Evercore ISI reiterated their hold rating on shares of Clearway Energy (NYSE:CWEN) in a research report released on Sunday, AnalystRatings.com reports. They currently have a $16.00 price target on the stock.
“We update our FY19 EBITDA and CAFD forecasts to $970m and $160m from $994m and $181m, respectively. Our ’20/’21 EBITDA and CAFD estimates remain unchanged at $1,007m/$1,010m and $200m/$209m, respectively. We continue to exclude $90m of cash dividends from the PG&E assets from our forecast. Our 2019 forecast now reflects latest management guidance including YTD headwinds as well as contributions from the committed growth investments (including Hawaii solar acquisition, the Mylan CHP project, and DG investments), lower financing, cost savings and O&M management. Management increased its pro-forma CAFD outlook to $300m from $295m based on Repowering 1 improvements. Our ‘20/’21 forecast remains unchanged. Our 12-month price target up to $17.50 from $16/share, reflecting an improved risk weighting of our downside and upside case scenarios for how PCG treats CWEN’s contracts in bankruptcy.”,” Evercore ISI’s analyst commented.
Several other research analysts also recently weighed in on CWEN. Bank of America upgraded Clearway Energy from a neutral rating to a buy rating in a research note on Friday, July 19th. Zacks Investment Research upgraded Clearway Energy from a hold rating to a buy rating and set a $19.00 price target for the company in a research note on Friday, July 19th. Finally, ValuEngine upgraded Clearway Energy from a hold rating to a buy rating in a research note on Tuesday, June 4th. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $15.33.
Clearway Energy (NYSE:CWEN) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.22) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.62). Clearway Energy had a negative return on equity of 4.14% and a negative net margin of 8.90%. The business had revenue of $284.00 million during the quarter, compared to the consensus estimate of $316.49 million. During the same quarter in the previous year, the company earned $0.77 earnings per share. The company’s revenue for the quarter was down 7.5% compared to the same quarter last year. On average, research analysts predict that Clearway Energy will post 0.44 EPS for the current year.
A number of hedge funds have recently bought and sold shares of CWEN. Great Lakes Advisors LLC bought a new position in Clearway Energy in the 2nd quarter worth approximately $3,609,000. Fortress Investment Group LLC purchased a new stake in shares of Clearway Energy during the 2nd quarter worth approximately $2,220,000. Kennedy Capital Management Inc. purchased a new stake in shares of Clearway Energy during the 1st quarter worth approximately $1,889,000. Reaves W H & Co. Inc. raised its holdings in Clearway Energy by 10.0% during the 1st quarter. Reaves W H & Co. Inc. now owns 1,108,419 shares of the company’s stock valued at $16,748,000 after buying an additional 101,000 shares during the period. Finally, Robeco Institutional Asset Management B.V. raised its holdings in Clearway Energy by 13.9% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 783,852 shares of the company’s stock valued at $11,843,000 after buying an additional 95,719 shares during the period. Institutional investors and hedge funds own 31.60% of the company’s stock.
Clearway Energy Company Profile
Clearway Energy, Inc, through its subsidiaries, acquires, owns, and operates contracted renewable energy and conventional generation, and thermal infrastructure assets in the United States. As of December 31, 2018, it had contracted generation portfolio of 5,272 net megawatts (MWs) of wind, solar, and natural gas-fired power generation facilities, as well as district energy systems.
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