Clearway Energy (NYSE:CWEN) Research Coverage Started at Royal Bank Of Canada

Royal Bank Of Canada initiated coverage on shares of Clearway Energy (NYSE:CWEN) in a research note released on Wednesday, Marketbeat.com reports. The firm issued an outperform rating and a $36.00 price target on the stock.

Several other equities analysts have also recently issued reports on the stock. Wall Street Zen cut shares of Clearway Energy from a “hold” rating to a “sell” rating in a research note on Saturday, July 26th. Roth Capital restated a “buy” rating and set a $38.00 target price on shares of Clearway Energy in a research note on Monday. CIBC cut shares of Clearway Energy from a “sector outperform” rating to a “neutral” rating and set a $35.00 target price on the stock. in a research note on Saturday, July 19th. Jefferies Financial Group upped their target price on shares of Clearway Energy from $37.00 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, July 23rd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Clearway Energy in a research note on Wednesday. Five investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Clearway Energy currently has a consensus rating of “Moderate Buy” and an average price target of $36.29.

Clearway Energy Stock Performance

Shares of Clearway Energy stock opened at $31.12 on Wednesday. The stock has a market cap of $6.29 billion, a price-to-earnings ratio of 47.88, a PEG ratio of 1.24 and a beta of 0.89. The firm’s 50-day moving average is $29.53 and its 200 day moving average is $30.13. Clearway Energy has a 1 year low of $24.40 and a 1 year high of $33.22. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.42 and a quick ratio of 1.34.

Clearway Energy (NYSE:CWEN) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.39). The firm had revenue of $392.00 million during the quarter, compared to the consensus estimate of $428.33 million. Clearway Energy had a return on equity of 1.37% and a net margin of 5.31%.The business’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.43 EPS. Sell-side analysts anticipate that Clearway Energy will post 0.83 EPS for the current fiscal year.

Clearway Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.4456 per share. This represents a $1.78 annualized dividend and a dividend yield of 5.7%. The ex-dividend date of this dividend was Tuesday, September 2nd. This is an increase from Clearway Energy’s previous quarterly dividend of $0.44. Clearway Energy’s payout ratio is currently 273.85%.

Institutional Investors Weigh In On Clearway Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC purchased a new stake in Clearway Energy in the 1st quarter worth approximately $280,000. Exchange Traded Concepts LLC purchased a new stake in Clearway Energy in the 1st quarter worth approximately $2,012,000. NBT Bank N A NY purchased a new stake in Clearway Energy in the 1st quarter worth approximately $71,000. Abundance Wealth Counselors increased its holdings in Clearway Energy by 3.8% in the 1st quarter. Abundance Wealth Counselors now owns 38,534 shares of the company’s stock worth $1,166,000 after acquiring an additional 1,396 shares in the last quarter. Finally, Spirit of America Management Corp NY increased its holdings in Clearway Energy by 15.9% in the 1st quarter. Spirit of America Management Corp NY now owns 14,550 shares of the company’s stock worth $440,000 after acquiring an additional 2,000 shares in the last quarter. Hedge funds and other institutional investors own 84.53% of the company’s stock.

About Clearway Energy

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.