Brokerages Set Clearway Energy, Inc. (NYSE:CWEN) Target Price at $37.25

Shares of Clearway Energy, Inc. (NYSE:CWEN) have been assigned a consensus recommendation of “Moderate Buy” from the twelve brokerages that are covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $37.25.

A number of brokerages have commented on CWEN. Evercore ISI initiated coverage on Clearway Energy in a research note on Monday, October 6th. They issued an “in-line” rating and a $34.00 target price on the stock. Roth Capital lifted 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. Royal Bank Of Canada assumed coverage on Clearway Energy in a research note on Wednesday, October 8th. They issued an “outperform” rating and a $36.00 price target for the company. UBS Group reaffirmed a “buy” rating and set a $39.00 price objective on shares of Clearway Energy in a research report on Wednesday, December 10th. Finally, CIBC raised shares of Clearway Energy from a “neutral” rating to a “sector outperform” rating and boosted their target price for the stock from $37.00 to $38.00 in a research report on Tuesday, December 16th.

Hedge Funds Weigh In On Clearway Energy

Several institutional investors have recently bought and sold shares of CWEN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Clearway Energy by 12.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,333 shares of the company’s stock worth $1,070,000 after acquiring an additional 3,787 shares in the last quarter. WBI Investments LLC lifted its holdings in Clearway Energy by 5.0% in the 1st quarter. WBI Investments LLC now owns 17,544 shares of the company’s stock worth $531,000 after purchasing an additional 834 shares during the last quarter. Exchange Traded Concepts LLC boosted its position in Clearway Energy by 4.3% during the second quarter. Exchange Traded Concepts LLC now owns 69,328 shares of the company’s stock worth $2,218,000 after purchasing an additional 2,854 shares during the period. Northside Capital Management LLC acquired a new position in Clearway Energy during the second quarter valued at approximately $8,847,000. Finally, Union Bancaire Privee UBP SA acquired a new position in Clearway Energy during the second quarter valued at approximately $368,000. 84.53% of the stock is currently owned by institutional investors.

Clearway Energy Stock Up 2.6%

Clearway Energy stock opened at $32.87 on Thursday. Clearway Energy has a twelve month low of $24.40 and a twelve month high of $36.89. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.44 and a current ratio of 1.54. The firm has a market cap of $6.70 billion, a PE ratio of 14.04, a P/E/G ratio of 1.21 and a beta of 0.95. The firm’s 50 day moving average price is $34.13 and its two-hundred day moving average price is $31.89.

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

Clearway Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were issued a $0.4528 dividend. This is a boost from Clearway Energy’s previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date was Monday, December 1st. Clearway Energy’s dividend payout ratio is currently 77.35%.

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.