Clearway Energy, Inc. (NYSE:CWEN) Short Interest Down 14.3% in March

Clearway Energy, Inc. (NYSE:CWEN) was the target of a significant decline in short interest in the month of March. As of March 13th, there was short interest totaling 5,514,938 shares, a decline of 14.3% from the February 26th total of 6,435,824 shares. Based on an average daily volume of 887,922 shares, the short-interest ratio is currently 6.2 days. Approximately 2.7% of the shares of the company are sold short.

Analysts Set New Price Targets

CWEN has been the topic of several recent research reports. UBS Group set a $45.00 price objective on Clearway Energy in a research note on Tuesday, February 24th. Weiss Ratings reissued a “hold (c)” rating on shares of Clearway Energy in a report on Wednesday, January 21st. Canadian Imperial Bank of Commerce upgraded shares of Clearway Energy from a “neutral” rating to a “sector outperform” rating and raised their target price for the stock from $37.00 to $38.00 in a research note on Tuesday, December 16th. Zacks Research downgraded shares of Clearway Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. Finally, Royal Bank Of Canada increased their price objective on shares of Clearway Energy from $38.00 to $42.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $40.50.

Institutional Trading of Clearway Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Clearway Energy by 280.9% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 956 shares of the company’s stock valued at $27,000 after purchasing an additional 705 shares during the last quarter. National Bank of Canada FI increased its holdings in shares of Clearway Energy by 201.9% in the third quarter. National Bank of Canada FI now owns 975 shares of the company’s stock worth $28,000 after purchasing an additional 652 shares during the last quarter. Mather Group LLC. bought a new stake in shares of Clearway Energy in the third quarter worth about $29,000. Huntington National Bank lifted its position in shares of Clearway Energy by 92.4% in the fourth quarter. Huntington National Bank now owns 858 shares of the company’s stock worth $29,000 after buying an additional 412 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its position in shares of Clearway Energy by 94.5% in the fourth quarter. Geneos Wealth Management Inc. now owns 1,235 shares of the company’s stock worth $41,000 after buying an additional 600 shares in the last quarter. 84.53% of the stock is currently owned by institutional investors.

Clearway Energy Price Performance

Shares of Clearway Energy stock traded up $0.52 during trading hours on Tuesday, hitting $39.44. The company’s stock had a trading volume of 143,487 shares, compared to its average volume of 1,029,085. The business has a 50 day moving average price of $38.26 and a two-hundred day moving average price of $34.63. Clearway Energy has a 12-month low of $25.63 and a 12-month high of $41.51. The company has a market cap of $8.09 billion, a PE ratio of 27.89, a PEG ratio of 2.70 and a beta of 0.95. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.06 and a current ratio of 1.13.

Clearway Energy (NYSE:CWEN) last released 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 return on equity of 3.01% and a net margin of 11.83%.The business had revenue of $310.00 million for the quarter, compared to analysts’ expectations of $334.42 million. During the same quarter in the prior year, the business posted ($0.41) EPS. Analysts expect that Clearway Energy will post 0.83 earnings per share for the current fiscal year.

Clearway Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were given a dividend of $0.4602 per share. The ex-dividend date was Monday, March 2nd. This is an increase from Clearway Energy’s previous quarterly dividend of $0.45. This represents a $1.84 annualized dividend and a dividend yield of 4.7%. Clearway Energy’s dividend payout ratio (DPR) 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.