Clearway Energy (NYSE:CWEN) Stock Price Target Cut by Truist Financial

Key Points

• Truist Financial lowered Clearway Energy’s price target from $43 to $40 while maintaining a “buy” rating, implying approximately 37% upside from the prior close.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $43.44, despite several recent target reductions.
• Clearway Energy shares fell 2% to $29.17 in Monday trading. The company recently reported quarterly EPS of $1.00, well above the $0.24 analyst consensus, while institutional investors own 84.53% of outstanding shares.

Clearway Energy (NYSE:CWEN - Get Free Report) had its price objective decreased by investment analysts at Truist Financial from $43.00 to $40.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Truist Financial's target price indicates a potential upside of 37.15% from the stock's previous close.

Several other equities analysts have also issued reports on CWEN. Weiss Ratings lowered Clearway Energy from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday. Morgan Stanley dropped their target price on shares of Clearway Energy from $60.00 to $58.00 and set an "overweight" rating on the stock in a report on Tuesday, August 18th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $38.00 price target on shares of Clearway Energy in a research note on Friday, September 4th. Canadian Imperial Bank of Commerce set a $42.00 price target on shares of Clearway Energy in a report on Friday, July 17th. Finally, Zacks Research raised shares of Clearway Energy from a "strong sell" rating to a "hold" rating in a research report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Clearway Energy has an average rating of "Moderate Buy" and a consensus target price of $43.44.

Clearway Energy Trading Down 2.0%

CWEN stock traded down $0.60 during midday trading on Monday, hitting $29.17. 143,808 shares of the company's stock were exchanged, compared to its average volume of 1,142,680. The stock's fifty day moving average price is $32.06 and its 200-day moving average price is $35.91. The company has a debt-to-equity ratio of 1.55, a quick ratio of 1.02 and a current ratio of 1.11. The company has a market cap of $5.99 billion, a PE ratio of 38.39 and a beta of 0.87. Clearway Energy has a one year low of $27.97 and a one year high of $41.74.

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

Institutional Investors Weigh In On Clearway Energy

Institutional investors have recently bought and sold shares of the company. Sequoia Financial Advisors LLC boosted its position in Clearway Energy by 42.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 8,644 shares of the company's stock worth $295,000 after acquiring an additional 2,571 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of Clearway Energy in the second quarter worth $83,000. Maven Securities LTD bought a new stake in shares of Clearway Energy in the second quarter worth $667,000. NewEdge Advisors LLC boosted its holdings in Clearway Energy by 51.0% during the second quarter. NewEdge Advisors LLC now owns 12,242 shares of the company's stock worth $418,000 after purchasing an additional 4,136 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its holdings 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 purchasing an additional 152,292 shares during the last quarter. Institutional investors own 84.53% of the company's stock.

About Clearway Energy

Clearway Energy, Inc NYSE: CWEN is an independent power generation and energy infrastructure company that owns and operates a diversified portfolio of renewable and conventional energy assets in the United States. Its business is focused on producing electricity and selling energy, capacity and related services under long-term agreements with utilities, municipalities, commercial and industrial customers, and other counterparties.

The company's renewable portfolio includes wind and solar generation facilities, along with battery storage assets.

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