Clearway Energy (NYSE:CWEN) Sets New 52-Week High at $29.34

Shares of Clearway Energy, Inc. (NYSE:CWEN) reached a new 52-week high during trading on Friday . The company traded as high as $29.34 and last traded at $29.26, with a volume of 95779 shares traded. The stock had previously closed at $28.68.

Wall Street Analysts Forecast Growth

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

Clearway Energy Stock Performance

The stock has a 50-day moving average of $26.51 and a 200 day moving average of $24.91. The stock has a market cap of $5.89 billion, a PE ratio of 44.18 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.

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

Clearway Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd will be paid a dividend of $0.417 per share. The ex-dividend date of this dividend 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 yield of 5.72%. Clearway Energy’s payout ratio is 251.52%.

Institutional Trading of Clearway Energy

Several hedge funds have recently made changes to their positions in CWEN. Xponance Inc. acquired a new position in Clearway Energy in the fourth quarter valued at approximately $214,000. Atria Wealth Solutions Inc. acquired a new stake in shares of Clearway Energy during the 4th quarter worth about $263,000. Van ECK Associates Corp raised its holdings in Clearway Energy by 4,800.6% in the 4th quarter. Van ECK Associates Corp now owns 78,850 shares of the company’s stock valued at $2,163,000 after buying an additional 77,241 shares during the period. Kestra Private Wealth Services LLC acquired a new position in Clearway Energy in the fourth quarter valued at about $221,000. Finally, Duff & Phelps Investment Management Co. boosted its stake in Clearway Energy by 70.9% during the fourth quarter. Duff & Phelps Investment Management Co. now owns 18,665 shares of the company’s stock worth $512,000 after buying an additional 7,742 shares during the period. Hedge funds and other institutional investors own 38.03% of the company’s stock.

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.