Clearway Energy (NYSE:CWEN) Raised to Hold at Zacks Research

Clearway Energy (NYSE:CWEN) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

Other analysts have also recently issued research reports about the stock. Morgan Stanley upped their price objective on shares of Clearway Energy from $56.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, May 27th. Weiss Ratings upgraded Clearway Energy from a “hold (c-)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Canadian Imperial Bank of Commerce set a $42.00 price target on Clearway Energy in a research report on Friday, July 17th. Truist Financial initiated coverage on Clearway Energy in a research report on Monday, July 13th. They set a “buy” rating and a $43.00 price objective on the stock. Finally, Wall Street Zen raised Clearway Energy from a “strong sell” rating to a “sell” rating in a research note on Sunday. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $44.00.

Clearway Energy Stock Up 4.5%

CWEN stock opened at $34.53 on Monday. The firm has a market cap of $7.09 billion, a PE ratio of 45.43 and a beta of 0.89. The company has a debt-to-equity ratio of 1.55, a quick ratio of 1.02 and a current ratio of 1.11. The firm’s fifty day moving average is $34.79 and its 200 day moving average is $37.39. Clearway Energy has a one year low of $27.67 and a one year high of $41.74.

Clearway Energy (NYSE:CWEN) last released its quarterly earnings results on Wednesday, August 5th. The company reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.76. The firm had revenue of $481.00 million during the quarter, compared to the consensus estimate of $473.92 million. Clearway Energy had a net margin of 5.78% and a return on equity of 1.60%. On average, research analysts forecast that Clearway Energy will post -0.67 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Huntington National Bank increased its stake in Clearway Energy by 92.4% during the fourth quarter. Huntington National Bank now owns 858 shares of the company’s stock worth $29,000 after acquiring an additional 412 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its position in shares of Clearway Energy by 280.9% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 956 shares of the company’s stock worth $27,000 after purchasing an additional 705 shares during the last quarter. National Bank of Canada FI increased its position in shares of Clearway Energy by 201.9% during the 3rd quarter. National Bank of Canada FI now owns 975 shares of the company’s stock worth $28,000 after purchasing an additional 652 shares during the last quarter. Allied Private Wealth LLC purchased a new stake in Clearway Energy in the 2nd quarter valued at about $35,000. Finally, Geneos Wealth Management Inc. raised its holdings in Clearway Energy by 94.5% in the 4th quarter. Geneos Wealth Management Inc. now owns 1,235 shares of the company’s stock valued at $41,000 after buying an additional 600 shares during the period. 84.53% of the stock is currently 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.