Clearway Energy (NYSE:CWEN) Sets New 52-Week High at $29.95

Shares of Clearway Energy, Inc. (NYSE:CWEN) reached a new 52-week high on Monday . The company traded as high as $29.95 and last traded at $29.95, with a volume of 31740 shares. The stock had previously closed at $29.60.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CWEN. Jefferies Financial Group began coverage on shares of Clearway Energy in a report on Friday. They issued a “buy” rating and a $35.00 target price for the company. Roth Mkm reissued a “buy” rating and issued a $32.00 price target (up from $30.00) on shares of Clearway Energy in a research report on Friday, August 2nd. Morgan Stanley raised Clearway Energy from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $25.00 to $36.00 in a report on Wednesday, July 31st. Finally, StockNews.com upgraded Clearway Energy from a “sell” rating to a “hold” rating in a research report on Friday, August 9th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $31.71.

Clearway Energy Stock Performance

The stock has a market cap of $6.02 billion, a price-to-earnings ratio of 44.85, a price-to-earnings-growth ratio of 2.24 and a beta of 0.86. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.46 and a quick ratio of 1.37. The stock’s 50-day moving average is $27.86 and its 200-day moving average is $25.74.

Clearway Energy (NYSE:CWEN) last posted its quarterly 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 firm had revenue of $366.00 million for the quarter, compared to analysts’ expectations of $424.59 million. Clearway Energy had a net margin of 7.21% and a return on equity of 1.80%. Clearway Energy’s revenue was down 9.9% on a year-over-year basis. During the same period last year, the firm posted $0.33 EPS. Analysts anticipate that Clearway Energy, Inc. will post 0.9 EPS for the current fiscal year.

Clearway Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were given a dividend of $0.417 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This is a positive change from Clearway Energy’s previous quarterly dividend of $0.41. This represents a $1.67 annualized dividend and a yield of 5.60%. Clearway Energy’s payout ratio is 251.52%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CWEN. 1832 Asset Management L.P. purchased a new position in Clearway Energy in the 2nd quarter valued at about $32,310,000. Apollo Management Holdings L.P. boosted its holdings in Clearway Energy by 38.4% in 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 during the last quarter. Point72 Asset Management L.P. grew its stake in 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 purchasing an additional 384,837 shares in the last quarter. Westwood Holdings Group Inc. acquired a new stake in Clearway Energy during the 4th quarter valued at approximately $9,807,000. Finally, Yaupon Capital Management LP purchased a new stake in Clearway Energy during the 1st quarter worth approximately $7,346,000. 38.03% of the stock is 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.