Frank Rimerman Advisors LLC Makes New $353,000 Investment in Clearway Energy, Inc. (NYSE:CWEN)

Frank Rimerman Advisors LLC purchased a new stake in Clearway Energy, Inc. (NYSE:CWEN) during the second quarter, HoldingsChannel.com reports. The firm purchased 14,291 shares of the company’s stock, valued at approximately $353,000.

A number of other large investors also recently made changes to their positions in the stock. Bank of Nova Scotia increased its holdings in Clearway Energy by 113.4% in the fourth quarter. Bank of Nova Scotia now owns 211,727 shares of the company’s stock valued at $5,808,000 after purchasing an additional 112,496 shares during the last quarter. CIBC Asset Management Inc acquired a new position in shares of Clearway Energy during the 4th quarter worth about $274,000. First Trust Advisors LP increased its stake in Clearway Energy by 4.3% in the fourth quarter. First Trust Advisors LP now owns 912,578 shares of the company’s stock valued at $25,032,000 after purchasing an additional 38,032 shares in the last quarter. Pinebridge Investments L.P. increased its position in shares of Clearway Energy by 31.8% in the 4th quarter. Pinebridge Investments L.P. now owns 335,489 shares of the company’s stock valued at $9,202,000 after buying an additional 80,962 shares in the last quarter. Finally, Westwood Holdings Group Inc. acquired a new position in Clearway Energy in the fourth quarter valued at about $9,807,000. Institutional investors and hedge funds own 38.03% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Roth Mkm reiterated a “buy” rating and set a $32.00 price objective (up previously from $30.00) on shares of Clearway Energy in a report on Friday, August 2nd. Morgan Stanley raised shares of Clearway Energy from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $25.00 to $36.00 in a research note on Wednesday, July 31st. StockNews.com raised shares of Clearway Energy from a “sell” rating to a “hold” rating in a research report on Friday, August 9th. Finally, Jefferies Financial Group initiated coverage on shares of Clearway Energy in a research report on Friday, September 20th. They issued a “buy” rating and a $35.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $31.71.

Clearway Energy Stock Performance

Shares of CWEN opened at $29.96 on Wednesday. The stock has a market capitalization of $6.06 billion, a price-to-earnings ratio of 45.39, a PEG ratio of 2.24 and a beta of 0.86. The firm has a fifty day simple moving average of $28.05 and a 200 day simple moving average of $25.85. The company has a current ratio of 1.46, a quick ratio of 1.37 and a debt-to-equity ratio of 1.19. Clearway Energy, Inc. has a 12 month low of $18.59 and a 12 month high of $30.35.

Clearway Energy (NYSE:CWEN) last posted 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 quarter in the prior year, the business earned $0.33 earnings per share. The firm’s revenue for the quarter was down 9.9% compared to the same quarter last year. Research analysts forecast that Clearway Energy, Inc. will post 0.9 EPS for the current fiscal year.

Clearway Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders 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. This represents a $1.67 annualized dividend and a yield of 5.57%. The ex-dividend date of this dividend was Tuesday, September 3rd. Clearway Energy’s dividend payout ratio is 251.52%.

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.