Clearway Energy (NYSE:CWEN) Cut to “Hold” at Zacks Research

Zacks Research lowered shares of Clearway Energy (NYSE:CWEN) from a strong-buy rating to a hold rating in a research note issued to investors on Tuesday morning,Zacks.com reports.

Several other brokerages have also weighed in on CWEN. Weiss Ratings restated a “hold (c)” rating on shares of Clearway Energy in a report on Wednesday, January 21st. UBS Group reiterated a “buy” rating and set a $39.00 target price on shares of Clearway Energy in a research report on Wednesday, December 10th. Roth Mkm raised their price target on Clearway Energy from $39.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, November 24th. Wall Street Zen raised Clearway Energy from a “sell” rating to a “hold” rating in a research note on Sunday, January 18th. Finally, Cibc Captl Mkts upgraded Clearway Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 16th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $37.71.

Clearway Energy Price Performance

Clearway Energy stock opened at $37.57 on Tuesday. The business’s 50-day simple moving average is $34.27 and its 200 day simple moving average is $32.35. The company has a quick ratio of 1.44, a current ratio of 1.54 and a debt-to-equity ratio of 1.41. The stock has a market cap of $7.66 billion, a price-to-earnings ratio of 16.06, a P/E/G ratio of 1.41 and a beta of 0.95. Clearway Energy has a 12-month low of $25.55 and a 12-month high of $37.97.

Clearway Energy (NYSE:CWEN) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $2.00 earnings per share for the quarter, topping the consensus estimate of $0.32 by $1.68. The firm had revenue of $429.00 million during the quarter, compared to analysts’ expectations of $427.72 million. Clearway Energy had a return on equity of 4.96% and a net margin of 20.07%.The company’s quarterly revenue was down 11.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.31 EPS. As a group, research analysts anticipate that Clearway Energy will post 0.83 earnings per share for the current year.

Institutional Investors Weigh In On Clearway Energy

Large investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Clearway Energy by 1,116.7% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 429,912 shares of the company’s stock valued at $13,757,000 after acquiring an additional 394,579 shares in the last quarter. Synergy Asset Management LLC bought a new position in Clearway Energy during the 3rd quarter worth about $6,473,000. Nordea Investment Management AB raised its stake in shares of Clearway Energy by 325.3% in the 2nd quarter. Nordea Investment Management AB now owns 245,614 shares of the company’s stock valued at $7,747,000 after purchasing an additional 187,861 shares during the period. Capula Management Ltd bought a new stake in shares of Clearway Energy in the third quarter valued at about $4,646,000. Finally, Maven Securities LTD lifted its holdings in shares of Clearway Energy by 1,285.4% in the third quarter. Maven Securities LTD now owns 144,082 shares of the company’s stock valued at $4,070,000 after purchasing an additional 133,682 shares in the last quarter. Institutional investors own 84.53% of the company’s stock.

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.