Clearway Energy (NYSE:CWEN) Reaches New 52-Week High After Dividend Announcement

Clearway Energy, Inc. (NYSE:CWEN)’s share price reached a new 52-week high during trading on Tuesday following a dividend announcement from the company. The company traded as high as $41.36 and last traded at $41.3290, with a volume of 28417 shares. The stock had previously closed at $40.78.

The newly announced dividend which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be paid a $0.4602 dividend. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $1.84 dividend on an annualized basis and a dividend yield of 4.6%. This is a boost from Clearway Energy’s previous quarterly dividend of $0.45. Clearway Energy’s dividend payout ratio (DPR) is presently 77.35%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Clearway Energy in a report on Wednesday, January 21st. Roth Mkm upped their price target on Clearway Energy from $39.00 to $40.00 and gave the company a “buy” rating in a report on Monday, November 24th. Wall Street Zen upgraded Clearway Energy from a “sell” rating to a “hold” rating in a report on Sunday, January 18th. Zacks Research lowered Clearway Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Finally, UBS Group reiterated a “buy” rating and issued a $39.00 price target on shares of Clearway Energy in a research report on Wednesday, December 10th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $37.71.

Clearway Energy Price Performance

The company has a quick ratio of 1.44, a current ratio of 1.54 and a debt-to-equity ratio of 1.41. The stock’s 50 day moving average price is $35.29 and its two-hundred day moving average price is $32.85. The firm has a market capitalization of $8.09 billion, a price-to-earnings ratio of 16.95, a P/E/G ratio of 1.54 and a beta of 0.95.

Hedge Funds Weigh In On Clearway Energy

Several institutional investors have recently bought and sold shares of CWEN. Clearbridge Investments LLC raised its stake in shares of Clearway Energy by 26.7% in the 4th quarter. Clearbridge Investments LLC now owns 4,656,937 shares of the company’s stock valued at $154,890,000 after acquiring an additional 981,488 shares in the last quarter. Wellington Management Group LLP bought a new position in shares of Clearway Energy in the fourth quarter valued at approximately $21,906,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Clearway Energy by 1,116.7% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 429,912 shares of the company’s stock worth $13,757,000 after buying an additional 394,579 shares during the last quarter. Synergy Asset Management LLC bought a new stake in shares of Clearway Energy during the 3rd quarter worth $6,473,000. Finally, Capula Management Ltd acquired a new position in Clearway Energy in the 3rd quarter valued at $4,646,000. 84.53% of the stock is currently owned by institutional investors.

Clearway Energy Company Profile

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.