Short Interest in Clearway Energy, Inc. (NYSE:CWEN) Decreases By 14.3%

Clearway Energy, Inc. (NYSE:CWEN) was the recipient of a large decline in short interest in the month of March. As of March 13th, there was short interest totaling 5,514,938 shares, a decline of 14.3% from the February 26th total of 6,435,824 shares. Based on an average daily trading volume, of 887,922 shares, the short-interest ratio is currently 6.2 days. Approximately 2.7% of the company’s stock are short sold.

Institutional Investors Weigh In On Clearway Energy

Institutional investors and hedge funds have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd boosted its stake in Clearway Energy by 280.9% in the third quarter. Caitong International Asset Management Co. Ltd now owns 956 shares of the company’s stock valued at $27,000 after acquiring an additional 705 shares during the period. National Bank of Canada FI lifted its holdings in shares of Clearway Energy by 201.9% in the 3rd quarter. National Bank of Canada FI now owns 975 shares of the company’s stock worth $28,000 after purchasing an additional 652 shares during the last quarter. Mather Group LLC. acquired a new position in Clearway Energy during the 3rd quarter valued at approximately $29,000. Huntington National Bank boosted its position in Clearway Energy by 92.4% during the 4th quarter. Huntington National Bank now owns 858 shares of the company’s stock valued at $29,000 after purchasing an additional 412 shares during the period. Finally, Geneos Wealth Management Inc. grew its stake in Clearway Energy by 94.5% during the 4th quarter. Geneos Wealth Management Inc. now owns 1,235 shares of the company’s stock worth $41,000 after buying an additional 600 shares during the last quarter. Institutional investors and hedge funds own 84.53% of the company’s stock.

Clearway Energy Stock Performance

NYSE:CWEN traded up $0.25 during trading hours on Wednesday, reaching $39.54. 562,330 shares of the stock were exchanged, compared to its average volume of 1,032,089. The stock has a market capitalization of $8.11 billion, a P/E ratio of 27.85, a P/E/G ratio of 2.68 and a beta of 0.95. The firm has a 50 day simple moving average of $38.33 and a 200-day simple moving average of $34.70. The company has a quick ratio of 1.06, a current ratio of 1.13 and a debt-to-equity ratio of 1.36. Clearway Energy has a 52 week low of $25.63 and a 52 week high of $41.51.

Clearway Energy (NYSE:CWEN) last issued its quarterly earnings results on Monday, February 23rd. The company reported ($0.89) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.68). Clearway Energy had a net margin of 11.83% and a return on equity of 3.01%. The firm had revenue of $310.00 million during the quarter, compared to the consensus estimate of $334.42 million. During the same quarter last year, the firm posted ($0.41) earnings per share. As a group, sell-side analysts forecast that Clearway Energy will post 0.83 earnings per share for the current fiscal year.

Clearway Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were issued a $0.4602 dividend. This is a boost from Clearway Energy’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $1.84 annualized dividend and a dividend yield of 4.7%. Clearway Energy’s dividend payout ratio (DPR) is presently 129.58%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CWEN shares. Zacks Research downgraded Clearway Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Clearway Energy in a research note on Wednesday, January 21st. Roth Mkm restated a “buy” rating and issued a $45.00 price target (up from $40.00) on shares of Clearway Energy in a research note on Tuesday, February 24th. UBS Group set a $45.00 price target on shares of Clearway Energy in a report on Tuesday, February 24th. Finally, Canadian Imperial Bank of Commerce upgraded shares of Clearway Energy from a “neutral” rating to a “sector outperform” rating and increased their price objective for the company from $37.00 to $38.00 in a research note on Tuesday, December 16th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $40.50.

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.