abrdn plc Purchases 37,100 Shares of Clearway Energy, Inc. (NYSE:CWEN)

abrdn plc increased its holdings in Clearway Energy, Inc. (NYSE:CWEN) by 8.7% during the 3rd quarter, Holdings Channel reports. The firm owned 461,200 shares of the company’s stock after buying an additional 37,100 shares during the period. abrdn plc’s holdings in Clearway Energy were worth $14,150,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Nordea Investment Management AB increased its stake in shares of Clearway Energy by 11.0% during the first quarter. Nordea Investment Management AB now owns 171,212 shares of the company’s stock valued at $3,892,000 after buying an additional 17,014 shares during the period. Significant Wealth Partners LLC purchased a new stake in shares of Clearway Energy in the 1st quarter worth about $480,000. Sei Investments Co. bought a new stake in shares of Clearway Energy during the 1st quarter valued at about $1,010,000. Meeder Asset Management Inc. purchased a new position in shares of Clearway Energy during the first quarter valued at about $747,000. Finally, Qsemble Capital Management LP bought a new position in Clearway Energy in the first quarter worth about $516,000. 38.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CWEN shares. CIBC upped their target price on Clearway Energy from $33.00 to $34.00 and gave the stock an “outperformer” rating in a report on Tuesday, October 22nd. Roth Mkm restated a “buy” rating and set a $32.00 price target (up from $30.00) on shares of Clearway Energy in a research report on Friday, August 2nd. Jefferies Financial Group assumed coverage on Clearway Energy in a report on Friday, September 20th. They issued a “buy” rating and a $35.00 price objective for the company. StockNews.com upgraded shares of Clearway Energy from a “sell” rating to a “hold” rating in a report on Friday, August 9th. Finally, Morgan Stanley upgraded shares of Clearway Energy from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $25.00 to $36.00 in a research note on Wednesday, July 31st. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $33.13.

Clearway Energy Price Performance

Shares of NYSE:CWEN opened at $27.62 on Friday. The company has a market capitalization of $5.58 billion, a PE ratio of 26.55, a PEG ratio of 2.34 and a beta of 0.86. The business has a fifty day moving average price of $28.43 and a 200-day moving average price of $26.88. Clearway Energy, Inc. has a 1-year low of $20.63 and a 1-year high of $30.92. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.59 and a quick ratio of 1.37.

Clearway Energy (NYSE:CWEN) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.17). Clearway Energy had a net margin of 8.94% and a return on equity of 2.28%. The firm had revenue of $486.00 million for the quarter, compared to analysts’ expectations of $417.55 million. During the same quarter in the previous year, the company earned $0.03 EPS. The company’s quarterly revenue was up 31.0% compared to the same quarter last year. As a group, equities analysts expect that Clearway Energy, Inc. will post 0.85 EPS for the current fiscal year.

Clearway Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.424 per share. This is an increase from Clearway Energy’s previous quarterly dividend of $0.42. This represents a $1.70 dividend on an annualized basis and a dividend yield of 6.14%. The ex-dividend date of this dividend is Monday, December 2nd. Clearway Energy’s dividend payout ratio is presently 162.50%.

Clearway Energy 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.