Clearway Energy, Inc. (NYSE:CWEN) Given Average Recommendation of “Buy” by Analysts

Shares of Clearway Energy, Inc. (NYSE:CWEN) have been assigned an average rating of “Buy” from the nine ratings firms that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation, five have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $44.50.

Several equities research analysts have recently weighed in on CWEN shares. Morgan Stanley dropped their target price 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. UBS Group lifted their price target on Clearway Energy from $44.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Truist Financial assumed coverage on Clearway Energy in a report on Monday, July 13th. They issued a “buy” rating and a $43.00 price objective for the company. Zacks Research upgraded Clearway Energy from a “strong sell” rating to a “hold” rating in a research note on Monday, August 10th. Finally, Weiss Ratings raised Clearway Energy from a “hold (c-)” rating to a “hold (c+)” rating in a report on Thursday, August 6th.

Hedge Funds Weigh In On Clearway Energy

A number of hedge funds have recently added to or reduced their stakes in CWEN. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Clearway Energy during the second quarter worth $3,182,000. California State Teachers Retirement System boosted its holdings in shares of Clearway Energy by 3,220.4% in the 2nd quarter. California State Teachers Retirement System now owns 4,631,971 shares of the company’s stock valued at $158,321,000 after buying an additional 4,492,472 shares during the period. Wedmont Private Capital acquired a new position in shares of Clearway Energy in the 2nd quarter valued at about $250,000. HB Wealth Management LLC grew its position in shares of Clearway Energy by 79.5% during the 2nd quarter. HB Wealth Management LLC now owns 9,294 shares of the company’s stock valued at $318,000 after buying an additional 4,115 shares during the last quarter. Finally, Nykredit A S bought a new stake in shares of Clearway Energy during the 2nd quarter valued at about $252,000. Institutional investors and hedge funds own 84.53% of the company’s stock.

Clearway Energy Stock Down 0.2%

CWEN stock opened at $32.40 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.02 and a debt-to-equity ratio of 1.55. The firm has a 50 day simple moving average of $33.53 and a 200-day simple moving average of $37.09. The company has a market capitalization of $6.65 billion, a P/E ratio of 42.64 and a beta of 0.89. Clearway Energy has a twelve month low of $27.67 and a twelve month high of $41.74.

Clearway Energy (NYSE:CWEN) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.76. Clearway Energy had a net margin of 5.78% and a return on equity of 1.60%. The firm had revenue of $481.00 million for the quarter, compared to analysts’ expectations of $473.92 million. On average, equities research analysts predict that Clearway Energy will post -0.5 earnings per share for the current fiscal year.

Clearway Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.475 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $1.90 annualized dividend and a dividend yield of 5.9%. This is an increase from Clearway Energy’s previous quarterly dividend of $0.47. Clearway Energy’s dividend payout ratio is currently 246.05%.

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.