Wall Street Zen Upgrades Clearway Energy (NYSE:CWEN) to “Hold”

Clearway Energy (NYSE:CWEN) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.

A number of other equities analysts have also recently commented on the stock. Zacks Research upgraded shares of Clearway Energy from a “strong sell” rating to a “hold” rating in a research report on Monday, August 10th. Truist Financial began coverage on shares of Clearway Energy in a report on Monday, July 13th. They issued a “buy” rating and a $43.00 price target on the stock. UBS Group boosted their price objective on shares of Clearway Energy from $44.00 to $45.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Canadian Imperial Bank of Commerce set a $42.00 price objective on shares of Clearway Energy in a report on Friday, July 17th. Finally, Weiss Ratings raised shares of Clearway Energy from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Clearway Energy presently has an average rating of “Buy” and a consensus target price of $44.50.

Clearway Energy Stock Performance

NYSE CWEN opened at $31.75 on Friday. Clearway Energy has a 1 year low of $27.67 and a 1 year high of $41.74. 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 stock has a market capitalization of $6.52 billion, a PE ratio of 41.78 and a beta of 0.89. The company’s 50 day simple moving average is $33.42 and its two-hundred day simple moving average is $37.04.

Clearway Energy (NYSE:CWEN) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.00 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $473.92 million. Analysts predict that Clearway Energy will post -0.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Clearway Energy

A number of institutional investors have recently modified their holdings of CWEN. Huntington National Bank increased its holdings in shares of Clearway Energy by 92.4% during the fourth quarter. Huntington National Bank now owns 858 shares of the company’s stock valued at $29,000 after acquiring an additional 412 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in Clearway Energy by 280.9% during the 3rd 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 last quarter. National Bank of Canada FI grew its position in Clearway Energy by 201.9% during the 3rd quarter. National Bank of Canada FI now owns 975 shares of the company’s stock valued at $28,000 after purchasing an additional 652 shares during the last quarter. Allied Private Wealth LLC purchased a new stake in Clearway Energy during the 2nd quarter valued at about $35,000. Finally, Headlands Technologies LLC bought a new stake in Clearway Energy during the 2nd quarter valued at about $43,000. 84.53% of the stock is 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.