Clearway Energy (NYSE:CWEN) Reaches New 52-Week High - Here's Why

Clearway Energy, Inc. (NYSE:CWEN - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $32.33 and last traded at $32.21, with a volume of 866127 shares changing hands. The stock had previously closed at $31.61.

Analyst Ratings Changes

CWEN has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft started coverage on shares of Clearway Energy in a research report on Tuesday, March 25th. They set a "buy" rating and a $38.00 price target for the company. Wall Street Zen downgraded Clearway Energy from a "hold" rating to a "sell" rating in a report on Friday, May 30th. Finally, Roth Mkm reiterated a "buy" rating and issued a $34.00 target price (up previously from $33.00) on shares of Clearway Energy in a report on Tuesday, February 25th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $35.50.

Clearway Energy Trading Down 1.1%

The company has a quick ratio of 1.42, a current ratio of 1.52 and a debt-to-equity ratio of 1.33. The firm's 50 day simple moving average is $29.81 and its 200-day simple moving average is $28.13. The company has a market capitalization of $6.41 billion, a PE ratio of 39.66, a P/E/G ratio of 0.76 and a beta of 0.87.

Clearway Energy (NYSE:CWEN - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($0.25) by $0.28. Clearway Energy had a net margin of 6.69% and a return on equity of 1.68%. The business had revenue of $298.00 million for the quarter, compared to analyst estimates of $305.74 million. During the same quarter in the previous year, the business posted ($0.02) EPS. The business's quarterly revenue was up 13.3% on a year-over-year basis. As a group, equities research analysts anticipate that Clearway Energy, Inc. will post 0.83 EPS for the current year.

Clearway Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were paid a dividend of $0.4384 per share. This represents a $1.75 dividend on an annualized basis and a dividend yield of 5.53%. The ex-dividend date was Monday, June 2nd. This is a boost from Clearway Energy's previous quarterly dividend of $0.43. Clearway Energy's payout ratio is currently 218.75%.

Institutional Investors Weigh In On Clearway Energy

Large investors have recently modified their holdings of the stock. State of New Jersey Common Pension Fund D boosted its holdings in Clearway Energy by 11.4% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 75,564 shares of the company's stock worth $1,965,000 after acquiring an additional 7,703 shares during the period. CIBC Asset Management Inc boosted its stake in shares of Clearway Energy by 4.8% in the fourth quarter. CIBC Asset Management Inc now owns 9,074 shares of the company's stock valued at $236,000 after purchasing an additional 414 shares during the period. Bryn Mawr Capital Management LLC purchased a new position in shares of Clearway Energy in the fourth quarter valued at $361,000. ING Groep NV grew its holdings in Clearway Energy by 938.9% during the 4th quarter. ING Groep NV now owns 77,400 shares of the company's stock valued at $2,012,000 after purchasing an additional 69,950 shares in the last quarter. Finally, RWC Asset Management LLP increased its stake in Clearway Energy by 105.8% during the 4th quarter. RWC Asset Management LLP now owns 1,249,232 shares of the company's stock worth $32,480,000 after buying an additional 642,322 shares during the period. Institutional investors and hedge funds own 84.53% of the company's stock.

About Clearway Energy

Clearway Energy, Inc operates in the renewable energy business in the United States. The company operates through Conventional and Renewables segments. It has approximately 6,000 net MW of installed wind, solar, and energy generation projects; and approximately 2,500 net MW of natural gas-fired generation facilities.