Clearway Energy, Inc. (NYSE:CWEN) Short Interest Down 14.3% in March

Clearway Energy, Inc. (NYSE:CWEN) was the target of a significant drop in short interest in the month of March. As of March 13th, there was short interest totaling 5,514,938 shares, a drop of 14.3% from the February 26th total of 6,435,824 shares. Approximately 2.7% of the shares of the company are short sold. Based on an average trading volume of 887,922 shares, the days-to-cover ratio is presently 6.2 days.

Clearway Energy Price Performance

Shares of NYSE CWEN opened at $39.97 on Thursday. The company has a current ratio of 1.13, a quick ratio of 1.06 and a debt-to-equity ratio of 1.36. The stock has a fifty day simple moving average of $38.42 and a two-hundred day simple moving average of $34.74. Clearway Energy has a 1-year low of $25.63 and a 1-year high of $41.51. The firm has a market cap of $8.20 billion, a price-to-earnings ratio of 28.15, a price-to-earnings-growth ratio of 2.71 and a beta of 0.95.

Clearway Energy (NYSE:CWEN) last issued its earnings results on Monday, February 23rd. The company reported ($0.89) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.68). The firm had revenue of $310.00 million during the quarter, compared to the consensus estimate of $334.42 million. Clearway Energy had a net margin of 11.83% and a return on equity of 3.01%. During the same quarter in the previous year, the firm earned ($0.41) earnings per share. Analysts anticipate that Clearway Energy will post 0.83 earnings per share for the current year.

Clearway Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were issued a dividend of $0.4602 per share. This represents a $1.84 annualized dividend and a yield of 4.6%. This is a boost from Clearway Energy’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Monday, March 2nd. Clearway Energy’s payout ratio is currently 129.58%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CWEN. Roth Mkm restated a “buy” rating and issued a $45.00 price objective (up from $40.00) on shares of Clearway Energy in a research note on Tuesday, February 24th. Zacks Research downgraded shares of Clearway Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. UBS Group set a $45.00 price target on shares of Clearway Energy in a research report on Tuesday, February 24th. Weiss Ratings restated a “hold (c)” rating on shares of Clearway Energy in a report on Wednesday, January 21st. Finally, Royal Bank Of Canada lifted their price objective on shares of Clearway Energy from $38.00 to $42.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 24th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Clearway Energy presently has an average rating of “Moderate Buy” and an average target price of $40.50.

Hedge Funds Weigh In On Clearway Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd raised its position 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 valued at $27,000 after purchasing an additional 705 shares during the period. National Bank of Canada FI boosted its holdings in 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 buying an additional 652 shares during the period. Mather Group LLC. bought a new position in Clearway Energy in the 3rd quarter worth approximately $29,000. Huntington National Bank grew its stake in 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 buying an additional 412 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its stake 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 in the last quarter. Institutional investors own 84.53% of the company’s stock.

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.