Elo Mutual Pension Insurance Co Invests $805,000 in Clearway Energy, Inc. $CWEN

Elo Mutual Pension Insurance Co acquired a new stake in shares of Clearway Energy, Inc. (NYSE:CWEN) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 28,500 shares of the company’s stock, valued at approximately $805,000.

Other hedge funds also recently bought and sold shares of the company. Mather Group LLC. purchased a new stake in Clearway Energy in the third quarter worth $29,000. Headlands Technologies LLC purchased a new stake in shares of Clearway Energy during the second quarter valued at $43,000. Jump Financial LLC bought a new position in shares of Clearway Energy in the second quarter worth about $215,000. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Clearway Energy by 140.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,818 shares of the company’s stock worth $218,000 after purchasing an additional 3,982 shares during the last quarter. Finally, NewEdge Wealth LLC increased its stake in Clearway Energy by 11.5% in the 3rd quarter. NewEdge Wealth LLC now owns 7,564 shares of the company’s stock worth $214,000 after buying an additional 783 shares during the period. Institutional investors own 84.53% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Canadian Imperial Bank of Commerce upgraded shares of Clearway Energy from a “neutral” rating to a “sector outperform” rating and lifted their price objective for the company from $37.00 to $38.00 in a report on Tuesday, December 16th. Zacks Research downgraded shares of Clearway Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Clearway Energy in a research report on Wednesday, January 21st. Roth Mkm reaffirmed a “buy” rating and set a $45.00 price target (up from $40.00) on shares of Clearway Energy in a research note on Tuesday, February 24th. Finally, Royal Bank Of Canada boosted their price target on Clearway Energy from $38.00 to $42.00 and gave the company an “outperform” rating in a report on Tuesday, February 24th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $40.14.

Clearway Energy Stock Performance

Shares of CWEN stock opened at $37.57 on Friday. The firm has a market cap of $7.71 billion, a price-to-earnings ratio of 26.46, a PEG ratio of 1.62 and a beta of 0.95. Clearway Energy, Inc. has a 52-week low of $25.63 and a 52-week high of $41.51. The company has a quick ratio of 1.06, a current ratio of 1.13 and a debt-to-equity ratio of 1.36. The company’s 50 day moving average is $36.62 and its 200 day moving average is $33.52.

Clearway Energy (NYSE:CWEN) last announced its earnings results on Monday, February 23rd. The company reported ($0.89) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.68). Clearway Energy had a net margin of 11.83% and a return on equity of 3.01%. The company had revenue of $310.00 million for the quarter, compared to the consensus estimate of $334.42 million. During the same period last year, the business posted ($0.41) EPS. On average, sell-side analysts anticipate that Clearway Energy, Inc. will post 0.83 EPS for the current fiscal year.

Clearway Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be given a dividend of $0.4602 per share. The ex-dividend date of this dividend is Monday, March 2nd. This is an increase from Clearway Energy’s previous quarterly dividend of $0.45. This represents a $1.84 dividend on an annualized basis and a yield of 4.9%. Clearway Energy’s dividend payout ratio is 129.58%.

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.