Clearway Energy, Inc. $CWEN Stock: VIRGINIA RETIREMENT SYSTEMS ET Al Raises Holdings

VIRGINIA RETIREMENT SYSTEMS ET Al boosted its position in Clearway Energy, Inc. (NYSE:CWEN) by 20.5% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 112,200 shares of the company’s stock after acquiring an additional 19,100 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Clearway Energy were worth $3,284,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Fortitude Family Office LLC raised its stake in Clearway Energy by 590.5% during the 3rd quarter. Fortitude Family Office LLC now owns 1,160 shares of the company’s stock worth $34,000 after buying an additional 992 shares during the period. Allied Private Wealth LLC acquired a new stake in Clearway Energy in the second quarter valued at approximately $35,000. Eastern Bank acquired a new stake in Clearway Energy in the second quarter valued at approximately $57,000. Community Financial Services Group LLC grew its stake in Clearway Energy by 40.0% in the third quarter. Community Financial Services Group LLC now owns 2,100 shares of the company’s stock valued at $61,000 after acquiring an additional 600 shares during the period. Finally, First Bancorp Inc ME bought a new stake in shares of Clearway Energy during the second quarter valued at approximately $65,000. 84.53% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CWEN has been the topic of a number of research reports. Zacks Research raised Clearway Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 19th. Morgan Stanley cut their target price on Clearway Energy from $58.00 to $52.00 and set an “overweight” rating on the stock in a report on Wednesday, October 21st. Evercore reissued a “positive” rating and issued a $40.00 price target on shares of Clearway Energy in a research report on Monday, August 17th. Truist Financial decreased their price target on shares of Clearway Energy from $43.00 to $40.00 and set a “buy” rating for the company in a research note on Monday, September 28th. Finally, UBS Group decreased their price target on shares of Clearway Energy from $45.00 to $38.00 and set a “buy” rating for the company in a research note on Wednesday, October 21st. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, Clearway Energy presently has an average rating of “Buy” and an average price target of $42.00.

Clearway Energy Price Performance

Shares of NYSE CWEN opened at $33.91 on Tuesday. The stock has a market cap of $6.96 billion, a price-to-earnings ratio of 44.62 and a beta of 0.88. The company has a debt-to-equity ratio of 1.55, a quick ratio of 1.02 and a current ratio of 1.11. Clearway Energy, Inc. has a fifty-two week low of $28.57 and a fifty-two week high of $41.74. The firm’s 50-day simple moving average is $30.94 and its 200 day simple moving average is $35.55.

Clearway Energy (NYSE:CWEN) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.76. The firm had revenue of $481.00 million during the quarter, compared to analyst estimates of $473.92 million. Clearway Energy had a return on equity of 1.60% and a net margin of 5.78%. As a group, research analysts anticipate that Clearway Energy, Inc. will post -0.25 earnings per share for the current fiscal year.

Clearway Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were given a dividend of $0.4750 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This is a positive change from Clearway Energy’s previous quarterly dividend of $0.4676. This represents a $1.90 annualized dividend and a dividend yield of 5.6%. Clearway Energy’s payout ratio is presently 250.00%.

Clearway Energy Company Profile

Clearway Energy, Inc (NYSE:CWEN) owns and operates a diversified portfolio of renewable and conventional energy assets in the United States. Its generating facilities produce electricity for utilities, commercial customers and other power purchasers under long-term agreements.

The company’s renewable energy operations include wind and utility-scale solar facilities, while its conventional power portfolio includes natural-gas generation and other dispatchable assets. Clearway also owns district energy systems that provide services such as electricity, steam and chilled water to customers in select markets.

Clearway Energy was established in 2013 as NRG Yield and adopted its current name in 2018.