Clearway Energy (NYSE:CWEN) Given New $42.00 Price Target at Truist Financial

Key Points

• Truist raised Clearway Energy’s price target to $42 from $40 and maintained a Buy rating, implying 23.8% upside from the prior close.
• Analyst sentiment is broadly positive: MarketBeat reports a consensus Buy rating and an average price target of $42.22, though some firms recently cut their targets.
• Clearway reported quarterly EPS of $0.42, missing the $0.83 consensus estimate, while revenue of $522 million exceeded expectations of $513.11 million.

Clearway Energy (NYSE:CWEN - Get Free Report) had its target price increased by stock analysts at Truist Financial from $40.00 to $42.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's target price suggests a potential upside of 23.80% from the stock's previous close.

Several other research analysts have also commented on the company. Zacks Research raised Clearway Energy from a "hold" rating to a "strong-buy" rating in a report on Monday, October 19th. Morgan Stanley lowered their target price on shares of Clearway Energy from $58.00 to $52.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 21st. Evercore reiterated a "positive" rating and set a $40.00 target price on shares of Clearway Energy in a research report on Monday, August 17th. UBS Group cut their price target on shares of Clearway Energy from $45.00 to $38.00 and set a "buy" rating for the company in a research note on Wednesday, October 21st. Finally, Jefferies Financial Group reissued a "buy" rating and issued a $38.00 price target on shares of Clearway Energy in a report on Friday, September 4th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $42.22.

Clearway Energy Price Performance

Clearway Energy stock opened at $33.93 on Friday. Clearway Energy has a 52 week low of $28.57 and a 52 week high of $41.74. The business has a 50-day simple moving average of $31.33 and a 200 day simple moving average of $35.51. The company has a quick ratio of 1.02, a current ratio of 1.47 and a debt-to-equity ratio of 1.58. The stock has a market cap of $6.96 billion, a price-to-earnings ratio of -41.44 and a beta of 0.81.

Clearway Energy (NYSE:CWEN - Get Free Report) last released its quarterly earnings results on Monday, November 9th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.41). Clearway Energy had a negative net margin of 5.64% and a negative return on equity of 1.66%. The business had revenue of $522.00 million during the quarter, compared to analysts' expectations of $513.11 million. On average, research analysts forecast that Clearway Energy will post -0.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Essex Financial Services Inc. grew its holdings in Clearway Energy by 4.3% in the 3rd quarter. Essex Financial Services Inc. now owns 20,398 shares of the company's stock worth $597,000 after acquiring an additional 850 shares during the last quarter. Fort Sheridan Advisors LLC increased its position in shares of Clearway Energy by 6.8% in the third quarter. Fort Sheridan Advisors LLC now owns 28,405 shares of the company's stock valued at $831,000 after acquiring an additional 1,810 shares during the period. Kayne Anderson Capital Advisors LP purchased a new position in shares of Clearway Energy in the third quarter valued at about $4,689,000. Advisors Asset Management Inc. bought a new position in shares of Clearway Energy during the third quarter valued at about $14,107,000. Finally, Private Advisor Group LLC bought a new position in shares of Clearway Energy during the third quarter valued at about $420,000. 84.53% of the stock is owned by institutional investors.

About Clearway Energy

Clearway Energy, Inc. owns and operates electricity-generation facilities in the United States. Its portfolio includes renewable energy assets, primarily wind and solar, as well as energy storage and conventional power-generation and thermal infrastructure. The company sells electricity and related services to utilities and other customers, often through long-term contractual arrangements. Its facilities are located across multiple U.S. regions. Clearway Energy was formerly known as NRG Yield, Inc. and adopted its current name in 2018.

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