Clearway Energy, Inc. (NYSE:CWEN – Get Rating) – Investment analysts at Oppenheimer reduced their Q3 2022 earnings estimates for shares of Clearway Energy in a note issued to investors on Tuesday, August 2nd. Oppenheimer analyst C. Rusch now forecasts that the company will earn ($0.20) per share for the quarter, down from their prior forecast of $0.50. The consensus estimate for Clearway Energy’s current full-year earnings is $0.82 per share. Oppenheimer also issued estimates for Clearway Energy’s Q4 2022 earnings at ($0.50) EPS and FY2023 earnings at $1.19 EPS.
A number of other research analysts also recently weighed in on the stock. StockNews.com raised shares of Clearway Energy from a “hold” rating to a “buy” rating in a research report on Wednesday. Morgan Stanley reduced their target price on shares of Clearway Energy from $37.00 to $35.00 and set an “equal weight” rating for the company in a research report on Thursday, July 21st. TheStreet raised shares of Clearway Energy from a “c+” rating to a “b+” rating in a report on Tuesday. Roth Capital reaffirmed a “buy” rating on shares of Clearway Energy in a report on Friday, May 27th. Finally, CIBC began coverage on shares of Clearway Energy in a report on Thursday, June 9th. They issued a “neutral” rating and a $36.00 price objective for the company. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $37.40.
Clearway Energy Stock Down 1.7 %
Clearway Energy (NYSE:CWEN – Get Rating) last posted its quarterly earnings data on Thursday, May 5th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.16). The firm had revenue of $214.00 million during the quarter, compared to analysts’ expectations of $244.91 million. Clearway Energy had a net margin of 44.04% and a negative return on equity of 13.81%.
Hedge Funds Weigh In On Clearway Energy
Hedge funds have recently modified their holdings of the company. Jennison Associates LLC bought a new position in Clearway Energy during the second quarter valued at $36,957,000. Beach Investment Counsel Inc. PA acquired a new stake in Clearway Energy in the 1st quarter worth approximately $7,715,000. ClearBridge Investments Ltd boosted its stake in Clearway Energy by 4.0% in the 1st quarter. ClearBridge Investments Ltd now owns 5,246,887 shares of the company’s stock worth $77,619,000 after purchasing an additional 204,217 shares in the last quarter. HITE Hedge Asset Management LLC raised its position in Clearway Energy by 72.9% during the 1st quarter. HITE Hedge Asset Management LLC now owns 473,621 shares of the company’s stock worth $17,292,000 after buying an additional 199,700 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new position in Clearway Energy during the 2nd quarter worth approximately $5,943,000. 34.38% of the stock is currently owned by institutional investors.
Clearway Energy Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st will be issued a dividend of $0.36 per share. This is a boost from Clearway Energy’s previous quarterly dividend of $0.35. This represents a $1.44 dividend on an annualized basis and a yield of 3.87%. The ex-dividend date is Wednesday, August 31st. Clearway Energy’s dividend payout ratio is currently 29.87%.
About Clearway Energy
Clearway Energy, Inc, through its subsidiaries, engages in the renewable energy businesses in the United States. It had approximately 5,000 net megawatts (MW) of installed wind and solar generation projects; and approximately 2,500 net MW of natural gas generation facilities, as well as a portfolio of district energy systems.
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