Clearway Energy (NYSE:CWEN) Releases Earnings Results, Beats Expectations By $1.56 EPS

Clearway Energy (NYSE:CWEN) announced its quarterly earnings data on Tuesday. The company reported $2.00 EPS for the quarter, beating the consensus estimate of $0.44 by $1.56, Zacks reports. Clearway Energy had a net margin of 5.31% and a return on equity of 1.37%.

Clearway Energy Trading Down 0.1%

Clearway Energy stock traded down $0.03 during midday trading on Tuesday, reaching $32.47. The stock had a trading volume of 1,031,896 shares, compared to its average volume of 971,343. The company has a quick ratio of 1.34, a current ratio of 1.42 and a debt-to-equity ratio of 1.49. The company has a fifty day moving average of $30.05 and a 200 day moving average of $30.47. Clearway Energy has a 52-week low of $24.40 and a 52-week high of $33.22. The firm has a market cap of $6.57 billion, a price-to-earnings ratio of 49.95, a price-to-earnings-growth ratio of 1.26 and a beta of 0.93.

Wall Street Analyst Weigh In

CWEN has been the topic of several recent analyst reports. Roth Capital reaffirmed a “buy” rating and set a $38.00 price objective on shares of Clearway Energy in a research report on Monday, October 6th. Evercore ISI started coverage on shares of Clearway Energy in a research note on Monday, October 6th. They set an “in-line” rating and a $34.00 price target on the stock. Jefferies Financial Group lifted their price objective on Clearway Energy from $37.00 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, July 23rd. Cibc World Mkts downgraded Clearway Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 21st. Finally, CIBC boosted their target price on shares of Clearway Energy from $35.00 to $37.00 and gave the stock a “neutral” rating in a report on Tuesday, October 21st. Five analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Clearway Energy has an average rating of “Moderate Buy” and an average target price of $36.57.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Hudson Bay Capital Management LP purchased a new position in shares of Clearway Energy during the second quarter worth approximately $2,352,000. Advisory Services Network LLC grew its stake in Clearway Energy by 2.7% in the second quarter. Advisory Services Network LLC now owns 30,452 shares of the company’s stock valued at $994,000 after purchasing an additional 803 shares during the last quarter. Cerity Partners LLC grew its position in shares of Clearway Energy by 1.8% in the 2nd quarter. Cerity Partners LLC now owns 68,489 shares of the company’s stock worth $2,192,000 after buying an additional 1,180 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Clearway Energy by 1,116.7% in the second 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 last quarter. Finally, Headlands Technologies LLC purchased a new position in Clearway Energy during the 2nd quarter worth $43,000. Hedge funds and other institutional investors own 84.53% of the company’s stock.

About Clearway Energy

Clearway Energy, Inc operates in the renewable energy business in the United States. The company operates through Conventional and Renewables segments. It has approximately 6,000 net MW of installed wind, solar, and energy generation projects; and approximately 2,500 net MW of natural gas-fired generation facilities.