Tortoise Capital Advisors L.L.C. Sells 284,420 Shares of Clearway Energy, Inc. (NYSE:CWEN)

Tortoise Capital Advisors L.L.C. trimmed its position in Clearway Energy, Inc. (NYSE:CWEN) by 16.2% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 1,466,954 shares of the company’s stock after selling 284,420 shares during the period. Clearway Energy comprises approximately 0.7% of Tortoise Capital Advisors L.L.C.’s holdings, making the stock its 24th largest holding. Tortoise Capital Advisors L.L.C. owned about 0.73% of Clearway Energy worth $41,280,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Amundi Pioneer Asset Management Inc. bought a new position in shares of Clearway Energy in the 1st quarter worth $810,000. FIL Ltd boosted its position in shares of Clearway Energy by 21.0% in the 4th quarter. FIL Ltd now owns 10,294 shares of the company’s stock worth $329,000 after purchasing an additional 1,788 shares during the last quarter. Teacher Retirement System of Texas bought a new position in shares of Clearway Energy in the 4th quarter worth $220,000. Squarepoint Ops LLC boosted its position in shares of Clearway Energy by 158.6% in the 4th quarter. Squarepoint Ops LLC now owns 33,050 shares of the company’s stock worth $1,055,000 after purchasing an additional 20,269 shares during the last quarter. Finally, Truist Financial Corp bought a new position in shares of Clearway Energy in the 4th quarter worth $231,000. Hedge funds and other institutional investors own 35.30% of the company’s stock.

In related news, major shareholder Infrastructure Investor Global bought 16,219 shares of the stock in a transaction that occurred on Monday, June 14th. The shares were acquired at an average price of $25.70 per share, with a total value of $416,828.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Christopher S. Sotos bought 2,000 shares of the stock in a transaction that occurred on Monday, May 10th. The stock was bought at an average cost of $24.55 per share, for a total transaction of $49,100.00. Following the transaction, the chief executive officer now owns 27,100 shares of the company’s stock, valued at approximately $665,305. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 23,590 shares of company stock worth $603,587. 0.43% of the stock is owned by company insiders.

Several research firms have recently issued reports on CWEN. Tudor Pickering began coverage on Clearway Energy in a research report on Friday, April 23rd. They issued a “buy” rating and a $33.00 price target on the stock. Morgan Stanley raised their price objective on Clearway Energy from $31.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Seaport Global Securities raised Clearway Energy from a “neutral” rating to a “buy” rating and set a $31.00 price objective on the stock in a research note on Tuesday, March 30th. Finally, Wolfe Research raised Clearway Energy from a “peer perform” rating to an “outperform” rating and set a $33.00 price objective on the stock in a research note on Thursday, March 25th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Clearway Energy currently has a consensus rating of “Buy” and a consensus target price of $31.60.

Shares of CWEN traded up $0.45 during midday trading on Thursday, hitting $27.75. The stock had a trading volume of 27,976 shares, compared to its average volume of 923,832. The firm has a 50 day moving average of $26.70. Clearway Energy, Inc. has a twelve month low of $22.69 and a twelve month high of $37.23. The firm has a market capitalization of $5.60 billion, a price-to-earnings ratio of 55.28, a price-to-earnings-growth ratio of 1.42 and a beta of 0.55. The company has a current ratio of 0.98, a quick ratio of 0.92 and a debt-to-equity ratio of 2.49.

Clearway Energy (NYSE:CWEN) last released its quarterly earnings results on Thursday, May 6th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.37) by $0.68. Clearway Energy had a return on equity of 5.19% and a net margin of 4.84%. The firm had revenue of $237.00 million for the quarter, compared to the consensus estimate of $244.00 million. On average, sell-side analysts predict that Clearway Energy, Inc. will post 0.72 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 15th. Investors of record on Tuesday, June 1st were given a $0.329 dividend. The ex-dividend date of this dividend was Friday, May 28th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 4.74%. This is an increase from Clearway Energy’s previous quarterly dividend of $0.32. Clearway Energy’s payout ratio is currently 220.00%.

Clearway Energy Company Profile

Clearway Energy, Inc, through its subsidiaries, engages in the renewable energy businesses in the United States. As of March 2, 2021, it had approximately 4,200 net megawatts (MW) of installed wind and solar generation projects; and 2,500 net MW of natural gas generation facilities, as well as a portfolio of district energy systems.

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Institutional Ownership by Quarter for Clearway Energy (NYSE:CWEN)

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