Clearway Energy, Inc. (NYSE:CWEN) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Clearway Energy has a “Moderate Buy” consensus rating from nine brokerages, with four buys, two strong buys, two holds and one sell. The average 1-year price target is $44, above the reported share price of $32.11.
• The company’s latest quarterly results missed expectations, reporting a loss of $1.35 per share versus the consensus loss estimate of $0.45, although revenue of $354 million exceeded forecasts.
• Clearway increased its quarterly dividend to $0.4676 per share, equivalent to an annualized $1.87 payout and a reported yield of 5.8%. Institutional investors and hedge funds own approximately 84.5% of the company’s shares.

Shares of Clearway Energy, Inc. (NYSE:CWEN - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the nine brokerages that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and two have issued a strong buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $44.00.

CWEN has been the topic of a number of recent research reports. Truist Financial started coverage on Clearway Energy in a research note on Monday, July 13th. They set a "buy" rating and a $43.00 price objective on the stock. Deutsche Bank Aktiengesellschaft set a $41.00 target price on Clearway Energy in a report on Thursday, April 9th. Morgan Stanley lifted their price target on Clearway Energy from $56.00 to $60.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 27th. Weiss Ratings downgraded Clearway Energy from a "hold (c)" rating to a "hold (c-)" rating in a research report on Monday, May 11th. Finally, Zacks Research lowered shares of Clearway Energy from a "hold" rating to a "strong sell" rating in a report on Friday, July 10th.

Clearway Energy Price Performance

CWEN stock opened at $32.11 on Monday. The firm has a market cap of $6.59 billion, a P/E ratio of 803.00 and a beta of 0.89. The firm's fifty day moving average is $36.47 and its 200 day moving average is $37.54. Clearway Energy has a 52 week low of $27.67 and a 52 week high of $41.74. The company has a debt-to-equity ratio of 1.55, a quick ratio of 1.02 and a current ratio of 1.11.

Clearway Energy (NYSE:CWEN - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($1.35) earnings per share for the quarter, missing the consensus estimate of ($0.45) by ($0.90). Clearway Energy had a return on equity of 0.04% and a net margin of 0.13%.The business had revenue of $354.00 million during the quarter, compared to the consensus estimate of $340.75 million. Research analysts predict that Clearway Energy will post -1.01 earnings per share for the current year.

Clearway Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were paid a $0.4676 dividend. The ex-dividend date of this dividend was Monday, June 1st. This is an increase from Clearway Energy's previous quarterly dividend of $0.46. This represents a $1.87 dividend on an annualized basis and a yield of 5.8%. Clearway Energy's payout ratio is currently 4,675.00%.

Hedge Funds Weigh In On Clearway Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd grew its position in shares of Clearway Energy by 280.9% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 956 shares of the company's stock worth $27,000 after buying an additional 705 shares during the period. National Bank of Canada FI increased its stake in shares of Clearway Energy by 201.9% in the 3rd quarter. National Bank of Canada FI now owns 975 shares of the company's stock worth $28,000 after acquiring an additional 652 shares in the last quarter. Huntington National Bank lifted its position in Clearway Energy by 92.4% during the 4th quarter. Huntington National Bank now owns 858 shares of the company's stock valued at $29,000 after acquiring an additional 412 shares during the period. Allied Private Wealth LLC purchased a new position in Clearway Energy during the 2nd quarter valued at about $35,000. Finally, Geneos Wealth Management Inc. boosted its stake in Clearway Energy by 94.5% during the fourth quarter. Geneos Wealth Management Inc. now owns 1,235 shares of the company's stock worth $41,000 after acquiring an additional 600 shares in the last quarter. Hedge funds and other institutional investors own 84.53% of the company's stock.

About Clearway Energy

Clearway Energy Group NYSE: CWEN is a U.S.-based energy company specializing in the ownership, operation and development of clean and conventional power generation assets. The company's portfolio spans utility-scale wind and solar farms, biogas and natural gas-fired thermal facilities, as well as distributed generation projects such as rooftop solar and energy storage. Clearway's generation assets are largely underpinned by long-term power purchase agreements and service contracts with creditworthy counterparties, enabling stable, predictable cash flows.

Originally launched in 2013 as NRG Yield and rebranded to Clearway Energy in 2018 following a strategic sponsorship change, the business has grown into one of the largest independent renewable energy platforms in the United States.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.