Clearway Energy (NYSE:CWEN) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Clearway Energy (NYSE:CWEN) from a sell rating to a hold rating in a report released on Sunday morning.

Other equities research analysts have also issued reports about the stock. Royal Bank Of Canada started coverage on shares of Clearway Energy in a report on Wednesday, October 8th. They issued an “outperform” rating and a $36.00 price target on the stock. Evercore ISI started 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. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Clearway Energy in a report on Wednesday, October 8th. Cibc Captl Mkts upgraded Clearway Energy from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 16th. Finally, CIBC upgraded Clearway Energy from a “neutral” rating to a “sector outperform” rating and upped their price objective for the stock from $37.00 to $38.00 in a research report on Tuesday, December 16th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $37.25.

Clearway Energy Price Performance

Shares of NYSE:CWEN opened at $35.53 on Friday. Clearway Energy has a twelve month low of $24.50 and a twelve month high of $36.89. The company has a current ratio of 1.54, a quick ratio of 1.44 and a debt-to-equity ratio of 1.41. The company has a market cap of $7.24 billion, a PE ratio of 15.18, a price-to-earnings-growth ratio of 1.36 and a beta of 0.95. The company’s 50 day moving average is $34.15 and its 200 day moving average is $32.00.

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

Clearway Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were given a $0.4528 dividend. This represents a $1.81 annualized dividend and a dividend yield of 5.1%. This is a positive change from Clearway Energy’s previous quarterly dividend of $0.45. The ex-dividend date was Monday, December 1st. Clearway Energy’s dividend payout ratio (DPR) is 77.35%.

Hedge Funds Weigh In On Clearway Energy

Hedge funds and other institutional investors have recently made changes to their positions in the company. Frank Rimerman Advisors LLC purchased a new stake in shares of Clearway Energy during the fourth quarter worth approximately $423,000. Spirit of America Management Corp NY grew its holdings in shares of Clearway Energy by 14.4% during the fourth quarter. Spirit of America Management Corp NY now owns 23,800 shares of the company’s stock worth $792,000 after buying an additional 3,000 shares in the last quarter. TrueMark Investments LLC acquired a new stake in shares of Clearway Energy in the fourth quarter valued at about $849,000. Quad Cities Investment Group LLC raised its position in shares of Clearway Energy by 24.1% in the fourth quarter. Quad Cities Investment Group LLC now owns 20,299 shares of the company’s stock valued at $675,000 after buying an additional 3,943 shares during the last quarter. Finally, Exchange Traded Concepts LLC lifted its stake in shares of Clearway Energy by 6.4% in the fourth quarter. Exchange Traded Concepts LLC now owns 74,637 shares of the company’s stock worth $2,482,000 after buying an additional 4,493 shares in the last quarter. Hedge funds and other institutional investors own 84.53% of the company’s stock.

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.