Clearway Energy (NYSE:CWEN) Share Price Crosses Above 200 Day Moving Average - Time to Sell?

Key Points

• Clearway Energy shares moved above their 200-day moving average of $35.56, reaching $35.78 and last trading at about $35.71.
• Analysts maintain a broadly positive outlook: the stock has an average “Buy” rating and a $42 average price target, though some firms recently lowered their targets.
• In its latest reported quarter, Clearway posted EPS of $1.00 versus the $0.24 consensus estimate and revenue of $481 million, also ahead of forecasts.

Clearway Energy, Inc. (NYSE:CWEN - Get Free Report)'s stock price passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $35.56 and traded as high as $35.78. Clearway Energy shares last traded at $35.7080, with a volume of 1,957,733 shares changing hands.

Analyst Ratings Changes

A number of equities analysts have weighed in on CWEN shares. Wall Street Zen raised Clearway Energy from a "sell" rating to a "hold" rating in a research report on Saturday, August 29th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $38.00 target price on shares of Clearway Energy in a research report on Friday, September 4th. Morgan Stanley cut their price objective on shares of Clearway Energy from $58.00 to $52.00 and set an "overweight" rating for the company in a report on Wednesday, October 21st. UBS Group dropped their target price on shares of Clearway Energy from $45.00 to $38.00 and set a "buy" rating for the company in a research report on Wednesday, October 21st. Finally, Evercore reaffirmed a "positive" rating and issued a $40.00 target price on shares of Clearway Energy in a report on Monday, August 17th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $42.00.

Clearway Energy Price Performance

The company has a quick ratio of 1.02, a current ratio of 1.11 and a debt-to-equity ratio of 1.55. The stock has a market capitalization of $7.33 billion, a P/E ratio of 46.98 and a beta of 0.81. The business's 50 day simple moving average is $31.05 and its two-hundred day simple moving average is $35.56.

Clearway Energy (NYSE:CWEN - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $1.00 EPS for the quarter, beating the consensus estimate of $0.24 by $0.76. The company had revenue of $481.00 million during the quarter, compared to the consensus estimate of $473.92 million. Clearway Energy had a net margin of 5.78% and a return on equity of 1.60%. As a group, sell-side analysts forecast that Clearway Energy, Inc. will post -0.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Clearway Energy

A number of large investors have recently added to or reduced their stakes in CWEN. New York Life Investment Management LLC increased its stake in Clearway Energy by 31.5% in the 3rd quarter. New York Life Investment Management LLC now owns 18,670 shares of the company's stock worth $546,000 after purchasing an additional 4,477 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Clearway Energy by 1,928.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 589,009 shares of the company's stock valued at $17,164,000 after acquiring an additional 559,972 shares in the last quarter. Edgemoor Investment Advisors Inc. raised its stake in shares of Clearway Energy by 1.6% in the third quarter. Edgemoor Investment Advisors Inc. now owns 215,338 shares of the company's stock worth $6,303,000 after purchasing an additional 3,346 shares during the last quarter. Parallel Advisors LLC boosted its holdings in shares of Clearway Energy by 16.1% during the 3rd quarter. Parallel Advisors LLC now owns 11,265 shares of the company's stock valued at $330,000 after acquiring an additional 1,558 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new position in shares of Clearway Energy during the 3rd quarter valued at $256,000. Hedge funds and other institutional investors own 84.53% of the company's stock.

About Clearway Energy

Clearway Energy, Inc NYSE: CWEN owns and operates a diversified portfolio of renewable and conventional energy assets in the United States. Its generating facilities produce electricity for utilities, commercial customers and other power purchasers under long-term agreements.

The company's renewable energy operations include wind and utility-scale solar facilities, while its conventional power portfolio includes natural-gas generation and other dispatchable assets. Clearway also owns district energy systems that provide services such as electricity, steam and chilled water to customers in select markets.

Clearway Energy was established in 2013 as NRG Yield and adopted its current name in 2018.

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