Clearway Energy (NYSE:CWEN) Reaches New 1-Year High – Here’s What Happened

Shares of Clearway Energy, Inc. (NYSE:CWEN) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $36.90 and last traded at $36.7050, with a volume of 94610 shares traded. The stock had previously closed at $36.18.

Analyst Ratings Changes

CWEN has been the subject of several recent research reports. CIBC upgraded shares of Clearway Energy from a “neutral” rating to a “sector outperform” rating and boosted their target price for the company from $37.00 to $38.00 in a research report on Tuesday, December 16th. Weiss Ratings reissued a “hold (c)” rating on shares of Clearway Energy in a report on Wednesday, January 21st. Roth Mkm lifted their price objective on shares of Clearway Energy from $39.00 to $40.00 and gave the company a “buy” rating in a report on Monday, November 24th. UBS Group restated a “buy” rating and issued a $39.00 price target on shares of Clearway Energy in a report on Wednesday, December 10th. Finally, Evercore ISI assumed coverage on Clearway Energy in a research report on Monday, October 6th. They issued an “in-line” rating and a $34.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Clearway Energy currently has an average rating of “Moderate Buy” and an average price target of $37.71.

Clearway Energy Trading Up 1.5%

The business’s 50-day moving average is $34.16 and its two-hundred day moving average is $32.11. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.54 and a quick ratio of 1.44. The firm has a market cap of $7.48 billion, a P/E ratio of 15.68, a P/E/G ratio of 1.36 and a beta of 0.95.

Clearway Energy (NYSE:CWEN) last announced its earnings results on Tuesday, November 4th. The company reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $1.68. The company had revenue of $429.00 million during the quarter, compared to analysts’ expectations of $427.72 million. Clearway Energy had a net margin of 20.07% and a return on equity of 4.96%. Clearway Energy’s quarterly revenue was down 11.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.31 earnings per share. As a group, analysts predict that Clearway Energy, Inc. will post 0.83 earnings per share for the current fiscal year.

Clearway Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were paid a $0.4528 dividend. The ex-dividend date was Monday, December 1st. This represents a $1.81 annualized dividend and a dividend yield of 4.9%. This is an increase from Clearway Energy’s previous quarterly dividend of $0.45. Clearway Energy’s dividend payout ratio (DPR) is presently 77.35%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Asset Management One Co. Ltd. lifted its stake in Clearway Energy by 34.7% in the fourth quarter. Asset Management One Co. Ltd. now owns 39,850 shares of the company’s stock worth $1,339,000 after purchasing an additional 10,261 shares during the last quarter. PFG Investments LLC raised its holdings in Clearway Energy by 1.8% in the 4th quarter. PFG Investments LLC now owns 36,436 shares of the company’s stock worth $1,212,000 after purchasing an additional 633 shares during the period. Castellan Group grew its position in shares of Clearway Energy by 4.3% during the fourth quarter. Castellan Group now owns 130,242 shares of the company’s stock worth $4,332,000 after purchasing an additional 5,386 shares in the last quarter. Oak Thistle LLC boosted its position in shares of Clearway Energy by 4.2% during the fourth quarter. Oak Thistle LLC now owns 53,324 shares of the company’s stock worth $1,774,000 after acquiring an additional 2,153 shares during the last quarter. Finally, Frank Rimerman Advisors LLC bought a new stake in Clearway Energy in the fourth quarter worth $423,000. 84.53% of the stock is currently 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.