Clearway Energy (NYSE:CWEN) Sets New 1-Year High – Here’s Why

Clearway Energy, Inc. (NYSE:CWEN) reached a new 52-week high during trading on Tuesday . The stock traded as high as $36.90 and last traded at $36.7050, with a volume of 94610 shares trading hands. The stock had previously closed at $36.18.

Analyst Ratings Changes

CWEN has been the subject of several recent analyst reports. UBS Group restated a “buy” rating and issued a $39.00 price target on shares of Clearway Energy in a research note on Wednesday, December 10th. Evercore ISI began coverage on shares of Clearway Energy in a research report on Monday, October 6th. They set an “in-line” rating and a $34.00 price objective on the stock. Zacks Research upgraded Clearway Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 5th. Royal Bank Of Canada started coverage on shares of Clearway Energy in a research note on Wednesday, October 8th. They issued an “outperform” rating and a $36.00 target price on the stock. Finally, Cibc Captl Mkts upgraded Clearway Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 16th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Clearway Energy presently has an average rating of “Moderate Buy” and an average price target of $37.71.

Clearway Energy Stock Performance

The company has a market capitalization of $7.48 billion, a P/E ratio of 15.68, a P/E/G ratio of 1.36 and a beta of 0.95. The stock’s 50-day moving average price is $34.16 and its 200-day moving average price is $32.11. The company has a current ratio of 1.54, a quick ratio of 1.44 and a debt-to-equity ratio of 1.41.

Clearway Energy (NYSE:CWEN) last posted its earnings results on Tuesday, November 4th. The company reported $2.00 EPS for the quarter, beating the consensus estimate of $0.32 by $1.68. Clearway Energy had a return on equity of 4.96% and a net margin of 20.07%.The firm had revenue of $429.00 million for the quarter, compared to analysts’ expectations of $427.72 million. During the same period last year, the firm earned $0.31 EPS. The firm’s revenue was down 11.7% compared to the same quarter last year. As a group, equities analysts expect that Clearway Energy, Inc. will post 0.83 EPS for the current year.

Clearway Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were given a dividend of $0.4528 per share. This is a boost from Clearway Energy’s previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date was Monday, December 1st. Clearway Energy’s dividend payout ratio (DPR) is presently 77.35%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CWEN. First Trust Advisors LP raised its holdings in Clearway Energy by 3.7% during the 2nd quarter. First Trust Advisors LP now owns 2,171,301 shares of the company’s stock valued at $69,482,000 after buying an additional 77,595 shares during the last quarter. RWC Asset Management LLP grew its stake in shares of Clearway Energy by 12.2% in the 3rd quarter. RWC Asset Management LLP now owns 745,537 shares of the company’s stock worth $21,061,000 after buying an additional 81,349 shares during the last quarter. Cbre Investment Management Listed Real Assets LLC raised its position in shares of Clearway Energy by 8.8% in the 3rd quarter. Cbre Investment Management Listed Real Assets LLC now owns 625,000 shares of the company’s stock worth $17,656,000 after purchasing an additional 50,344 shares during the last quarter. Aberdeen Group plc raised its holdings in Clearway Energy by 0.3% in the third quarter. Aberdeen Group plc now owns 580,307 shares of the company’s stock worth $16,463,000 after buying an additional 1,807 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Clearway Energy by 1.2% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 435,054 shares of the company’s stock worth $12,290,000 after acquiring an additional 5,142 shares during the last quarter. Institutional investors and hedge funds 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.