Clearway Energy (NYSE:CWEN) Hits New 12-Month High at $29.17

Clearway Energy, Inc. (NYSE:CWEN) shares reached a new 52-week high on Thursday . The stock traded as high as $29.17 and last traded at $29.11, with a volume of 285954 shares trading hands. The stock had previously closed at $28.99.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Evercore ISI raised their price objective on shares of Clearway Energy from $25.00 to $30.00 and gave the company an “outperform” rating in a research report on Tuesday, May 14th. Morgan Stanley raised shares of Clearway Energy from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $25.00 to $36.00 in a research note on Wednesday, July 31st. Roth Mkm reissued a “buy” rating and set a $32.00 price objective (up previously from $30.00) on shares of Clearway Energy in a research note on Friday, August 2nd. Finally, StockNews.com raised shares of Clearway Energy from a “sell” rating to a “hold” rating in a research note on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $31.17.

Clearway Energy Stock Performance

The company has a debt-to-equity ratio of 1.19, a current ratio of 1.46 and a quick ratio of 1.65. The stock’s 50 day simple moving average is $26.27 and its two-hundred day simple moving average is $24.71. The stock has a market cap of $5.85 billion, a P/E ratio of 43.85 and a beta of 0.85.

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

Clearway Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be issued a $0.417 dividend. The ex-dividend date is Tuesday, September 3rd. This is an increase from Clearway Energy’s previous quarterly dividend of $0.41. This represents a $1.67 dividend on an annualized basis and a dividend yield of 5.76%. Clearway Energy’s dividend payout ratio (DPR) is 251.52%.

Hedge Funds Weigh In On Clearway Energy

A number of institutional investors have recently added to or reduced their stakes in the company. Scarborough Advisors LLC bought a new position in Clearway Energy during the fourth quarter worth $25,000. Mather Group LLC. bought a new stake in shares of Clearway Energy in the first quarter valued at about $37,000. Avalon Trust Co bought a new stake in shares of Clearway Energy in the fourth quarter valued at about $47,000. Abich Financial Wealth Management LLC boosted its position 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 valued at $43,000 after acquiring an additional 625 shares during the period. Finally, Whittier Trust Co. boosted its position 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 valued at $50,000 after acquiring an additional 512 shares during the period. 38.03% of the stock is currently owned by institutional investors and hedge funds.

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.