Congress Asset Management Co. Decreases Stake in Clearway Energy, Inc. $CWEN

Key Points

• Congress Asset Management Co. reduced its stake in Clearway Energy, Inc. by 4.6%, owning 192,426 shares worth $6.16 million as of the latest SEC filing.
• Clearway Energy's quarterly earnings report showed a loss of $0.39 EPS against analysts' estimates, with revenues of $392 million missing expectations of $428 million.
• The company announced an increased quarterly dividend of $0.4456 per share, representing a 6.2% dividend yield on an annualized basis.

Congress Asset Management Co. lessened its stake in Clearway Energy, Inc. (NYSE:CWEN - Free Report) by 4.6% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 192,426 shares of the company's stock after selling 9,185 shares during the quarter. Congress Asset Management Co. owned 0.10% of Clearway Energy worth $6,158,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in CWEN. Douglas Lane & Associates LLC purchased a new stake in Clearway Energy during the first quarter worth approximately $378,000. Quad Cities Investment Group LLC lifted its stake in Clearway Energy by 15.5% during the first quarter. Quad Cities Investment Group LLC now owns 14,556 shares of the company's stock worth $441,000 after purchasing an additional 1,954 shares during the last quarter. Courier Capital LLC lifted its stake in Clearway Energy by 7.7% during the first quarter. Courier Capital LLC now owns 33,164 shares of the company's stock worth $1,004,000 after purchasing an additional 2,375 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in Clearway Energy during the first quarter worth approximately $280,000. Finally, Exchange Traded Concepts LLC purchased a new stake in Clearway Energy in the first quarter valued at approximately $2,012,000. Hedge funds and other institutional investors own 84.53% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Wall Street Zen cut Clearway Energy from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Cibc World Mkts cut Clearway Energy from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 21st. CIBC cut Clearway Energy from a "sector outperform" rating to a "neutral" rating and set a $35.00 price objective for the company. in a research note on Saturday, July 19th. Finally, Jefferies Financial Group boosted their price objective on Clearway Energy from $37.00 to $39.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Clearway Energy has a consensus rating of "Moderate Buy" and an average target price of $36.40.

Clearway Energy Trading Up 0.7%

NYSE:CWEN opened at $28.54 on Friday. The firm has a market cap of $5.77 billion, a P/E ratio of 43.91, a PEG ratio of 1.25 and a beta of 0.87. The company has a current ratio of 1.42, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. The stock's 50 day simple moving average is $29.86 and its 200-day simple moving average is $30.07. Clearway Energy, Inc. has a 12-month low of $24.40 and a 12-month high of $33.22.

Clearway Energy (NYSE:CWEN - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.28 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.67 by ($0.39). The company had revenue of $392.00 million during the quarter, compared to analyst estimates of $428.33 million. Clearway Energy had a net margin of 5.31% and a return on equity of 1.37%. The company's revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.43 EPS. Equities analysts anticipate that Clearway Energy, Inc. will post 0.83 EPS for the current year.

Clearway Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd were issued a $0.4456 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This is an increase from Clearway Energy's previous quarterly dividend of $0.44. This represents a $1.78 dividend on an annualized basis and a dividend yield of 6.2%. Clearway Energy's dividend payout ratio is presently 273.85%.

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.

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