Truist Financial Forecasts Strong Price Appreciation for Clearway Energy (NYSE:CWEN) Stock

Clearway Energy (NYSE:CWEN) had its price objective upped by investment analysts at Truist Financial from $40.00 to $42.00 in a report released on Friday, Marketbeat Ratings reports. The brokerage presently has a “buy” rating on the stock. Truist Financial‘s price target indicates a potential upside of 25.56% from the stock’s previous close.

A number of other equities analysts have also recently commented on CWEN. Canadian Imperial Bank of Commerce set a $42.00 target price on Clearway Energy in a report on Friday, July 17th. Evercore reiterated a “positive” rating and set a $40.00 target price on shares of Clearway Energy in a research report on Monday, August 17th. Morgan Stanley cut their price target on Clearway Energy from $58.00 to $52.00 and set an “overweight” rating for the company in a report on Wednesday, October 21st. Weiss Ratings cut Clearway Energy from a “hold (c)” rating to a “sell (d+)” rating in a research report on Tuesday. Finally, UBS Group reduced their price target on Clearway Energy from $45.00 to $38.00 and set a “buy” rating for the company in a research report on Wednesday, October 21st. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $42.22.

Clearway Energy Stock Performance

CWEN traded up $0.07 during trading on Friday, hitting $33.45. The company’s stock had a trading volume of 845,272 shares, compared to its average volume of 1,547,874. The company has a quick ratio of 1.02, a current ratio of 1.47 and a debt-to-equity ratio of 1.58. Clearway Energy has a one year low of $28.57 and a one year high of $41.74. The firm has a market cap of $6.87 billion, a PE ratio of -40.79 and a beta of 0.81. The business’s 50 day simple moving average is $31.37 and its 200-day simple moving average is $35.49.

Clearway Energy (NYSE:CWEN) last issued its quarterly earnings results on Monday, November 9th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.41). Clearway Energy had a negative return on equity of 1.66% and a negative net margin of 5.64%. The business had revenue of $522.00 million for the quarter, compared to analysts’ expectations of $513.11 million. As a group, sell-side analysts predict that Clearway Energy will post -0.42 EPS for the current fiscal year.

Institutional Trading of Clearway Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Essex Financial Services Inc. raised its position in shares of Clearway Energy by 4.3% during the 3rd quarter. Essex Financial Services Inc. now owns 20,398 shares of the company’s stock valued at $597,000 after purchasing an additional 850 shares during the period. Fort Sheridan Advisors LLC lifted its stake in shares of Clearway Energy by 6.8% during the 3rd quarter. Fort Sheridan Advisors LLC now owns 28,405 shares of the company’s stock valued at $831,000 after buying an additional 1,810 shares in the last quarter. Kayne Anderson Capital Advisors LP purchased a new position in shares of Clearway Energy during the 3rd quarter valued at $4,689,000. Advisors Asset Management Inc. bought a new position in Clearway Energy in the 3rd quarter worth $14,107,000. Finally, Private Advisor Group LLC bought a new position in Clearway Energy in the 3rd quarter worth $420,000. 84.53% of the stock is owned by hedge funds and other institutional investors.

Clearway Energy Company Profile

Clearway Energy, Inc. owns and operates electricity-generation facilities in the United States. Its portfolio includes renewable energy assets, primarily wind and solar, as well as energy storage and conventional power-generation and thermal infrastructure. The company sells electricity and related services to utilities and other customers, often through long-term contractual arrangements. Its facilities are located across multiple U.S. regions. Clearway Energy was formerly known as NRG Yield, Inc. and adopted its current name in 2018.