Clearway Energy (NYSE:CWEN) Price Target Increased to $34.00 by Analysts at CIBC

Clearway Energy (NYSE:CWEN) had its price target boosted by CIBC from $33.00 to $34.00 in a research note published on Tuesday, Benzinga reports. They currently have an outperformer rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. Morgan Stanley raised shares of Clearway Energy from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $25.00 to $36.00 in a research report on Wednesday, July 31st. StockNews.com raised Clearway Energy from a “sell” rating to a “hold” rating in a research report on Friday, August 9th. Roth Mkm reissued a “buy” rating and issued a $32.00 price target (up from $30.00) on shares of Clearway Energy in a research report on Friday, August 2nd. BNP Paribas began coverage on Clearway Energy in a research report on Tuesday, October 1st. They set an “outperform” rating and a $36.00 price objective on the stock. Finally, Jefferies Financial Group assumed coverage on shares of Clearway Energy in a report on Friday, September 20th. They issued a “buy” rating and a $35.00 target price for the company. 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, Clearway Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.13.

Clearway Energy Stock Performance

Clearway Energy stock opened at $26.83 on Tuesday. Clearway Energy has a fifty-two week low of $20.63 and a fifty-two week high of $30.92. The company has a market capitalization of $5.42 billion, a PE ratio of 35.30, a P/E/G ratio of 2.30 and a beta of 0.86. The company has a 50 day moving average price of $28.74 and a 200-day moving average price of $26.77. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.37 and a current ratio of 1.46.

Clearway Energy (NYSE:CWEN) last issued its earnings results on Thursday, August 1st. The company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.66 by ($0.23). The firm had revenue of $366.00 million during the quarter, compared to analysts’ expectations of $424.59 million. Clearway Energy had a return on equity of 1.80% and a net margin of 7.21%. Clearway Energy’s quarterly revenue was down 9.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.33 earnings per share. As a group, equities analysts forecast that Clearway Energy will post 0.85 earnings per share for the current year.

Clearway Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were paid a dividend of $0.417 per share. This is a positive change from Clearway Energy’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.22%. Clearway Energy’s payout ratio is presently 219.74%.

Hedge Funds Weigh In On Clearway Energy

Several hedge funds and other institutional investors have recently modified their holdings of CWEN. Mather Group LLC. acquired a new stake in Clearway Energy during the 1st quarter worth about $37,000. Abich Financial Wealth Management LLC boosted its position in Clearway Energy by 49.8% in the first quarter. Abich Financial Wealth Management LLC now owns 1,879 shares of the company’s stock valued at $43,000 after buying an additional 625 shares during the last quarter. Whittier Trust Co. increased its holdings in Clearway Energy by 33.8% in the 2nd quarter. Whittier Trust Co. now owns 2,027 shares of the company’s stock worth $50,000 after buying an additional 512 shares during the period. Quarry LP raised its position in Clearway Energy by 53.4% during the 2nd quarter. Quarry LP now owns 2,422 shares of the company’s stock worth $60,000 after buying an additional 843 shares during the last quarter. Finally, nVerses Capital LLC lifted its stake in Clearway Energy by 34.0% during the 3rd quarter. nVerses Capital LLC now owns 6,700 shares of the company’s stock valued at $206,000 after acquiring an additional 1,700 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.