Southpoint Capital Advisors LP Sells 60,000 Shares of Clearway Energy, Inc. (NYSE:CWEN)

Southpoint Capital Advisors LP trimmed its stake in shares of Clearway Energy, Inc. (NYSE:CWEN) by 5.0% in the first quarter, reports. The fund owned 1,140,000 shares of the company’s stock after selling 60,000 shares during the quarter. Southpoint Capital Advisors LP’s holdings in Clearway Energy were worth $32,080,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Summit Wealth Group LLC bought a new stake in shares of Clearway Energy during the 1st quarter valued at $28,000. Cowa LLC bought a new stake in Clearway Energy during the first quarter worth $34,000. Banque Cantonale Vaudoise bought a new stake in Clearway Energy during the first quarter worth $36,000. Pinz Capital Management LP bought a new stake in Clearway Energy during the first quarter worth $146,000. Finally, James Investment Research Inc. bought a new stake in Clearway Energy during the first quarter worth $210,000. Hedge funds and other institutional investors own 35.30% of the company’s stock.

Several brokerages recently commented on CWEN. Wolfe Research raised shares of Clearway Energy from a “peer perform” rating to an “outperform” rating and set a $33.00 price objective for the company in a research note on Thursday, March 25th. Tudor Pickering began coverage on shares of Clearway Energy in a report on Friday, April 23rd. They set a “buy” rating and a $33.00 price target for the company. Seaport Global Securities upgraded shares of Clearway Energy from a “neutral” rating to a “buy” rating and set a $31.00 price target for the company in a report on Tuesday, March 30th. Finally, Morgan Stanley lifted their target price on Clearway Energy from $31.00 to $32.00 and gave the stock an “equal weight” rating in a report on Tuesday. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $31.60.

CWEN stock traded up $0.41 during mid-day trading on Thursday, reaching $27.71. The company’s stock had a trading volume of 27,001 shares, compared to its average volume of 923,832. The company has a market capitalization of $5.59 billion, a P/E ratio of 55.28, a price-to-earnings-growth ratio of 1.42 and a beta of 0.55. The business’s 50 day moving average price is $26.70. The company has a debt-to-equity ratio of 2.49, a quick ratio of 0.92 and a current ratio of 0.98. Clearway Energy, Inc. has a 12 month low of $22.69 and a 12 month high of $37.23.

Clearway Energy (NYSE:CWEN) last issued its earnings results on Thursday, May 6th. The company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.68. Clearway Energy had a return on equity of 5.19% and a net margin of 4.84%. The business had revenue of $237.00 million during the quarter, compared to analyst estimates of $244.00 million. Research analysts anticipate that Clearway Energy, Inc. will post 0.72 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 15th. Investors of record on Tuesday, June 1st were given a $0.329 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 4.75%. This is a positive change from Clearway Energy’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Friday, May 28th. Clearway Energy’s payout ratio is presently 220.00%.

In other Clearway Energy news, major shareholder Infrastructure Investor Global bought 16,219 shares of the firm’s stock in a transaction dated Monday, June 14th. The stock was bought at an average cost of $25.70 per share, with a total value of $416,828.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Christopher S. Sotos bought 2,000 shares of the firm’s stock in a transaction dated Monday, May 10th. The shares were acquired at an average cost of $24.55 per share, with a total value of $49,100.00. Following the completion of the transaction, the chief executive officer now owns 27,100 shares of the company’s stock, valued at $665,305. The disclosure for this purchase can be found here. Insiders purchased a total of 23,590 shares of company stock valued at $603,587 over the last ninety days. 0.43% of the stock is currently owned by corporate insiders.

Clearway Energy Company Profile

Clearway Energy, Inc, through its subsidiaries, engages in the renewable energy businesses in the United States. As of March 2, 2021, it had approximately 4,200 net megawatts (MW) of installed wind and solar generation projects; and 2,500 net MW of natural gas generation facilities, as well as a portfolio of district energy systems.

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Institutional Ownership by Quarter for Clearway Energy (NYSE:CWEN)

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