Clearway Energy (NYSE:CWEN) Given New $42.00 Price Target at Truist Financial

Clearway Energy (NYSE:CWEN) had its price objective upped by Truist Financial from $40.00 to $42.00 in a research report report published on Friday, Marketbeat reports. Truist Financial currently has a buy rating on the stock.

Other equities analysts also recently issued research reports about the company. Seaport Research Partners lowered their price target on Clearway Energy from $41.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, October 2nd. Jefferies Financial Group reiterated a “buy” rating and set a $38.00 target price on shares of Clearway Energy in a research note on Friday, September 4th. Canadian Imperial Bank of Commerce set a $42.00 target price on Clearway Energy in a research note on Friday, July 17th. Zacks Research raised Clearway Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, October 19th. Finally, UBS Group dropped their price target on Clearway Energy from $45.00 to $38.00 and set a “buy” rating on the stock in a research note on Wednesday, October 21st. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $42.22.

Clearway Energy Stock Up 0.2%

CWEN traded up $0.07 during trading on Friday, reaching $33.45. 845,272 shares of the stock were exchanged, compared to its average volume of 1,547,874. The stock has a market cap of $6.87 billion, a P/E ratio of -40.79 and a beta of 0.81. Clearway Energy has a twelve month low of $28.57 and a twelve month high of $41.74. The stock’s 50 day moving average price is $31.37 and its two-hundred day moving average price is $35.49. The company has a debt-to-equity ratio of 1.58, a quick ratio of 1.02 and a current ratio of 1.47.

Clearway Energy (NYSE:CWEN) last posted its quarterly earnings results on Monday, November 9th. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.41). The firm had revenue of $522.00 million for the quarter, compared to the consensus estimate of $513.11 million. Clearway Energy had a negative return on equity of 1.66% and a negative net margin of 5.64%. Equities analysts expect that Clearway Energy will post -0.42 EPS for the current year.

Clearway Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be given a $0.4824 dividend. The ex-dividend date is Tuesday, December 1st. This is a positive change from Clearway Energy’s previous quarterly dividend of $0.4750. This represents a $1.93 dividend on an annualized basis and a dividend yield of 5.8%. Clearway Energy’s dividend payout ratio (DPR) is presently -231.71%.

Institutional Investors Weigh In On Clearway Energy

Several institutional investors and hedge funds have recently bought and sold shares of the company. Essex Financial Services Inc. grew its stake in Clearway Energy by 4.3% during the third quarter. Essex Financial Services Inc. now owns 20,398 shares of the company’s stock worth $597,000 after buying an additional 850 shares in the last quarter. Fort Sheridan Advisors LLC raised its position in shares of Clearway Energy by 6.8% in the 3rd quarter. Fort Sheridan Advisors LLC now owns 28,405 shares of the company’s stock valued at $831,000 after buying an additional 1,810 shares in the last quarter. Kayne Anderson Capital Advisors LP acquired a new position in shares of Clearway Energy in the 3rd quarter valued at approximately $4,689,000. Advisors Asset Management Inc. acquired a new position in shares of Clearway Energy in the 3rd quarter valued at approximately $14,107,000. Finally, Private Advisor Group LLC bought a new stake in shares of Clearway Energy during the 3rd quarter worth approximately $420,000. Institutional investors own 84.53% of the company’s stock.

Clearway Energy Company Profile

Clearway Energy, Inc. owns and operates electricity-generation facilities in the United States. Its portfolio includes renewable energy assets, primarily wind and solar, as well as energy storage and conventional power-generation and thermal infrastructure. The company sells electricity and related services to utilities and other customers, often through long-term contractual arrangements. Its facilities are located across multiple U.S. regions. Clearway Energy was formerly known as NRG Yield, Inc. and adopted its current name in 2018.