Clearway Energy (NYSE:CWEN) Reaches New 12-Month High After Dividend Announcement

Shares of Clearway Energy, Inc. (NYSE:CWEN) hit a new 52-week high during mid-day trading on Tuesday after the company announced a dividend. The company traded as high as $41.36 and last traded at $41.3290, with a volume of 28417 shares. The stock had previously closed at $40.78.

The newly announced dividend which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be paid a dividend of $0.4602 per share. This is a boost from Clearway Energy’s previous quarterly dividend of $0.45. The ex-dividend date is Monday, March 2nd. This represents a $1.84 dividend on an annualized basis and a yield of 4.7%. Clearway Energy’s dividend payout ratio (DPR) is presently 77.35%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Zacks Research lowered shares of Clearway Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Canadian Imperial Bank of Commerce raised Clearway Energy from a “neutral” rating to a “sector outperform” rating and increased their price target for the company from $37.00 to $38.00 in a research note on Tuesday, December 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Clearway Energy in a report on Wednesday, January 21st. Roth Mkm upped their price objective on shares of Clearway Energy from $39.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, November 24th. Finally, Wall Street Zen raised Clearway Energy from a “sell” rating to a “hold” rating in a research note on Sunday, January 18th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $37.71.

Clearway Energy Trading Down 2.3%

The company has a debt-to-equity ratio of 1.41, a current ratio of 1.54 and a quick ratio of 1.44. The stock has a market cap of $8.00 billion, a price-to-earnings ratio of 16.73, a P/E/G ratio of 1.54 and a beta of 0.95. The business’s 50 day moving average is $35.29 and its 200 day moving average is $32.85.

Institutional Investors Weigh In On Clearway Energy

A number of institutional investors and hedge funds have recently bought and sold shares of CWEN. Clearbridge Investments LLC boosted its stake in shares of Clearway Energy by 26.7% in the fourth quarter. Clearbridge Investments LLC now owns 4,656,937 shares of the company’s stock valued at $154,890,000 after buying an additional 981,488 shares in the last quarter. Wellington Management Group LLP purchased a new stake in shares of Clearway Energy during the 4th quarter worth $21,906,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Clearway Energy by 1,116.7% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 429,912 shares of the company’s stock worth $13,757,000 after purchasing an additional 394,579 shares during the period. Synergy Asset Management LLC purchased a new position in shares of Clearway Energy in the 3rd quarter valued at about $6,473,000. Finally, Capula Management Ltd purchased a new position in shares of Clearway Energy in the 3rd quarter valued at about $4,646,000. 84.53% of the stock is owned by hedge funds and other institutional investors.

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.