Exchange Traded Concepts LLC Takes $2.01 Million Position in Clearway Energy, Inc. (NYSE:CWEN)

Exchange Traded Concepts LLC purchased a new stake in Clearway Energy, Inc. (NYSE:CWEN - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 66,474 shares of the company's stock, valued at approximately $2,012,000.

Other hedge funds have also added to or reduced their stakes in the company. Oppenheimer & Co. Inc. raised its position in Clearway Energy by 14.9% during the fourth quarter. Oppenheimer & Co. Inc. now owns 12,321 shares of the company's stock valued at $320,000 after purchasing an additional 1,599 shares in the last quarter. King Luther Capital Management Corp grew its holdings in Clearway Energy by 2,840.3% during the fourth quarter. King Luther Capital Management Corp now owns 543,950 shares of the company's stock worth $14,143,000 after buying an additional 525,450 shares in the last quarter. Simmons Bank bought a new position in Clearway Energy during the fourth quarter valued at about $377,000. ING Groep NV grew its stake in shares of Clearway Energy by 938.9% during the 4th quarter. ING Groep NV now owns 77,400 shares of the company's stock worth $2,012,000 after acquiring an additional 69,950 shares during the period. Finally, Congress Asset Management Co. boosted its holdings in shares of Clearway Energy by 6.7% in the fourth quarter. Congress Asset Management Co. now owns 201,876 shares of the company's stock worth $5,249,000 after acquiring an additional 12,640 shares during the period. Institutional investors and hedge funds own 84.53% of the company's stock.

Analysts Set New Price Targets

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

Clearway Energy Stock Performance

CWEN stock traded down $0.37 on Friday, hitting $31.73. The company had a trading volume of 1,416,747 shares, compared to its average volume of 876,358. Clearway Energy, Inc. has a 12-month low of $24.02 and a 12-month high of $32.64. The company has a current ratio of 1.52, a quick ratio of 1.42 and a debt-to-equity ratio of 1.33. The stock's 50-day simple moving average is $29.88 and its 200 day simple moving average is $28.15. The stock has a market cap of $6.41 billion, a price-to-earnings ratio of 39.66, a P/E/G ratio of 0.75 and a beta of 0.87.

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

Clearway Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were paid a dividend of $0.4384 per share. This represents a $1.75 annualized dividend 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 dividend payout ratio (DPR) is currently 218.75%.

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.