Clearway Energy (NYSE:CWEN) Announces Quarterly Earnings Results

Key Points

• Clearway Energy reported quarterly earnings of $0.28 per share, missing expectations by $0.42, alarming investors and analysts alike.
• Following the earnings announcement, Clearway Energy's stock price fell by 3.3%, indicating market reaction to its disappointing financial performance.
• Analysts have downgraded the stock ratings, with a consensus rating of "Hold" and a price target of $36.40, reflecting mixed confidence in its future performance.

Clearway Energy (NYSE:CWEN - Get Free Report) issued its earnings results on Tuesday. The company reported $0.28 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.67 by ($0.39), Zacks reports. Clearway Energy had a return on equity of 1.37% and a net margin of 5.31%. The company had revenue of $392.00 million during the quarter, compared to analyst estimates of $428.33 million. During the same period last year, the business earned $0.43 earnings per share. The firm's revenue was up 7.1% compared to the same quarter last year.

Clearway Energy Stock Performance

Shares of NYSE:CWEN traded up $0.25 during mid-day trading on Thursday, reaching $30.47. 405,266 shares of the company traded hands, compared to its average volume of 925,397. The firm has a market cap of $6.16 billion, a PE ratio of 46.87, a PEG ratio of 0.79 and a beta of 0.87. Clearway Energy has a 52 week low of $24.40 and a 52 week high of $33.22. The company's 50 day moving average price is $31.74 and its 200-day moving average price is $29.42. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.52 and a quick ratio of 1.42.

Clearway Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be issued a $0.4456 dividend. This represents a $1.78 annualized dividend and a yield of 5.8%. The ex-dividend date is Tuesday, September 2nd. This is a positive change from Clearway Energy's previous quarterly dividend of $0.44. Clearway Energy's dividend payout ratio is 269.23%.

Institutional Trading of Clearway Energy

An institutional investor recently raised its position in Clearway Energy stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Clearway Energy, Inc. (NYSE:CWEN - Free Report) by 12.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 35,333 shares of the company's stock after buying an additional 3,787 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Clearway Energy were worth $1,070,000 as of its most recent SEC filing. Institutional investors and hedge funds own 84.53% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CWEN shares. Wall Street Zen cut Clearway Energy from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Jefferies Financial Group lifted their price objective on Clearway Energy from $37.00 to $39.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Cibc World Mkts downgraded Clearway Energy from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 21st. Finally, CIBC cut Clearway Energy from a "sector outperform" rating to a "neutral" rating and set a $35.00 target price on the stock. in a report on Saturday, July 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $36.40.

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.