Tortoise Capital Advisors L.L.C. Trims Stock Position in Clearway Energy, Inc. $CWEN

Key Points

• Tortoise Capital Advisors reduced its stake in Clearway Energy, Inc. by 0.8%, owning 2,777,047 shares after selling 21,871 shares in the first quarter.
• Clearway Energy announced a quarterly dividend increase to $0.4456, with an annual yield of 6.0%, to be paid on September 16th.
• The company reported a miss in earnings for the last quarter, with $0.28 EPS against expectations of $0.67, alongside a revenue shortfall of $392 million compared to the consensus estimate of $428.33 million.

Tortoise Capital Advisors L.L.C. decreased its stake in shares of Clearway Energy, Inc. (NYSE:CWEN - Free Report) by 0.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,777,047 shares of the company's stock after selling 21,871 shares during the quarter. Clearway Energy comprises 1.0% of Tortoise Capital Advisors L.L.C.'s holdings, making the stock its 19th largest position. Tortoise Capital Advisors L.L.C. owned 1.37% of Clearway Energy worth $84,061,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Alpine Bank Wealth Management purchased a new position in Clearway Energy during the first quarter worth approximately $27,000. Tsfg LLC purchased a new stake in Clearway Energy in the first quarter valued at $61,000. NBT Bank N A NY acquired a new position in shares of Clearway Energy in the 1st quarter valued at $71,000. SBI Securities Co. Ltd. lifted its stake in shares of Clearway Energy by 48.8% in the 1st quarter. SBI Securities Co. Ltd. now owns 2,944 shares of the company's stock valued at $89,000 after purchasing an additional 966 shares during the last quarter. Finally, Quarry LP grew its holdings in shares of Clearway Energy by 48.6% during the 4th quarter. Quarry LP now owns 5,454 shares of the company's stock worth $142,000 after purchasing an additional 1,783 shares during the period. Hedge funds and other institutional investors own 84.53% of the company's stock.

Clearway Energy Stock Up 0.3%

Shares of CWEN traded up $0.08 during midday trading on Wednesday, hitting $29.77. The company had a trading volume of 175,938 shares, compared to its average volume of 932,480. The company's 50-day simple moving average is $31.45 and its 200-day simple moving average is $29.84. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.42. The firm has a market capitalization of $6.02 billion, a P/E ratio of 45.79, a P/E/G ratio of 1.01 and a beta of 0.87. Clearway Energy, Inc. has a 1 year low of $24.40 and a 1 year high of $33.22.

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

Clearway Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be issued a $0.4456 dividend. This represents a $1.78 annualized dividend and a dividend yield of 6.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. This is an increase from Clearway Energy's previous quarterly dividend of $0.44. Clearway Energy's dividend payout ratio (DPR) is presently 269.23%.

Analyst Ratings Changes

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

Clearway Energy Company Profile

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.