Clearway Energy (NYSE:CWEN) Stock Gets Price Target Cut from Morgan Stanley

Clearway Energy (NYSE:CWEN) had its target price decreased by Morgan Stanley from $58.00 to $52.00 in a report released on Wednesday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

CWEN has been the subject of a number of other research reports. Jefferies Financial Group reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Clearway Energy in a research note on Friday, September 4th. Seaport Research Partners decreased their target price on Clearway Energy from $41.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, October 2nd. Wall Street Zen raised Clearway Energy from a “sell” rating to a “hold” rating in a research note on Saturday, August 29th. Weiss Ratings cut Clearway Energy from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, September 24th. Finally, Zacks Research upgraded Clearway Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 19th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Clearway Energy has an average rating of “Buy” and an average target price of $42.00.

Clearway Energy Stock Down 1.0%

CWEN opened at $31.13 on Wednesday. The stock has a market cap of $6.39 billion, a price-to-earnings ratio of 40.96 and a beta of 0.88. 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 $30.99 and its 200 day moving average is $34.68. Clearway Energy has a fifty-two week low of $28.57 and a fifty-two week high of $41.74.

Clearway Energy (NYSE:CWEN) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.76. The business had revenue of $481.00 million during the quarter, compared to analyst estimates of $473.92 million. Clearway Energy had a return on equity of 1.60% and a net margin of 5.78%. On average, sell-side analysts forecast that Clearway Energy will post -0.25 earnings per share for the current fiscal year.

Clearway Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were issued a $0.4750 dividend. The ex-dividend date was Tuesday, September 1st. This represents a $1.90 dividend on an annualized basis and a yield of 6.1%. This is an increase from Clearway Energy’s previous quarterly dividend of $0.4676. Clearway Energy’s payout ratio is presently 250.00%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Invested Advisors grew its position in shares of Clearway Energy by 7.0% during the third quarter. Invested Advisors now owns 8,844 shares of the company’s stock valued at $259,000 after purchasing an additional 582 shares in the last quarter. RWC Asset Management LLP increased its holdings in shares of Clearway Energy by 1.9% in the third quarter. RWC Asset Management LLP now owns 512,440 shares of the company’s stock worth $14,999,000 after purchasing an additional 9,660 shares during the last quarter. Tectonic Advisors LLC increased its holdings in shares of Clearway Energy by 12.8% in the third quarter. Tectonic Advisors LLC now owns 567,137 shares of the company’s stock worth $16,600,000 after purchasing an additional 64,439 shares during the last quarter. SBI Securities Co. Ltd. lifted its position in shares of Clearway Energy by 119.9% in the third quarter. SBI Securities Co. Ltd. now owns 4,633 shares of the company’s stock worth $136,000 after buying an additional 2,526 shares in the last quarter. Finally, Measured Risk Portfolios Inc. lifted its position in shares of Clearway Energy by 25.8% in the third quarter. Measured Risk Portfolios Inc. now owns 78,733 shares of the company’s stock worth $2,305,000 after buying an additional 16,134 shares in the last quarter. Institutional investors own 84.53% of the company’s stock.

About Clearway Energy

Clearway Energy, Inc (NYSE:CWEN) owns and operates a diversified portfolio of renewable and conventional energy assets in the United States. Its generating facilities produce electricity for utilities, commercial customers and other power purchasers under long-term agreements.

The company’s renewable energy operations include wind and utility-scale solar facilities, while its conventional power portfolio includes natural-gas generation and other dispatchable assets. Clearway also owns district energy systems that provide services such as electricity, steam and chilled water to customers in select markets.

Clearway Energy was established in 2013 as NRG Yield and adopted its current name in 2018.