Clearway Energy (NYSE:CWEN) Sets New 52-Week High at $31.49

Shares of Clearway Energy, Inc. (NYSE:CWEN) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $31.49 and last traded at $31.49, with a volume of 627 shares. The stock had previously closed at $30.50.

Analysts Set New Price Targets

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

Clearway Energy Stock Up 3.2 %

The company has a current ratio of 1.46, a quick ratio of 1.37 and a debt-to-equity ratio of 1.19. The firm has a market capitalization of $6.37 billion, a price-to-earnings ratio of 47.71, a price-to-earnings-growth ratio of 2.52 and a beta of 0.86. The firm has a 50 day moving average price of $28.35 and a two-hundred day moving average price of $26.03.

Clearway Energy (NYSE:CWEN) last announced 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 business had revenue of $366.00 million for the quarter, compared to analyst estimates of $424.59 million. During the same period last year, the firm earned $0.33 earnings per share. The company’s quarterly revenue was down 9.9% on a year-over-year basis. On average, equities analysts expect that Clearway Energy, Inc. will post 0.85 earnings per share 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 issued a $0.417 dividend. 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 5.30%. The ex-dividend date was Tuesday, September 3rd. Clearway Energy’s dividend payout ratio is currently 251.52%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Scarborough Advisors LLC acquired a new stake in shares of Clearway Energy in the fourth quarter valued at about $25,000. Mather Group LLC. acquired a new stake in Clearway Energy in the first quarter valued at approximately $37,000. Abich Financial Wealth Management LLC raised its stake in shares of Clearway Energy by 49.8% during the first quarter. Abich Financial Wealth Management LLC now owns 1,879 shares of the company’s stock valued at $43,000 after purchasing an additional 625 shares during the period. Whittier Trust Co. lifted its position in shares of Clearway Energy by 33.8% during the second quarter. Whittier Trust Co. now owns 2,027 shares of the company’s stock worth $50,000 after purchasing an additional 512 shares in the last quarter. Finally, Quarry LP boosted its stake in shares of Clearway Energy by 53.4% in the second quarter. Quarry LP now owns 2,422 shares of the company’s stock valued at $60,000 after purchasing an additional 843 shares during the period. 38.03% of the stock is owned by hedge funds and other institutional investors.

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.