First Trust Advisors LP Cuts Stake in Clearway Energy, Inc. $CWEN

First Trust Advisors LP lessened its stake in Clearway Energy, Inc. (NYSE:CWEN) by 22.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,681,206 shares of the company’s stock after selling 490,095 shares during the quarter. First Trust Advisors LP owned 0.83% of Clearway Energy worth $47,494,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Mather Group LLC. purchased a new stake in Clearway Energy during the 3rd quarter valued at about $29,000. Headlands Technologies LLC purchased a new position in Clearway Energy in the second quarter worth about $43,000. NewEdge Wealth LLC lifted its stake in shares of Clearway Energy by 11.5% in the third quarter. NewEdge Wealth LLC now owns 7,564 shares of the company’s stock worth $214,000 after buying an additional 783 shares in the last quarter. Jump Financial LLC bought a new position in shares of Clearway Energy in the second quarter worth approximately $215,000. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of Clearway Energy by 140.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,818 shares of the company’s stock valued at $218,000 after buying an additional 3,982 shares during the last quarter. Institutional investors own 84.53% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on CWEN. Wall Street Zen downgraded shares of Clearway Energy from a “hold” rating to a “strong sell” rating in a research report on Saturday, February 28th. UBS Group set a $45.00 target price on Clearway Energy in a research note on Tuesday, February 24th. Zacks Research cut Clearway Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Canadian Imperial Bank of Commerce raised 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, Royal Bank Of Canada increased their price objective on Clearway Energy from $38.00 to $42.00 and gave the company an “outperform” rating in a research report on Tuesday, February 24th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Clearway Energy currently has a consensus rating of “Moderate Buy” and an average target price of $40.14.

Clearway Energy Trading Up 0.8%

Shares of NYSE:CWEN opened at $37.85 on Thursday. The stock’s 50-day simple moving average is $36.88 and its two-hundred day simple moving average is $33.70. The stock has a market capitalization of $7.77 billion, a price-to-earnings ratio of 26.66, a PEG ratio of 1.63 and a beta of 0.95. Clearway Energy, Inc. has a 52-week low of $25.63 and a 52-week high of $41.51. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.06 and a current ratio of 1.13.

Clearway Energy (NYSE:CWEN) last released its quarterly earnings results on Monday, February 23rd. The company reported ($0.89) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.68). Clearway Energy had a net margin of 11.83% and a return on equity of 3.01%. The business had revenue of $310.00 million for the quarter, compared to analysts’ expectations of $334.42 million. During the same period in the previous year, the company earned ($0.41) EPS. Analysts expect that Clearway Energy, Inc. will post 0.83 EPS for the current year.

Clearway Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be issued a dividend of $0.4602 per share. This is an increase from Clearway Energy’s previous quarterly dividend of $0.45. This represents a $1.84 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Monday, March 2nd. Clearway Energy’s dividend payout ratio is currently 129.58%.

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.