Clearway Energy (NYSE:CWEN) Trading 4.4% Higher – Here’s What Happened

Clearway Energy, Inc. (NYSE:CWEN)’s share price rose 4.4% during trading on Wednesday . The stock traded as high as $27.16 and last traded at $26.85. Approximately 96,190 shares changed hands during trading, a decline of 89% from the average daily volume of 849,297 shares. The stock had previously closed at $25.71.

Analysts Set New Price Targets

CWEN has been the subject of several recent research reports. BNP Paribas initiated coverage on shares of Clearway Energy in a research report on Tuesday, October 1st. They set an “outperform” rating and a $36.00 price target for the company. Jefferies Financial Group initiated coverage on shares of Clearway Energy in a research report on Friday, September 20th. They set a “buy” rating and a $35.00 price target for the company. Roth Mkm restated a “buy” rating and set a $32.00 price target (up previously from $30.00) on shares of Clearway Energy in a research report on Friday, August 2nd. Morgan Stanley upgraded shares of Clearway Energy from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $25.00 to $36.00 in a research report on Wednesday, July 31st. Finally, CIBC increased their target price on shares of Clearway Energy from $33.00 to $34.00 and gave the company an “outperformer” rating in a research report on Tuesday, October 22nd. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Clearway Energy currently has an average rating of “Moderate Buy” and a consensus target price of $33.13.

Clearway Energy Stock Performance

The company has a current ratio of 1.46, a quick ratio of 1.37 and a debt-to-equity ratio of 1.19. The company’s 50-day moving average price is $28.46 and its two-hundred day moving average price is $26.87. The company has a market cap of $5.41 billion, a P/E ratio of 38.97, a price-to-earnings-growth ratio of 2.19 and a beta of 0.86.

Clearway Energy (NYSE:CWEN) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.43 earnings per share 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 business had revenue of $366.00 million for the quarter, compared to the consensus estimate of $424.59 million. During the same quarter last year, the business posted $0.33 EPS. The business’s revenue for the quarter was down 9.9% on a year-over-year basis. As a group, equities analysts forecast that Clearway Energy, Inc. will post 0.85 earnings per share for the current year.

Clearway Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.417 per share. This is a positive change from Clearway Energy’s previous quarterly dividend of $0.41. The ex-dividend date was Tuesday, September 3rd. This represents a $1.67 annualized dividend and a dividend yield of 6.24%. Clearway Energy’s dividend payout ratio (DPR) is 251.52%.

Hedge Funds Weigh In On Clearway Energy

Several large investors have recently made changes to their positions in the business. Abich Financial Wealth Management LLC boosted its holdings in shares of Clearway Energy by 49.8% in the first quarter. Abich Financial Wealth Management LLC now owns 1,879 shares of the company’s stock worth $43,000 after buying an additional 625 shares during the period. Whittier Trust Co. boosted its holdings in shares of Clearway Energy by 33.8% in the second quarter. Whittier Trust Co. now owns 2,027 shares of the company’s stock worth $50,000 after buying an additional 512 shares during the period. Quarry LP boosted its holdings in shares of Clearway Energy by 53.4% in the second quarter. Quarry LP now owns 2,422 shares of the company’s stock worth $60,000 after buying an additional 843 shares during the period. nVerses Capital LLC boosted its holdings in shares of Clearway Energy by 34.0% in the third quarter. nVerses Capital LLC now owns 6,700 shares of the company’s stock worth $206,000 after buying an additional 1,700 shares during the period. Finally, Spirit of America Management Corp NY boosted its holdings in shares of Clearway Energy by 17.2% in the third quarter. Spirit of America Management Corp NY now owns 6,800 shares of the company’s stock worth $209,000 after buying an additional 1,000 shares during the period. Institutional investors own 38.03% of the company’s stock.

About Clearway Energy

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.