Assenagon Asset Management S.A. Makes New Investment in Clearway Energy, Inc. $CWEN

Assenagon Asset Management S.A. purchased a new position in shares of Clearway Energy, Inc. (NYSE:CWEN) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 44,050 shares of the company’s stock, valued at approximately $1,244,000.

Several other institutional investors have also modified their holdings of CWEN. First Trust Advisors LP raised its stake in Clearway Energy by 3.7% during the second quarter. First Trust Advisors LP now owns 2,171,301 shares of the company’s stock worth $69,482,000 after acquiring an additional 77,595 shares during the period. Gotham Asset Management LLC grew its holdings in Clearway Energy by 79.1% during the first quarter. Gotham Asset Management LLC now owns 814,841 shares of the company’s stock worth $24,665,000 after acquiring an additional 359,876 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Clearway Energy by 1,116.7% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 429,912 shares of the company’s stock valued at $13,757,000 after purchasing an additional 394,579 shares during the last quarter. Northside Capital Management LLC acquired a new position in shares of Clearway Energy in the 2nd quarter valued at $8,847,000. Finally, Northwest & Ethical Investments L.P. increased its position in shares of Clearway Energy by 4.1% in the second quarter. Northwest & Ethical Investments L.P. now owns 267,053 shares of the company’s stock worth $8,546,000 after acquiring an additional 10,475 shares in the last quarter. Institutional investors and hedge funds own 84.53% of the company’s stock.

Clearway Energy Stock Performance

Shares of Clearway Energy stock opened at $33.44 on Thursday. The firm has a market cap of $6.81 billion, a price-to-earnings ratio of 14.29, a price-to-earnings-growth ratio of 0.38 and a beta of 0.95. Clearway Energy, Inc. has a one year low of $24.40 and a one year high of $36.89. The stock’s 50-day moving average is $33.78 and its 200-day moving average is $31.75. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.54 and a quick ratio of 1.44.

Clearway Energy (NYSE:CWEN) last issued its quarterly 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 during the quarter, compared to analysts’ expectations of $427.72 million. During the same period in the prior year, the firm posted $0.31 earnings per share. The business’s quarterly revenue was down 11.7% compared to the same quarter last year. Equities analysts predict that Clearway Energy, Inc. will post 0.83 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, December 15th. Stockholders of record on Monday, December 1st were paid a $0.4528 dividend. This represents a $1.81 annualized dividend and a dividend yield of 5.4%. The ex-dividend date was Monday, December 1st. This is a positive change from Clearway Energy’s previous quarterly dividend of $0.45. Clearway Energy’s dividend payout ratio is 77.35%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CWEN. CIBC raised Clearway Energy from a “neutral” rating to a “sector outperform” rating and raised their price target for the stock from $37.00 to $38.00 in a research note on Tuesday, December 16th. Cibc Captl Mkts raised Clearway Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 16th. UBS Group reissued a “buy” rating and set a $39.00 target price on shares of Clearway Energy in a research report on Wednesday, December 10th. Royal Bank Of Canada began coverage on shares of Clearway Energy in a research report on Wednesday, October 8th. They set an “outperform” rating and a $36.00 target price on the stock. Finally, Evercore ISI began coverage on Clearway Energy in a report on Monday, October 6th. They set an “in-line” rating and a $34.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $37.25.

Clearway Energy 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.