and solar generation facilities, along with battery storage assets.