Clearway Energy (NYSE:CWEN) Trading Down 10.3% – What’s Next?

Clearway Energy, Inc. (NYSE:CWEN) shares fell 10.3% during trading on Wednesday . The stock traded as low as $25.75 and last traded at $25.81. 404,347 shares were traded during trading, a decline of 53% from the average session volume of 857,542 shares. The stock had previously closed at $28.78.

Wall Street Analysts Forecast Growth

CWEN has been the topic of a number of analyst reports. Morgan Stanley raised shares of Clearway Energy from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $25.00 to $36.00 in a research note on Wednesday, July 31st. CIBC increased their target price on shares of Clearway Energy from $33.00 to $34.00 and gave the company an “outperformer” rating in a research report on Tuesday, October 22nd. Jefferies Financial Group assumed coverage on Clearway Energy in a report on Friday, September 20th. They issued a “buy” rating and a $35.00 price objective for the company. BNP Paribas initiated coverage on Clearway Energy in a research report on Tuesday, October 1st. They set an “outperform” rating and a $36.00 price objective for the company. Finally, StockNews.com raised shares of Clearway Energy from a “sell” rating to a “hold” rating in a report on Friday, August 9th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $33.13.

Clearway Energy Trading Down 6.8 %

The stock has a market cap of $5.42 billion, a price-to-earnings ratio of 25.80, a price-to-earnings-growth ratio of 2.49 and a beta of 0.87. The firm’s 50 day moving average is $28.38 and its two-hundred day moving average is $27.07. The company has a quick ratio of 1.49, a current ratio of 1.59 and a debt-to-equity ratio of 1.20.

Clearway Energy (NYSE:CWEN) last released its earnings results on Wednesday, October 30th. The company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.17). Clearway Energy had a net margin of 8.94% and a return on equity of 2.28%. The company had revenue of $486.00 million for the quarter, compared to analyst estimates of $417.55 million. During the same period in the previous year, the business posted $0.03 EPS. The firm’s quarterly revenue was up 31.0% on a year-over-year basis. Equities analysts anticipate that Clearway Energy, Inc. will post 0.81 EPS for the current year.

Clearway Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a dividend of $0.424 per share. The ex-dividend date of this dividend is Monday, December 2nd. This is a positive change from Clearway Energy’s previous quarterly dividend of $0.42. This represents a $1.70 annualized dividend and a yield of 6.32%. Clearway Energy’s dividend payout ratio is currently 160.58%.

Institutional Trading of Clearway Energy

A number of hedge funds have recently bought and sold shares of the company. ING Groep NV purchased a new stake in shares of Clearway Energy in the third quarter valued at $229,000. Plato Investment Management Ltd purchased a new stake in Clearway Energy in the 3rd quarter worth about $245,000. Oppenheimer & Co. Inc. boosted its position in Clearway Energy by 13.3% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 10,722 shares of the company’s stock worth $329,000 after acquiring an additional 1,260 shares during the period. Entropy Technologies LP purchased a new position in Clearway Energy during the 3rd quarter valued at about $1,026,000. Finally, Ashton Thomas Securities LLC acquired a new position in shares of Clearway Energy in the 3rd quarter valued at about $50,000. 38.03% of the stock is owned by hedge funds and other institutional investors.

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.