Clearway Energy (NYSE:CWEN) Price Target Cut to $52.00 by Analysts at Morgan Stanley

Key Points

• Morgan Stanley lowered Clearway Energy’s price target from $58 to $52 while maintaining an “overweight” rating, implying 66.09% potential upside from the prior close.
• Analyst sentiment remains positive overall: Clearway has an average “Buy” rating and a consensus price target of $42, despite several recent target-price reductions.
• Shares traded at $31.31, near their 50-day average and below the 200-day average. The company recently beat quarterly earnings expectations, reporting $1.00 EPS versus a $0.24 consensus estimate.

Clearway Energy (NYSE:CWEN - Get Free Report) had its target price cut by analysts at Morgan Stanley from $58.00 to $52.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Morgan Stanley's price target would suggest a potential upside of 66.09% from the company's previous close.

A number of other equities analysts have also weighed in on the stock. Truist Financial lowered their price objective on shares of Clearway Energy from $43.00 to $40.00 and set a "buy" rating on the stock in a research report on Monday, September 28th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $38.00 target price on shares of Clearway Energy in a report on Friday, September 4th. Evercore reiterated a "positive" rating and set a $40.00 price target on shares of Clearway Energy in a research note on Monday, August 17th. Weiss Ratings cut shares of Clearway Energy from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, September 24th. Finally, Canadian Imperial Bank of Commerce set a $42.00 price objective on shares of Clearway Energy in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $42.00.

Clearway Energy Stock Performance

Shares of CWEN traded up $1.07 during midday trading on Wednesday, reaching $31.31. 457,580 shares of the stock were exchanged, compared to its average volume of 1,141,133. Clearway Energy has a twelve month low of $28.57 and a twelve month high of $41.74. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.11 and a quick ratio of 1.02. The company has a market capitalization of $6.43 billion, a price-to-earnings ratio of 41.20 and a beta of 0.88. The business's 50-day moving average price is $31.16 and its 200 day moving average price is $34.83.

Clearway Energy (NYSE:CWEN - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $1.00 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.76. Clearway Energy had a return on equity of 1.60% and a net margin of 5.78%. The company had revenue of $481.00 million during the quarter, compared to analysts' expectations of $473.92 million. On average, sell-side analysts expect that Clearway Energy will post -0.37 EPS for the current fiscal year.

Institutional Investors Weigh In On Clearway Energy

Several institutional investors and hedge funds have recently made changes to their positions in CWEN. Public Employees Retirement System of Ohio purchased a new stake in Clearway Energy in the 2nd quarter valued at approximately $1,229,000. Baird Financial Group Inc. grew its holdings in Clearway Energy by 12.9% during the 2nd quarter. Baird Financial Group Inc. now owns 296,250 shares of the company's stock valued at $10,126,000 after buying an additional 33,922 shares during the last quarter. Squarepoint Ops LLC increased its position in Clearway Energy by 276.7% during the second quarter. Squarepoint Ops LLC now owns 207,332 shares of the company's stock worth $7,087,000 after buying an additional 152,292 shares in the last quarter. Edgestream Partners L.P. purchased a new position in Clearway Energy during the first quarter worth $1,427,000. Finally, Sanctuary Advisors LLC increased its position in Clearway Energy by 31.3% during the first quarter. Sanctuary Advisors LLC now owns 243,587 shares of the company's stock worth $9,571,000 after buying an additional 58,138 shares in the last quarter. 84.53% of the stock is currently owned by hedge funds and other institutional investors.

About Clearway Energy

Clearway Energy, Inc NYSE: CWEN owns and operates a diversified portfolio of renewable and conventional energy assets in the United States. Its generating facilities produce electricity for utilities, commercial customers and other power purchasers under long-term agreements.

The company's renewable energy operations include wind and utility-scale solar facilities, while its conventional power portfolio includes natural-gas generation and other dispatchable assets. Clearway also owns district energy systems that provide services such as electricity, steam and chilled water to customers in select markets.

Clearway Energy was established in 2013 as NRG Yield and adopted its current name in 2018.

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