Clearway Energy (NYSE:CWEN) Cut to Strong Sell at Wall Street Zen

Wall Street Zen lowered shares of Clearway Energy (NYSE:CWEN) from a sell rating to a strong sell rating in a report published on Saturday morning.

A number of other brokerages have also commented on CWEN. Weiss Ratings lowered shares of Clearway Energy from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, May 11th. Morgan Stanley lifted their price objective on shares of Clearway Energy from $56.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, May 27th. Deutsche Bank Aktiengesellschaft set a $41.00 target price on shares of Clearway Energy in a research report on Thursday, April 9th. UBS Group increased their target price on Clearway Energy from $44.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Finally, Truist Financial started coverage on Clearway Energy in a research report on Monday, July 13th. They set a “buy” rating and a $43.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $44.00.

Clearway Energy Stock Up 1.0%

Shares of NYSE CWEN opened at $32.06 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.02 and a debt-to-equity ratio of 1.55. The business has a 50-day moving average of $35.75 and a 200-day moving average of $37.50. The firm has a market capitalization of $6.58 billion, a price-to-earnings ratio of 801.70 and a beta of 0.89. Clearway Energy has a 12 month low of $27.67 and a 12 month high of $41.74.

Clearway Energy (NYSE:CWEN) last announced its earnings results on Thursday, May 7th. The company reported ($1.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.90). Clearway Energy had a net margin of 0.13% and a return on equity of 0.04%. The company had revenue of $354.00 million during the quarter, compared to analysts’ expectations of $340.75 million. Sell-side analysts expect that Clearway Energy will post -1.03 earnings per share for the current fiscal year.

Clearway Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a dividend of $0.4676 per share. This represents a $1.87 annualized dividend and a dividend yield of 5.8%. This is a boost from Clearway Energy’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend was Monday, June 1st. Clearway Energy’s payout ratio is 4,675.00%.

Institutional Investors Weigh In On Clearway Energy

A number of institutional investors have recently made changes to their positions in CWEN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Clearway Energy by 12.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,333 shares of the company’s stock worth $1,070,000 after purchasing an additional 3,787 shares during the period. Jump Financial LLC bought a new position in shares of Clearway Energy during the second quarter valued at about $215,000. Cerity Partners LLC grew its stake in shares of Clearway Energy by 1.8% during the second quarter. Cerity Partners LLC now owns 68,489 shares of the company’s stock valued at $2,192,000 after buying an additional 1,180 shares during the last quarter. Brevan Howard Capital Management LP increased 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 worth $1,469,000 after buying an additional 32,144 shares during the period. Finally, Hudson Bay Capital Management LP purchased a new position in shares of Clearway Energy in the second quarter worth about $2,352,000. Hedge funds and other institutional investors own 84.53% of the company’s stock.

Clearway Energy Company Profile

Clearway Energy Group (NYSE: CWEN) is a U.S.-based energy company specializing in the ownership, operation and development of clean and conventional power generation assets. The company’s portfolio spans utility-scale wind and solar farms, biogas and natural gas-fired thermal facilities, as well as distributed generation projects such as rooftop solar and energy storage. Clearway’s generation assets are largely underpinned by long-term power purchase agreements and service contracts with creditworthy counterparties, enabling stable, predictable cash flows.

Originally launched in 2013 as NRG Yield and rebranded to Clearway Energy in 2018 following a strategic sponsorship change, the business has grown into one of the largest independent renewable energy platforms in the United States.