CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Trims Stake in Clearway Energy, Inc. $CWEN

Key Points

• CUSHING ASSET MANAGEMENT LP reduced its stake in Clearway Energy, Inc. by 23.4%, selling 122,000 shares in the second quarter to own approximately 400,000 shares valued at $12.8 million.
• Clearway Energy recently reported a quarterly earnings miss, with $0.28 earnings per share against an expected $0.67, despite achieving a 7.1% revenue increase year-over-year.
• The company announced an increase in its quarterly dividend to $0.4456, representing a 6.3% yield for investors, while maintaining a high dividend payout ratio of 273.85%.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lowered its stake in shares of Clearway Energy, Inc. (NYSE:CWEN - Free Report) by 23.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 400,000 shares of the company's stock after selling 122,000 shares during the period. Clearway Energy makes up 0.7% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's portfolio, making the stock its 26th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned approximately 0.20% of Clearway Energy worth $12,800,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of CWEN. Alpine Bank Wealth Management acquired a new position in shares of Clearway Energy during the first quarter valued at about $27,000. Tsfg LLC purchased a new position in Clearway Energy in the first quarter worth about $61,000. NBT Bank N A NY bought a new stake in Clearway Energy during the first quarter valued at about $71,000. SBI Securities Co. Ltd. grew its position in Clearway Energy by 48.8% in the first quarter. SBI Securities Co. Ltd. now owns 2,944 shares of the company's stock worth $89,000 after acquiring an additional 966 shares in the last quarter. Finally, Wealthspire Advisors LLC bought a new stake in shares of Clearway Energy during the first quarter valued at approximately $206,000. Institutional investors own 84.53% of the company's stock.

Clearway Energy Stock Up 1.4%

Shares of NYSE CWEN traded up $0.40 during midday trading on Monday, reaching $28.48. The company's stock had a trading volume of 989,659 shares, compared to its average volume of 984,498. The stock has a 50 day simple moving average of $30.18 and a 200-day simple moving average of $30.10. The stock has a market capitalization of $5.76 billion, a price-to-earnings ratio of 43.82, a PEG ratio of 1.24 and a beta of 0.87. Clearway Energy, Inc. has a fifty-two week low of $24.40 and a fifty-two week high of $33.22. The company has a current ratio of 1.42, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49.

Clearway Energy (NYSE:CWEN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.28 EPS for the quarter, missing the consensus estimate of $0.67 by ($0.39). 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 for the quarter, compared to analyst estimates of $428.33 million. During the same period last year, the business earned $0.43 EPS. The business's quarterly revenue was up 7.1% compared to the same quarter last year. Equities research analysts predict that Clearway Energy, Inc. will post 0.83 earnings per share for the current year.

Clearway Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd were given a dividend of $0.4456 per share. This is a boost from Clearway Energy's previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $1.78 dividend on an annualized basis and a yield of 6.3%. Clearway Energy's dividend payout ratio is presently 273.85%.

Analysts Set New Price Targets

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