Clearway Energy (NYSE:CWEN) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Clearway Energy from “hold” to “strong buy,” while analysts overall maintain an average “buy” rating and a $43.44 price target.
• Clearway shares rose 2.3% to open at $30.23, significantly below the average analyst target; the stock has traded between $28.57 and $41.74 over the past year.
• The company exceeded quarterly expectations, reporting $1.00 in earnings per share versus the $0.24 consensus estimate and revenue of $481 million, while institutional investors own 84.53% of outstanding shares.

Clearway Energy (NYSE:CWEN - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Monday, Zacks reports.

Other research analysts have also recently issued research reports about the company. Truist Financial decreased their target price on Clearway Energy from $43.00 to $40.00 and set a "buy" rating on the stock in a research report on Monday, September 28th. UBS Group boosted their target price on Clearway Energy from $44.00 to $45.00 and gave the stock a "buy" rating in a research note on Wednesday, June 24th. 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 report on Tuesday, August 18th. Wall Street Zen raised shares of Clearway Energy from a "sell" rating to a "hold" rating in a report on Saturday, August 29th. Finally, Evercore restated a "positive" rating and issued a $40.00 price target on shares of Clearway Energy in a research note on Monday, August 17th. Two 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. According to data from MarketBeat.com, Clearway Energy has an average rating of "Buy" and an average price target of $43.44.

Clearway Energy Trading Up 2.3%

Shares of CWEN opened at $30.23 on Monday. Clearway Energy has a 52-week low of $28.57 and a 52-week high of $41.74. The business's fifty day moving average is $31.16 and its 200-day moving average is $34.83. 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 firm has a market cap of $6.21 billion, a price-to-earnings ratio of 39.78 and a beta of 0.88.

Clearway Energy (NYSE:CWEN - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $1.00 EPS for the quarter, topping 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. Equities analysts anticipate that Clearway Energy will post -0.37 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Squarepoint Ops LLC boosted its stake in shares of Clearway Energy by 276.7% during the second quarter. Squarepoint Ops LLC now owns 207,332 shares of the company's stock valued at $7,087,000 after purchasing an additional 152,292 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Clearway Energy during the second quarter worth about $3,182,000. Sanctuary Advisors LLC grew its holdings in shares of 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 purchasing an additional 58,138 shares during the last quarter. Edgestream Partners L.P. acquired a new position in shares of Clearway Energy in the first quarter valued at approximately $1,427,000. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Clearway Energy in the second quarter valued at approximately $1,229,000. 84.53% of the stock is currently owned by 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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