Truist Financial Issues Pessimistic Forecast for Clearway Energy (NYSE:CWEN) Stock Price

Clearway Energy (NYSE:CWEN) had its price target decreased by Truist Financial from $43.00 to $40.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price objective indicates a potential upside of 36.72% from the stock’s previous close.

Several other research analysts also recently commented on CWEN. Evercore reaffirmed a “positive” rating and issued a $40.00 price objective on shares of Clearway Energy in a research note on Monday, August 17th. Wall Street Zen raised Clearway Energy from a “sell” rating to a “hold” rating in a research report on Saturday, August 29th. Zacks Research upgraded Clearway Energy from a “strong sell” rating to a “hold” rating in a research note on Monday, August 10th. Weiss Ratings lowered shares of Clearway Energy from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, September 24th. Finally, Canadian Imperial Bank of Commerce set a $42.00 target price on shares of Clearway Energy in a research note on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $43.44.

Clearway Energy Price Performance

Shares of NYSE:CWEN opened at $29.26 on Monday. The company has a quick ratio of 1.02, a current ratio of 1.11 and a debt-to-equity ratio of 1.55. The stock has a market capitalization of $6.01 billion, a PE ratio of 38.50 and a beta of 0.87. The firm’s 50 day moving average price is $31.89 and its 200-day moving average price is $35.79. Clearway Energy has a twelve month low of $27.97 and a twelve month high of $41.74.

Clearway Energy (NYSE:CWEN) last announced its earnings results on Wednesday, August 5th. The company reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.76. Clearway Energy had a net margin of 5.78% and a return on equity of 1.60%. The company had revenue of $481.00 million during the quarter, compared to analyst estimates of $473.92 million. Equities research analysts expect that Clearway Energy will post -0.5 EPS for the current year.

Hedge Funds Weigh In On Clearway Energy

A number of hedge funds have recently made changes to their positions in CWEN. Huntington National Bank boosted its holdings in shares of Clearway Energy by 92.4% during the 4th quarter. Huntington National Bank now owns 858 shares of the company’s stock valued at $29,000 after purchasing an additional 412 shares during the last quarter. Allied Private Wealth LLC bought a new stake in shares of Clearway Energy in the second quarter worth about $35,000. Greenleaf Trust lifted its position in shares of Clearway Energy by 18.3% in the second quarter. Greenleaf Trust now owns 6,929 shares of the company’s stock worth $237,000 after buying an additional 1,070 shares in the last quarter. Fulton Bank N.A. lifted its position in shares of Clearway Energy by 8.4% in the second quarter. Fulton Bank N.A. now owns 15,563 shares of the company’s stock worth $532,000 after buying an additional 1,200 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Clearway Energy by 8.6% in the first quarter. The Manufacturers Life Insurance Company now owns 20,464 shares of the company’s stock worth $804,000 after buying an additional 1,626 shares in the last quarter. Institutional investors own 84.53% of the company’s stock.

About Clearway Energy

Clearway Energy, Inc (NYSE: CWEN) is an independent power generation and energy infrastructure company that owns and operates a diversified portfolio of renewable and conventional energy assets in the United States. Its business is focused on producing electricity and selling energy, capacity and related services under long-term agreements with utilities, municipalities, commercial and industrial customers, and other counterparties.

The company’s renewable portfolio includes wind and solar generation facilities, along with battery storage assets.