Clearway Energy, Inc. (NYSE:CWEN) Raises Dividend to $0.47 Per Share

Clearway Energy, Inc. (NYSE:CWEN) announced a quarterly dividend on Wednesday, August 5th. Investors of record on Tuesday, September 1st will be paid a dividend of 0.475 per share on Tuesday, September 15th. This represents a c) dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date of this dividend is Tuesday, September 1st. This is a 1.6% increase from Clearway Energy’s previous quarterly dividend of $0.47.

Clearway Energy has raised its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend every year for the last 2 years. Clearway Energy has a dividend payout ratio of 170.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Clearway Energy to earn $0.66 per share next year, which means the company may not be able to cover its $1.87 annual dividend with an expected future payout ratio of 283.3%.

Clearway Energy Stock Performance

Shares of CWEN opened at $32.78 on Thursday. The firm has a 50-day moving average price of $35.40 and a 200 day moving average price of $37.46. The firm has a market capitalization of $6.73 billion, a PE ratio of 825.83 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.

Clearway Energy (NYSE:CWEN) last released its quarterly 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 company had revenue of $481.00 million for the quarter, compared to the consensus estimate of $473.92 million. Clearway Energy had a net margin of 0.13% and a return on equity of 0.04%. On average, sell-side analysts anticipate that Clearway Energy will post -1.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Clearway Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Clearbridge Investments LLC lifted its holdings in shares of Clearway Energy by 26.7% in the fourth quarter. Clearbridge Investments LLC now owns 4,656,937 shares of the company’s stock valued at $154,890,000 after purchasing an additional 981,488 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of Clearway Energy by 0.9% during the first quarter. Pacer Advisors Inc. now owns 844,221 shares of the company’s stock valued at $33,169,000 after buying an additional 7,215 shares in the last quarter. Wellington Management Group LLP purchased a new position in shares of Clearway Energy during the fourth quarter valued at $21,906,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Clearway Energy by 1.2% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 435,054 shares of the company’s stock valued at $12,290,000 after buying an additional 5,142 shares during the period. Finally, Victory Capital Management Inc. raised its position in Clearway Energy by 19.0% during the third quarter. Victory Capital Management Inc. now owns 327,638 shares of the company’s stock valued at $9,256,000 after buying an additional 52,338 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 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.