Clearway Energy, Inc. (NYSE:CWEN) Short Interest Down 14.3% in March

Clearway Energy, Inc. (NYSE:CWEN) was the target of a large decline in short interest during the month of March. As of March 13th, there was short interest totaling 5,514,938 shares, a decline of 14.3% from the February 26th total of 6,435,824 shares. Based on an average trading volume of 887,922 shares, the days-to-cover ratio is presently 6.2 days. Currently, 2.7% of the shares of the stock are short sold.

Clearway Energy Trading Up 1.3%

Shares of Clearway Energy stock traded up $0.52 on Tuesday, reaching $39.44. The company had a trading volume of 143,487 shares, compared to its average volume of 1,029,085. The firm has a market cap of $8.09 billion, a price-to-earnings ratio of 27.89, a P/E/G ratio of 2.70 and a beta of 0.95. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.13 and a quick ratio of 1.06. The firm’s 50-day moving average price is $38.26 and its two-hundred day moving average price is $34.63. Clearway Energy has a 1 year low of $25.63 and a 1 year high of $41.51.

Clearway Energy (NYSE:CWEN) last released its quarterly earnings results on Monday, February 23rd. The company reported ($0.89) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.68). The company had revenue of $310.00 million for the quarter, compared to analysts’ expectations of $334.42 million. Clearway Energy had a net margin of 11.83% and a return on equity of 3.01%. During the same quarter in the previous year, the company posted ($0.41) EPS. As a group, research analysts predict that Clearway Energy will post 0.83 earnings per share for the current fiscal year.

Clearway Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were paid a $0.4602 dividend. This is an increase from Clearway Energy’s previous quarterly dividend of $0.45. This represents a $1.84 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend was Monday, March 2nd. Clearway Energy’s payout ratio is currently 129.58%.

Analyst Ratings Changes

A number of research firms have recently commented on CWEN. UBS Group set a $45.00 target price on Clearway Energy in a research report on Tuesday, February 24th. Roth Mkm restated a “buy” rating and issued a $45.00 price target (up from $40.00) on shares of Clearway Energy in a research report on Tuesday, February 24th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Clearway Energy in a research note on Wednesday, January 21st. Royal Bank Of Canada increased their price objective on shares of Clearway Energy from $38.00 to $42.00 and gave the company an “outperform” rating in a research report on Tuesday, February 24th. Finally, Wall Street Zen cut shares of Clearway Energy from a “hold” rating to a “strong sell” rating in a research note on Saturday, February 28th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $40.50.

Hedge Funds Weigh In On Clearway Energy

A number of large investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in 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 valued at $1,070,000 after purchasing an additional 3,787 shares during the last quarter. Creative Planning lifted its stake in Clearway Energy by 8.5% in the second quarter. Creative Planning now owns 20,281 shares of the company’s stock worth $649,000 after purchasing an additional 1,582 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of Clearway Energy by 140.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,818 shares of the company’s stock valued at $218,000 after buying an additional 3,982 shares during the period. Capital Fund Management S.A. bought a new position in shares of Clearway Energy during the second quarter valued at approximately $454,000. Finally, Edgestream Partners L.P. grew its stake in shares of Clearway Energy by 65.6% during the second quarter. Edgestream Partners L.P. now owns 81,240 shares of the company’s stock valued at $2,600,000 after buying an additional 32,195 shares during the last quarter. 84.53% of the stock is owned by hedge funds and other 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.