Clearway Energy (NYSE:CWEN) Reaches New 52-Week High – Should You Buy?

Clearway Energy, Inc. (NYSE:CWEN) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $39.50 and last traded at $39.09, with a volume of 1187441 shares. The stock had previously closed at $38.64.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Roth Mkm increased their price target on shares of Clearway Energy from $39.00 to $40.00 and gave the company a “buy” rating in a report on Monday, November 24th. Zacks Research cut Clearway Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. UBS Group reissued a “buy” rating and issued a $39.00 price objective on shares of Clearway Energy in a research report on Wednesday, December 10th. Wall Street Zen upgraded Clearway Energy from a “sell” rating to a “hold” rating in a research report on Sunday, January 18th. Finally, Canadian Imperial Bank of Commerce raised shares of Clearway Energy from a “neutral” rating to a “sector outperform” rating and upped their price target for the stock from $37.00 to $38.00 in a research report on Tuesday, December 16th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $37.71.

Clearway Energy Price Performance

The company has a market cap of $7.97 billion, a PE ratio of 16.71, a price-to-earnings-growth ratio of 1.46 and a beta of 0.94. The company has a quick ratio of 1.44, a current ratio of 1.54 and a debt-to-equity ratio of 1.41. The business’s 50 day moving average price is $34.38 and its 200-day moving average price is $32.45.

Hedge Funds Weigh In On Clearway Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd increased its stake in shares of Clearway Energy by 280.9% in the third quarter. Caitong International Asset Management Co. Ltd now owns 956 shares of the company’s stock worth $27,000 after buying an additional 705 shares during the last quarter. National Bank of Canada FI increased its position in shares of Clearway Energy by 201.9% in 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. Mather Group LLC. bought a new stake in shares of Clearway Energy in the 3rd quarter worth about $29,000. Huntington National Bank raised its stake in shares of Clearway Energy by 92.4% in the 4th quarter. Huntington National Bank now owns 858 shares of the company’s stock valued at $29,000 after purchasing an additional 412 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its position in shares of Clearway Energy by 94.5% during the fourth 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 hedge funds and other institutional investors.

About Clearway Energy

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.