Clearway Energy (NYSE:CWEN) Rating Increased to Strong-Buy at Truist Financial

Truist Financial upgraded shares of Clearway Energy (NYSE:CWEN) to a strong-buy rating in a report released on Monday morning,Zacks.com reports.

A number of other brokerages have also recently weighed in on CWEN. Zacks Research cut shares of Clearway Energy from a “hold” rating to a “strong sell” rating in a research note on Friday, July 10th. Deutsche Bank Aktiengesellschaft set a $41.00 target price on shares of Clearway Energy in a research report on Thursday, April 9th. Wall Street Zen upgraded shares of Clearway Energy from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. UBS Group upped their price target on shares of Clearway Energy from $44.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Finally, Morgan Stanley increased their price objective on shares of Clearway Energy from $56.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, May 27th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

Clearway Energy Stock Up 3.8%

CWEN opened at $34.45 on Monday. Clearway Energy has a 12 month low of $27.67 and a 12 month high of $41.74. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.11 and a quick ratio of 1.02. The stock has a market cap of $7.07 billion, a P/E ratio of 861.44 and a beta of 0.89. The stock’s 50 day moving average price is $37.18 and its 200 day moving average price is $37.53.

Clearway Energy (NYSE:CWEN) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($1.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.90). Clearway Energy had a return on equity of 0.04% and a net margin of 0.13%.The business had revenue of $354.00 million for the quarter, compared to analyst estimates of $340.75 million. As a group, research analysts predict that Clearway Energy will post -0.87 earnings per share for the current year.

Clearway Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were paid a dividend of $0.4676 per share. This is an increase from Clearway Energy’s previous quarterly dividend of $0.46. This represents a $1.87 annualized dividend and a yield of 5.4%. The ex-dividend date of this dividend was Monday, June 1st. Clearway Energy’s dividend payout ratio (DPR) is 4,675.00%.

Institutional Investors Weigh In On Clearway Energy

Hedge funds and other institutional investors have recently bought and sold shares of the business. Lazard Freres Gestion S.A.S. raised its stake in shares of Clearway Energy by 1.4% in the 4th quarter. Lazard Freres Gestion S.A.S. now owns 19,770 shares of the company’s stock valued at $657,000 after buying an additional 270 shares in the last quarter. Ballentine Partners LLC boosted its position in shares of Clearway Energy by 2.0% during the 4th quarter. Ballentine Partners LLC now owns 17,096 shares of the company’s stock valued at $569,000 after acquiring an additional 333 shares in the last quarter. Courier Capital LLC increased its stake in Clearway Energy by 1.2% in the fourth quarter. Courier Capital LLC now owns 33,193 shares of the company’s stock valued at $1,104,000 after acquiring an additional 385 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al increased its stake in Clearway Energy by 1.4% in the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 28,500 shares of the company’s stock valued at $948,000 after acquiring an additional 400 shares during the period. Finally, Huntington National Bank raised its position in Clearway Energy by 92.4% in the fourth quarter. Huntington National Bank now owns 858 shares of the company’s stock worth $29,000 after purchasing an additional 412 shares in the last quarter. 84.53% of the stock is currently owned by institutional investors.

About Clearway Energy

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.