Canada Pension Plan Investment Board Invests $2.49 Million in Clearway Energy, Inc. (NYSE:CWEN)

Canada Pension Plan Investment Board purchased a new position in Clearway Energy, Inc. (NYSE:CWEN) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 101,000 shares of the company’s stock, valued at approximately $2,494,000.

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

Clearway Energy Trading Down 1.5 %

Clearway Energy stock opened at $30.02 on Friday. Clearway Energy, Inc. has a 52-week low of $18.59 and a 52-week high of $30.64. The company has a market cap of $6.07 billion, a P/E ratio of 45.48, a P/E/G ratio of 2.52 and a beta of 0.86. The company has a quick ratio of 1.37, a current ratio of 1.46 and a debt-to-equity ratio of 1.19. The business has a 50-day simple moving average of $28.25 and a two-hundred day simple moving average of $25.91.

Clearway Energy (NYSE:CWEN) last announced its earnings results on Thursday, August 1st. The company reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.23). The business 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%. The firm’s quarterly revenue was down 9.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.33 earnings per share. Analysts predict that Clearway Energy, Inc. will post 0.85 EPS for the current year.

Clearway Energy Increases Dividend

The business also recently announced 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 was Tuesday, September 3rd. This is an increase from Clearway Energy’s previous quarterly dividend of $0.41. This represents a $1.67 annualized dividend and a yield of 5.56%. Clearway Energy’s payout ratio is 251.52%.

Analysts Set New Price Targets

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

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.