Clearway Energy (NYSE:CWEN) Upgraded by Zacks Research to Hold Rating

Key Points

• Zacks Research upgraded Clearway Energy from “strong sell” to “hold,” while the broader analyst consensus remains “Moderate Buy” with a $44.00 price target.
• Several brokerages remain bullish: UBS, Truist Financial and Morgan Stanley issued buy or overweight ratings, with price targets ranging from $43 to $60.
• Clearway reported quarterly earnings of $1.00 per share, well above the $0.24 consensus estimate, and revenue of $481 million, exceeding expectations.

Clearway Energy (NYSE:CWEN - Get Free Report) was upgraded by Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Monday,Zacks.com reports.

A number of other brokerages also recently commented on CWEN. UBS Group boosted their target price on shares of Clearway Energy from $44.00 to $45.00 and gave the stock a "buy" rating in a report on Wednesday, June 24th. Wall Street Zen raised shares of Clearway Energy from a "strong sell" rating to a "sell" rating in a research report on Sunday. Truist Financial assumed coverage on Clearway Energy in a research report on Monday, July 13th. They set a "buy" rating and a $43.00 price target on the stock. Morgan Stanley raised their price objective on Clearway Energy from $56.00 to $60.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 27th. Finally, Weiss Ratings raised Clearway Energy from a "hold (c-)" rating to a "hold (c+)" rating in a research report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $44.00.

Clearway Energy Price Performance

NYSE CWEN opened at $34.53 on Monday. The company has a market cap of $7.09 billion, a PE ratio of 45.43 and a beta of 0.89. The firm's 50 day moving average price is $34.79 and its 200-day moving average price is $37.39. 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 has a 52-week low of $27.67 and a 52-week 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 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 analyst estimates of $473.92 million. Sell-side analysts forecast that Clearway Energy will post -0.67 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Clearbridge Investments LLC boosted its position in Clearway Energy by 26.7% in the fourth quarter. Clearbridge Investments LLC now owns 4,656,937 shares of the company's stock valued at $154,890,000 after buying an additional 981,488 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in shares of Clearway Energy by 0.9% in the 1st quarter. Pacer Advisors Inc. now owns 844,221 shares of the company's stock valued at $33,169,000 after acquiring an additional 7,215 shares during the last quarter. Wellington Management Group LLP purchased a new stake in shares of Clearway Energy in the 4th quarter valued at $21,906,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Clearway Energy by 1.2% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 435,054 shares of the company's stock worth $12,290,000 after acquiring an additional 5,142 shares during the period. Finally, Victory Capital Management Inc. lifted its position in Clearway Energy by 19.0% during the third quarter. Victory Capital Management Inc. now owns 327,638 shares of the company's stock valued at $9,256,000 after purchasing an additional 52,338 shares during the period. 84.53% of the stock is owned by institutional investors and hedge funds.

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.

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