Clearway Energy (NYSE:CWEN) Announces Quarterly Earnings Results, Beats Expectations By $1.68 EPS

Clearway Energy (NYSE:CWEN) announced its quarterly earnings data on Tuesday. The company reported $2.00 earnings per share for the quarter, beating the consensus estimate of $0.32 by $1.68, Zacks reports. The firm had revenue of $429.00 million during the quarter, compared to analyst estimates of $427.72 million. Clearway Energy had a return on equity of 1.37% and a net margin of 5.31%.Clearway Energy’s quarterly revenue was down 11.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.31 earnings per share.

Clearway Energy Stock Performance

Shares of NYSE CWEN opened at $32.47 on Wednesday. The stock has a fifty day moving average price of $30.10 and a two-hundred day moving average price of $30.50. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.42. The firm has a market cap of $6.57 billion, a P/E ratio of 49.95, a PEG ratio of 1.28 and a beta of 0.93. Clearway Energy has a 1 year low of $24.40 and a 1 year high of $33.22.

Analyst Ratings Changes

Several equities analysts have recently commented on CWEN shares. Evercore ISI started coverage on Clearway Energy in a report on Monday, October 6th. They set an “in-line” rating and a $34.00 target price for the company. Roth Capital reaffirmed a “buy” rating and set a $38.00 target price on shares of Clearway Energy in a report on Monday, October 6th. Jefferies Financial Group upped their target price on Clearway Energy from $37.00 to $39.00 and gave the company a “buy” rating in a report on Wednesday, July 23rd. Cibc World Mkts lowered Clearway Energy from a “strong-buy” rating to a “hold” rating in a report on Monday, July 21st. Finally, CIBC upped their target price on Clearway Energy from $35.00 to $37.00 and gave the company a “neutral” rating in a report on Tuesday, October 21st. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $36.57.

Institutional Investors Weigh In On Clearway Energy

Several large investors have recently modified their holdings of CWEN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Clearway Energy by 12.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,333 shares of the company’s stock worth $1,070,000 after acquiring an additional 3,787 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of Clearway Energy in the second quarter valued at $215,000. Cerity Partners LLC lifted its holdings in shares of Clearway Energy by 1.8% in the second quarter. Cerity Partners LLC now owns 68,489 shares of the company’s stock valued at $2,192,000 after purchasing an additional 1,180 shares in the last quarter. Brevan Howard Capital Management LP lifted its holdings in shares of Clearway Energy by 233.7% in the second quarter. Brevan Howard Capital Management LP now owns 45,896 shares of the company’s stock valued at $1,469,000 after purchasing an additional 32,144 shares in the last quarter. Finally, Hudson Bay Capital Management LP purchased a new stake in shares of Clearway Energy in the second quarter valued at $2,352,000. 84.53% of the stock is owned by institutional investors.

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.