Clearway Energy, Inc. (NYSE:CWEN) Short Interest Down 23.1% in December

Clearway Energy, Inc. (NYSE:CWEN) was the target of a large drop in short interest in the month of December. As of December 15th, there was short interest totaling 4,091,608 shares, a drop of 23.1% from the November 30th total of 5,322,580 shares. Based on an average daily volume of 854,447 shares, the days-to-cover ratio is currently 4.8 days. Currently, 2.0% of the company’s shares are sold short. Currently, 2.0% of the company’s shares are sold short. Based on an average daily volume of 854,447 shares, the days-to-cover ratio is currently 4.8 days.

Clearway Energy Stock Down 0.7%

CWEN traded down $0.24 on Tuesday, reaching $33.35. 667,842 shares of the company traded hands, compared to its average volume of 903,644. The company has a market cap of $6.80 billion, a price-to-earnings ratio of 14.25, a PEG ratio of 0.39 and a beta of 0.95. 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 stock’s 50 day moving average price is $33.93 and its 200-day moving average price is $31.82. Clearway Energy has a 52-week low of $24.40 and a 52-week high of $36.89.

Clearway Energy (NYSE:CWEN) last issued its earnings results on Tuesday, November 4th. The company reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $1.68. Clearway Energy had a net margin of 20.07% and a return on equity of 4.96%. The company had revenue of $429.00 million during the quarter, compared to analyst estimates of $427.72 million. During the same quarter last year, the business posted $0.31 EPS. The company’s revenue for the quarter was down 11.7% on a year-over-year basis. On average, sell-side analysts expect that Clearway Energy will post 0.83 EPS for the current fiscal year.

Clearway Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were paid a $0.4528 dividend. This represents a $1.81 dividend on an annualized basis and a yield of 5.4%. This is an increase from Clearway Energy’s previous quarterly dividend of $0.45. The ex-dividend date was Monday, December 1st. Clearway Energy’s dividend payout ratio is presently 77.35%.

Institutional Investors Weigh In On Clearway Energy

Institutional investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd increased its holdings in Clearway Energy by 280.9% in the third quarter. Caitong International Asset Management Co. Ltd now owns 956 shares of the company’s stock worth $27,000 after buying an additional 705 shares during the last quarter. National Bank of Canada FI raised its holdings in shares of Clearway Energy by 201.9% during the 3rd quarter. National Bank of Canada FI now owns 975 shares of the company’s stock valued at $28,000 after purchasing an additional 652 shares in the last quarter. Mather Group LLC. acquired a new stake in shares of Clearway Energy in the 3rd quarter valued at $29,000. Hilltop National Bank bought a new stake in Clearway Energy in the second quarter worth $35,000. Finally, Headlands Technologies LLC acquired a new position in Clearway Energy during the second quarter worth $43,000. 84.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CWEN. UBS Group restated a “buy” rating and set a $39.00 price objective on shares of Clearway Energy in a report on Wednesday, December 10th. Evercore ISI initiated coverage on shares of Clearway Energy in a research report on Monday, October 6th. They issued an “in-line” rating and a $34.00 target price on the stock. CIBC raised shares of Clearway Energy from a “neutral” rating to a “sector outperform” rating and raised their price objective for the stock from $37.00 to $38.00 in a research note on Tuesday, December 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Clearway Energy in a research report on Wednesday, October 8th. Finally, Royal Bank Of Canada started coverage on Clearway Energy in a report on Wednesday, October 8th. They issued an “outperform” rating and a $36.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $37.25.

About Clearway Energy

Clearway Energy Group (NYSE: CWEN) is a U.S.-based energy company specializing in the ownership, operation and development of clean and conventional power generation assets. The company’s portfolio spans utility-scale wind and solar farms, biogas and natural gas-fired thermal facilities, as well as distributed generation projects such as rooftop solar and energy storage. Clearway’s generation assets are largely underpinned by long-term power purchase agreements and service contracts with creditworthy counterparties, enabling stable, predictable cash flows.

Originally launched in 2013 as NRG Yield and rebranded to Clearway Energy in 2018 following a strategic sponsorship change, the business has grown into one of the largest independent renewable energy platforms in the United States.