Clearway Energy (NYSE:CWEN) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Clearway Energy (NYSE:CWEN) from a sell rating to a hold rating in a research report released on Saturday,Wall Street Zen reports.

A number of other research analysts have also weighed in on CWEN. Canadian Imperial Bank of Commerce set a $42.00 price objective on shares of Clearway Energy in a research note on Friday, July 17th. Evercore reaffirmed a “positive” rating and issued a $40.00 price target on shares of Clearway Energy in a report on Monday, August 17th. Weiss Ratings upgraded Clearway Energy from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Zacks Research upgraded Clearway Energy from a “strong sell” rating to a “hold” rating in a research note on Monday, August 10th. Finally, Truist Financial started coverage on Clearway Energy in a report on Monday, July 13th. They set a “buy” rating and a $43.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $44.50.

Clearway Energy Price Performance

Shares of NYSE:CWEN opened at $31.82 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.11 and a debt-to-equity ratio of 1.55. The firm has a market capitalization of $6.53 billion, a PE ratio of 41.87 and a beta of 0.89. Clearway Energy has a twelve month low of $27.67 and a twelve month high of $41.74. The company has a 50-day moving average price of $33.32 and a two-hundred day moving average price of $36.99.

Clearway Energy (NYSE:CWEN) last posted its earnings results on Wednesday, August 5th. The company reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.76. The firm had revenue of $481.00 million during the quarter, compared to the consensus estimate of $473.92 million. Clearway Energy had a net margin of 5.78% and a return on equity of 1.60%. Equities analysts forecast that Clearway Energy will post -0.5 EPS for the current year.

Clearway Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.475 per share. This is a boost from Clearway Energy’s previous quarterly dividend of $0.47. The ex-dividend date is Tuesday, September 1st. This represents a $1.90 dividend on an annualized basis and a dividend yield of 6.0%. Clearway Energy’s dividend payout ratio is 246.05%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CWEN. Lazard Freres Gestion S.A.S. raised its stake in Clearway Energy by 1.4% in the fourth quarter. Lazard Freres Gestion S.A.S. now owns 19,770 shares of the company’s stock valued at $657,000 after purchasing an additional 270 shares in the last quarter. Ballentine Partners LLC grew its stake in Clearway Energy by 2.0% in the 4th quarter. Ballentine Partners LLC now owns 17,096 shares of the company’s stock worth $569,000 after buying an additional 333 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al increased its holdings in shares of Clearway Energy by 1.4% in the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 28,500 shares of the company’s stock worth $948,000 after buying an additional 400 shares during the last quarter. Huntington National Bank increased its holdings in shares of Clearway Energy by 92.4% in the 4th quarter. Huntington National Bank now owns 858 shares of the company’s stock worth $29,000 after buying an additional 412 shares during the last quarter. Finally, NewEdge Wealth LLC increased its holdings in shares of Clearway Energy by 7.0% in the 4th quarter. NewEdge Wealth LLC now owns 8,096 shares of the company’s stock worth $269,000 after buying an additional 532 shares during the last quarter. 84.53% of the stock is currently owned by institutional investors.

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.