Clearway Energy (NYSE:CWEN) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Clearway Energy (NYSE:CWEN) from a hold rating to a strong-buy rating in a research report sent to investors on Monday,Zacks reports.

Other equities research analysts have also recently issued reports about the stock. Jefferies Financial Group reaffirmed a “buy” rating and set a $38.00 price target on shares of Clearway Energy in a research note on Friday, September 4th. UBS Group lifted their price target on shares of Clearway Energy from $44.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Canadian Imperial Bank of Commerce set a $42.00 price objective on shares of Clearway Energy in a research report on Friday, July 17th. Evercore reissued a “positive” rating and set a $40.00 price objective on shares of Clearway Energy in a research note on Monday, August 17th. Finally, Truist Financial reduced their price objective on shares of Clearway Energy from $43.00 to $40.00 and set a “buy” rating on the stock in a research note on Monday, September 28th. Two investment 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 company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $43.44.

Clearway Energy Price Performance

CWEN stock opened at $30.23 on Monday. The stock’s 50 day moving average price is $31.16 and its 200 day moving average price is $34.83. The firm has a market cap of $6.21 billion, a P/E ratio of 39.78 and a beta of 0.88. The company has a debt-to-equity ratio of 1.55, a quick ratio of 1.02 and a current ratio of 1.11. Clearway Energy has a 1 year low of $28.57 and a 1 year 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 for the quarter, topping the consensus estimate of $0.24 by $0.76. Clearway Energy had a return on equity of 1.60% and a net margin of 5.78%. The company had revenue of $481.00 million during the quarter, compared to the consensus estimate of $473.92 million. On average, sell-side analysts expect that Clearway Energy will post -0.37 earnings per share for the current fiscal year.

Clearway Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were paid a $0.4750 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 6.3%. This is an increase from Clearway Energy’s previous quarterly dividend of $0.4676. The ex-dividend date was Tuesday, September 1st. Clearway Energy’s payout ratio is 250.00%.

Institutional Trading of Clearway Energy

Large investors have recently bought and sold shares of the company. Fortitude Family Office LLC increased its holdings in Clearway Energy by 590.5% in the third quarter. Fortitude Family Office LLC now owns 1,160 shares of the company’s stock valued at $34,000 after buying an additional 992 shares during the last quarter. Allied Private Wealth LLC acquired a new stake in Clearway Energy in the second quarter worth $35,000. Eastern Bank bought a new stake in Clearway Energy in the 2nd quarter valued at about $57,000. Community Financial Services Group LLC lifted its position in Clearway Energy by 40.0% in the 3rd quarter. Community Financial Services Group LLC now owns 2,100 shares of the company’s stock valued at $61,000 after purchasing an additional 600 shares during the last quarter. Finally, First Bancorp Inc ME acquired a new position in Clearway Energy during the 2nd quarter valued at about $65,000. Institutional investors and hedge funds own 84.53% of the company’s stock.

Clearway Energy Company Profile

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.