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

Clearway Energy (NYSE:CWEN) had its price target dropped by stock analysts at Morgan Stanley from $58.00 to $52.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 66.09% from the stock’s current price.

CWEN has been the topic of several other research reports. Seaport Research Partners reduced their price objective on shares of Clearway Energy from $41.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, October 2nd. UBS Group set a $38.00 target price on shares of Clearway Energy in a research report on Wednesday. Wall Street Zen raised shares of Clearway Energy from a “sell” rating to a “hold” rating in a research note on Saturday, August 29th. Zacks Research upgraded Clearway Energy from a “hold” rating to a “strong-buy” rating in a report on Monday. Finally, Truist Financial cut their price target on Clearway Energy from $43.00 to $40.00 and set a “buy” rating for the company in a report on Monday, September 28th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $42.00.

Clearway Energy Trading Up 3.5%

NYSE:CWEN traded up $1.07 on Wednesday, reaching $31.31. The stock had a trading volume of 457,580 shares, compared to its average volume of 1,141,133. The company has a market cap of $6.43 billion, a price-to-earnings ratio of 41.20 and a beta of 0.88. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.11 and a quick ratio of 1.02. The firm’s fifty day moving average is $31.16 and its two-hundred day moving average is $34.83. Clearway Energy has a 12-month low of $28.57 and a 12-month high of $41.74.

Clearway Energy (NYSE:CWEN) last released its quarterly earnings results on Wednesday, August 5th. The company reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.76. The company had revenue of $481.00 million for the quarter, compared to analysts’ expectations of $473.92 million. Clearway Energy had a net margin of 5.78% and a return on equity of 1.60%. Equities analysts expect that Clearway Energy will post -0.37 EPS for the current fiscal year.

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 company. Nisa Investment Advisors LLC grew its stake in shares of Clearway Energy by 9.5% during the third quarter. Nisa Investment Advisors LLC now owns 101,817 shares of the company’s stock valued at $2,980,000 after acquiring an additional 8,797 shares in the last quarter. Diversify Advisory Services LLC lifted its stake in shares of Clearway Energy by 4.6% in the third quarter. Diversify Advisory Services LLC now owns 37,270 shares of the company’s stock worth $1,117,000 after acquiring an additional 1,649 shares in the last quarter. Investment Research Partners LLC lifted its stake in shares of Clearway Energy by 18.9% in the third quarter. Investment Research Partners LLC now owns 16,056 shares of the company’s stock worth $470,000 after acquiring an additional 2,548 shares in the last quarter. New England Research & Management Inc. lifted its stake in shares of Clearway Energy by 6.0% in the third quarter. New England Research & Management Inc. now owns 25,050 shares of the company’s stock worth $733,000 after acquiring an additional 1,425 shares in the last quarter. Finally, Avail Investment Partners LLC purchased a new position in Clearway Energy in the third quarter valued at about $205,000. 84.53% of the stock is owned by hedge funds and other institutional investors.

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.