Clearway Energy, Inc. (NYSE:CWEN) Sees Large Decrease in Short Interest

Clearway Energy, Inc. (NYSE:CWEN) was the recipient of a large decrease in short interest in the month of December. As of December 15th, there was short interest totaling 4,091,608 shares, a decrease of 23.1% from the November 30th total of 5,322,580 shares. Approximately 2.0% of the company’s stock are sold short. Based on an average trading volume of 854,447 shares, the days-to-cover ratio is presently 4.8 days. Based on an average trading volume of 854,447 shares, the days-to-cover ratio is presently 4.8 days. Approximately 2.0% of the company’s stock are sold short.

Clearway Energy Stock Performance

Shares of NYSE CWEN traded down $0.11 during trading on Wednesday, reaching $33.28. The stock had a trading volume of 558,636 shares, compared to its average volume of 899,023. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.44 and a current ratio of 1.54. The stock has a market cap of $6.78 billion, a PE ratio of 14.22, a P/E/G ratio of 0.38 and a beta of 0.95. Clearway Energy has a one year low of $24.40 and a one year high of $36.89. The firm’s 50 day moving average price is $33.98 and its two-hundred day moving average price is $31.83.

Clearway Energy (NYSE:CWEN) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $1.68. Clearway Energy had a net margin of 20.07% and a return on equity of 4.96%. The company had revenue of $429.00 million for the quarter, compared to the consensus estimate of $427.72 million. During the same period last year, the firm posted $0.31 EPS. The company’s revenue for the quarter was down 11.7% on a year-over-year basis. On average, research analysts forecast that Clearway Energy will post 0.83 earnings per share for the current fiscal year.

Clearway Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were paid a $0.4528 dividend. The ex-dividend date was Monday, December 1st. This is an increase from Clearway Energy’s previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a yield of 5.4%. Clearway Energy’s payout ratio is presently 77.35%.

Hedge Funds Weigh In On Clearway Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd increased its stake in Clearway Energy by 280.9% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 956 shares of the company’s stock worth $27,000 after purchasing an additional 705 shares in the last quarter. National Bank of Canada FI boosted its holdings in shares of Clearway Energy by 201.9% in the third 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. purchased a new position in shares of Clearway Energy in the third quarter worth approximately $29,000. Hilltop National Bank acquired a new stake in shares of Clearway Energy during the second quarter valued at approximately $35,000. Finally, Headlands Technologies LLC purchased a new stake in shares of Clearway Energy in the 2nd quarter valued at approximately $43,000. 84.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CWEN has been the subject of a number of recent analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Clearway Energy in a research note on Wednesday, October 8th. Royal Bank Of Canada assumed coverage on Clearway Energy in a research note on Wednesday, October 8th. They set an “outperform” rating and a $36.00 target price for the company. UBS Group reissued a “buy” rating and set a $39.00 price target on shares of Clearway Energy in a research report on Wednesday, December 10th. CIBC raised shares of Clearway Energy from a “neutral” rating to a “sector outperform” rating and upped their price target for the company from $37.00 to $38.00 in a report on Tuesday, December 16th. Finally, Wall Street Zen upgraded shares of Clearway Energy from a “sell” rating to a “hold” rating in a research note on Sunday, November 9th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Clearway Energy presently has a consensus rating of “Moderate Buy” and an average price target of $37.25.

Clearway Energy Company Profile

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.