Clearway Energy (NYSE:CWEN) Reaches New 12-Month High – Time to Buy?

Clearway Energy, Inc. (NYSE:CWEN)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $37.69 and last traded at $37.0210, with a volume of 42415 shares changing hands. The stock had previously closed at $36.93.

Analysts Set New Price Targets

Several brokerages recently commented on CWEN. CIBC upgraded Clearway Energy from a “neutral” rating to a “sector outperform” rating and boosted their price target for the stock from $37.00 to $38.00 in a research report on Tuesday, December 16th. Roth Mkm upped their target price on shares of Clearway Energy from $39.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, November 24th. Weiss Ratings reiterated a “hold (c)” rating on shares of Clearway Energy in a report on Wednesday, January 21st. Zacks Research upgraded Clearway Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 5th. Finally, UBS Group reissued a “buy” rating and set a $39.00 price objective on shares of Clearway Energy in a research note on Wednesday, December 10th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $37.71.

Clearway Energy Stock Performance

The company has a current ratio of 1.54, a quick ratio of 1.44 and a debt-to-equity ratio of 1.41. The stock has a market capitalization of $7.48 billion, a price-to-earnings ratio of 15.68, a price-to-earnings-growth ratio of 1.35 and a beta of 0.95. The firm’s fifty day moving average price is $34.22 and its 200 day moving average price is $32.28.

Clearway Energy (NYSE:CWEN) last released its quarterly earnings results on Tuesday, November 4th. The company reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $1.68. Clearway Energy had a return on equity of 4.96% and a net margin of 20.07%.The company had revenue of $429.00 million for the quarter, compared to analysts’ expectations of $427.72 million. During the same period in the prior year, the firm earned $0.31 earnings per share. The firm’s revenue was down 11.7% compared to the same quarter last year. Analysts forecast that Clearway Energy, Inc. will post 0.83 EPS for the current fiscal year.

Institutional Investors Weigh In On Clearway Energy

A number of hedge funds and other institutional investors have recently modified their holdings of CWEN. Caitong International Asset Management Co. Ltd lifted its stake in Clearway Energy by 280.9% during the third 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 lifted 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 buying an additional 652 shares during the last quarter. Mather Group LLC. acquired a new stake in shares of Clearway Energy during the third quarter worth about $29,000. Hilltop National Bank acquired a new position in Clearway Energy during the second quarter worth approximately $35,000. Finally, Geneos Wealth Management Inc. grew its position in Clearway Energy by 94.5% during the 4th quarter. Geneos Wealth Management Inc. now owns 1,235 shares of the company’s stock worth $41,000 after purchasing an additional 600 shares during the last quarter. 84.53% of the stock is currently owned by institutional investors and hedge funds.

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.