Clearway Energy (NYSE:CWEN) Sets New 1-Year High – Here’s What Happened

Clearway Energy, Inc. (NYSE:CWEN) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $35.75 and last traded at $35.31, with a volume of 908783 shares. The stock had previously closed at $35.03.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CWEN. Weiss Ratings reiterated a “hold (c)” rating on shares of Clearway Energy in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Clearway Energy from a “sell” rating to a “hold” rating in a research note on Sunday. CIBC increased their price objective on shares of Clearway Energy from $35.00 to $37.00 and gave the company a “neutral” rating in a report on Tuesday, October 21st. Roth Capital restated a “buy” rating and set a $39.00 target price (up from $38.00) on shares of Clearway Energy in a report on Wednesday, November 5th. Finally, Evercore ISI initiated coverage on Clearway Energy in a report on Monday, October 6th. They issued an “in-line” rating and a $34.00 price target for the company. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $36.71.

Clearway Energy Stock Up 0.8%

The company has a debt-to-equity ratio of 1.41, a current ratio of 1.54 and a quick ratio of 1.44. The company has a market capitalization of $7.14 billion, a PE ratio of 15.09, a P/E/G ratio of 0.83 and a beta of 0.93. The business’s 50 day simple moving average is $30.52 and its 200 day simple moving average is $30.69.

Clearway Energy (NYSE:CWEN) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $1.68. The business had revenue of $429.00 million during the quarter, compared to the consensus estimate of $427.72 million. Clearway Energy had a net margin of 20.07% and a return on equity of 4.96%. The business’s revenue was down 11.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.31 EPS. As a group, analysts anticipate that Clearway Energy, Inc. will post 0.83 earnings per share for the current fiscal year.

Clearway Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be given a $0.4528 dividend. This is an increase from Clearway Energy’s previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date is Monday, December 1st. Clearway Energy’s dividend payout ratio (DPR) is presently 76.07%.

Hedge Funds Weigh In On Clearway Energy

A number of hedge funds have recently modified their holdings of the business. First Trust Advisors LP raised its holdings in Clearway Energy by 3.7% in the 2nd quarter. First Trust Advisors LP now owns 2,171,301 shares of the company’s stock valued at $69,482,000 after buying an additional 77,595 shares during the period. Gotham Asset Management LLC boosted its stake in Clearway Energy by 79.1% during the first quarter. Gotham Asset Management LLC now owns 814,841 shares of the company’s stock worth $24,665,000 after buying an additional 359,876 shares during the period. RWC Asset Management LLP increased its position in shares of Clearway Energy by 12.2% during the third quarter. RWC Asset Management LLP now owns 745,537 shares of the company’s stock valued at $21,061,000 after acquiring an additional 81,349 shares during the last quarter. Aberdeen Group plc increased its position in shares of Clearway Energy by 0.3% during the third quarter. Aberdeen Group plc now owns 580,307 shares of the company’s stock valued at $16,463,000 after acquiring an additional 1,807 shares during the last quarter. Finally, King Luther Capital Management Corp raised its stake in shares of Clearway Energy by 1.1% in the 1st quarter. King Luther Capital Management Corp now owns 549,840 shares of the company’s stock valued at $16,644,000 after acquiring an additional 5,890 shares during the period. 84.53% of the stock is currently owned by hedge funds and other institutional investors.

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.