Clearway Energy (NYSE:CWEN) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued on Monday, Zacks.com reports.
According to Zacks, “In the last month, shares of the Clearway Energy have outperformed its industry. Clearway Energy is poised to gain from its long-lived renewable assets. Focus on North American assets saves the company from foreign-exchange fluctuations and sovereign risks. The strategic acquisition of renewable and existing assets, along with planned capital expenditure to further expand renewable generation will help the company maintain its generation portfolio in compliance with environmental regulations. However, Clearway Energy generates a substantial volume of electricity from renewable sources, subject to favorable weather conditions that could not be assured always. Dependence on performance of third-party transmission lines may impact its performance. High debt level of the company amid rising interest rates is a headwind.”
Several other analysts have also recently issued reports on the stock. ValuEngine upgraded shares of Clearway Energy from a “sell” rating to a “hold” rating in a research report on Friday, March 1st. Macquarie downgraded shares of Clearway Energy from an “outperform” rating to a “neutral” rating in a research note on Friday, February 15th. Finally, Guggenheim downgraded shares of Clearway Energy from a “neutral” rating to a “sell” rating and set a $11.00 target price on the stock. in a research note on Wednesday, February 13th. One equities research analyst has rated the stock with a sell rating and three have issued a hold rating to the company. Clearway Energy presently has an average rating of “Hold” and an average price target of $16.50.
Shares of NYSE CWEN traded down $0.24 during mid-day trading on Monday, hitting $15.78. 7,573 shares of the company’s stock traded hands, compared to its average volume of 596,974. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 2.45. The stock has a market capitalization of $3.10 billion, a price-to-earnings ratio of 34.24, a P/E/G ratio of 1.30 and a beta of 1.22. Clearway Energy has a 1 year low of $12.12 and a 1 year high of $20.75.
Clearway Energy (NYSE:CWEN) last announced its earnings results on Thursday, February 28th. The company reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.68). The business had revenue of $229.00 million for the quarter, compared to analysts’ expectations of $286.00 million. Clearway Energy had a net margin of 4.56% and a return on equity of 2.13%. On average, equities analysts predict that Clearway Energy will post 1.23 EPS for the current fiscal year.
In other Clearway Energy news, CFO Chad Plotkin purchased 2,700 shares of the stock in a transaction dated Wednesday, March 6th. The stock was purchased at an average price of $14.79 per share, with a total value of $39,933.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Christopher S. Sotos purchased 6,500 shares of the stock in a transaction dated Wednesday, March 6th. The stock was acquired at an average cost of $14.49 per share, with a total value of $94,185.00. The disclosure for this purchase can be found here. Insiders acquired a total of 19,450 shares of company stock worth $283,563 over the last 90 days. Insiders own 0.24% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in CWEN. First Republic Investment Management Inc. acquired a new stake in shares of Clearway Energy in the third quarter worth $222,000. Paloma Partners Management Co bought a new position in shares of Clearway Energy in the third quarter worth $215,000. BlueMountain Capital Management LLC bought a new position in shares of Clearway Energy in the third quarter worth $221,000. Glenmede Trust Co. NA bought a new position in shares of Clearway Energy in the third quarter worth $773,000. Finally, Griffin Asset Management Inc. bought a new position in shares of Clearway Energy in the third quarter worth $684,000. 31.62% of the stock is owned by hedge funds and other institutional investors.
Clearway Energy Company Profile
Clearway Energy, Inc, through its subsidiaries, acquires, owns, and operates contracted renewable energy and conventional generation, and thermal infrastructure assets in the United States. As of December 31, 2018, it had contracted generation portfolio of 5,272 net megawatts (MWs) of wind, solar, and natural gas-fired power generation facilities, as well as district energy systems.
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