Clearway Energy (NYSE:CWEN) Sets New 12-Month High at $29.34

Clearway Energy, Inc. (NYSE:CWEN)’s share price hit a new 52-week high on Friday . The stock traded as high as $29.34 and last traded at $29.26, with a volume of 95779 shares changing hands. The stock had previously closed at $28.68.

Analyst Ratings Changes

A number of brokerages have issued reports on CWEN. Morgan Stanley upgraded Clearway Energy from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $25.00 to $36.00 in a research report on Wednesday, July 31st. StockNews.com raised shares of Clearway Energy from a “sell” rating to a “hold” rating in a report on Friday, August 9th. Roth Mkm reissued a “buy” rating and set a $32.00 target price (up previously from $30.00) on shares of Clearway Energy in a research note on Friday, August 2nd. Finally, Evercore ISI upped their price target on shares of Clearway Energy from $25.00 to $30.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 14th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Clearway Energy currently has an average rating of “Moderate Buy” and an average price target of $31.17.

Clearway Energy Trading Up 1.5 %

The firm has a market capitalization of $5.88 billion, a price-to-earnings ratio of 43.45 and a beta of 0.85. The company has a quick ratio of 1.65, a current ratio of 1.46 and a debt-to-equity ratio of 1.19. The firm’s 50 day moving average is $26.46 and its 200 day moving average is $24.86.

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

Clearway Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 3rd will be given a dividend of $0.417 per share. This represents a $1.67 annualized dividend and a yield of 5.73%. This is a positive change from Clearway Energy’s previous quarterly dividend of $0.41. The ex-dividend date is Tuesday, September 3rd. Clearway Energy’s payout ratio is presently 251.52%.

Hedge Funds Weigh In On Clearway Energy

Large investors have recently made changes to their positions in the business. Apollo Management Holdings L.P. grew its position 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 valued at $37,924,000 after purchasing an additional 456,197 shares in the last quarter. 1832 Asset Management L.P. purchased a new position in shares of Clearway Energy during the 2nd quarter valued at $32,310,000. Point72 Asset Management L.P. grew its holdings in shares of Clearway Energy by 60.9% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,016,837 shares of the company’s stock valued at $25,106,000 after acquiring an additional 384,837 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Clearway Energy by 4.3% in the fourth quarter. First Trust Advisors LP now owns 912,578 shares of the company’s stock worth $25,032,000 after acquiring an additional 38,032 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Clearway Energy by 144.8% during the second quarter. The Manufacturers Life Insurance Company now owns 430,269 shares of the company’s stock worth $10,623,000 after acquiring an additional 254,486 shares in the last quarter. Institutional investors and hedge funds 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.