Clearway Energy’s (CWEN) Buy Rating Reiterated at Roth Mkm

Roth Mkm restated their buy rating on shares of Clearway Energy (NYSE:CWEN) in a report issued on Friday morning, Benzinga reports. They currently have a $32.00 target price on the stock, up from their previous target price of $30.00.

Several other research analysts have also recently commented on CWEN. Evercore ISI increased their target price on shares of Clearway Energy from $25.00 to $30.00 and gave the stock an outperform rating in a report on Tuesday, May 14th. Morgan Stanley upgraded Clearway Energy from an equal weight rating to an overweight rating and upped their target price for the stock from $25.00 to $36.00 in a report on Wednesday, July 31st. Finally, StockNews.com downgraded Clearway Energy from a hold rating to a sell rating in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $31.17.

Clearway Energy Price Performance

Shares of NYSE:CWEN traded up $1.33 during midday trading on Friday, reaching $28.76. 512,797 shares of the company’s stock were exchanged, compared to its average volume of 879,120. The firm has a market capitalization of $5.81 billion, a PE ratio of 43.06 and a beta of 0.85. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.65 and a current ratio of 1.46. Clearway Energy has a 12 month low of $18.59 and a 12 month high of $28.77. The company’s 50 day simple moving average is $26.11 and its two-hundred day simple moving average is $24.49.

Clearway Energy (NYSE:CWEN) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.23). Clearway Energy had a net margin of 7.21% and a return on equity of 1.80%. The firm had revenue of $366.00 million for the quarter, compared to the consensus estimate of $424.59 million. During the same period in the prior year, the business earned $0.33 earnings per share. The company’s revenue for the quarter was down 9.9% on a year-over-year basis. Equities research analysts expect that Clearway Energy will post 0.74 earnings per share for the current fiscal year.

Clearway Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be given a $0.417 dividend. This represents a $1.67 dividend on an annualized basis and a dividend yield of 5.80%. The ex-dividend date of this dividend is Tuesday, September 3rd. This is a boost from Clearway Energy’s previous quarterly dividend of $0.41. Clearway Energy’s payout ratio is presently 248.49%.

Institutional Investors Weigh In On Clearway Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Apollo Management Holdings L.P. grew its stake in Clearway Energy by 38.4% during the first quarter. Apollo Management Holdings L.P. now owns 1,645,296 shares of the company’s stock worth $37,924,000 after buying an additional 456,197 shares in the last quarter. Westwood Holdings Group Inc. acquired a new stake in Clearway Energy in the fourth quarter valued at approximately $9,807,000. Yaupon Capital Management LP bought a new stake in shares of Clearway Energy during the first quarter worth $7,346,000. Bank of Nova Scotia increased its holdings in shares of Clearway Energy by 113.4% during the fourth quarter. Bank of Nova Scotia now owns 211,727 shares of the company’s stock worth $5,808,000 after buying an additional 112,496 shares in the last quarter. Finally, Meritage Portfolio Management lifted its stake in shares of Clearway Energy by 163.6% in the 4th quarter. Meritage Portfolio Management now owns 136,007 shares of the company’s stock valued at $3,731,000 after acquiring an additional 84,402 shares during the last quarter. 38.03% of the stock is currently owned by institutional investors and hedge funds.

Clearway Energy Company Profile

Clearway Energy, Inc operates in the renewable energy business in the United States. The company operates through Conventional and Renewables segments. It has approximately 6,000 net MW of installed wind, solar, and energy generation projects; and approximately 2,500 net MW of natural gas-fired generation facilities.