Clearway Energy (NYSE:CWEN) Cut to “Sell” at StockNews.com

StockNews.com downgraded shares of Clearway Energy (NYSE:CWEN) from a hold rating to a sell rating in a research note released on Saturday.

Other research analysts have also recently issued research reports about the stock. Jefferies Financial Group started coverage on shares of Clearway Energy in a report on Friday, September 20th. They issued a “buy” rating and a $35.00 price objective for the company. CIBC lifted their price target on Clearway Energy from $33.00 to $34.00 and gave the company an “outperformer” rating in a research note on Tuesday, October 22nd. BNP Paribas started coverage on Clearway Energy in a research report on Tuesday, October 1st. They set an “outperform” rating and a $36.00 price target on the stock. Finally, Roth Mkm restated a “buy” rating and issued a $32.00 price objective (up from $30.00) on shares of Clearway Energy in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.13.

Clearway Energy Stock Performance

NYSE CWEN opened at $29.49 on Friday. The firm has a market capitalization of $5.96 billion, a P/E ratio of 28.36, a PEG ratio of 1.41 and a beta of 0.87. The stock has a 50-day simple moving average of $28.21 and a two-hundred day simple moving average of $27.50. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.49 and a current ratio of 1.59. Clearway Energy has a fifty-two week low of $20.63 and a fifty-two week high of $30.92.

Clearway Energy (NYSE:CWEN) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.17). The company had revenue of $486.00 million during the quarter, compared to analyst estimates of $417.55 million. Clearway Energy had a net margin of 8.94% and a return on equity of 2.28%. The company’s revenue was up 31.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.03 earnings per share. On average, equities analysts forecast that Clearway Energy will post 0.78 earnings per share for the current year.

Clearway Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.424 per share. This represents a $1.70 annualized dividend and a dividend yield of 5.75%. This is a boost from Clearway Energy’s previous quarterly dividend of $0.42. The ex-dividend date is Monday, December 2nd. Clearway Energy’s payout ratio is presently 162.50%.

Institutional Investors Weigh In On Clearway Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in CWEN. 1832 Asset Management L.P. purchased a new position in shares of Clearway Energy in the second quarter worth about $32,310,000. Point72 Asset Management L.P. lifted its stake in Clearway Energy by 60.9% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,016,837 shares of the company’s stock worth $25,106,000 after purchasing an additional 384,837 shares in the last quarter. abrdn plc boosted its holdings in shares of Clearway Energy by 8.7% during the 3rd quarter. abrdn plc now owns 461,200 shares of the company’s stock worth $14,150,000 after purchasing an additional 37,100 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Clearway Energy by 144.8% in the second quarter. The Manufacturers Life Insurance Company now owns 430,269 shares of the company’s stock valued at $10,623,000 after purchasing an additional 254,486 shares in the last quarter. Finally, Yaupon Capital Management LP increased its holdings in shares of Clearway Energy by 209.3% in the third quarter. Yaupon Capital Management LP now owns 325,643 shares of the company’s stock valued at $9,991,000 after purchasing an additional 220,360 shares during the last quarter. Institutional investors and hedge funds 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.