Clearway Energy, Inc. (NYSE:CWEN) Declares Dividend Increase – $0.42 Per Share

Clearway Energy, Inc. (NYSE:CWEN) announced a quarterly dividend on Thursday, August 1st, Zacks reports. Stockholders of record on Tuesday, September 3rd will be paid a dividend of 0.417 per share on Monday, September 16th. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.14%. The ex-dividend date of this dividend is Tuesday, September 3rd. This is a boost from Clearway Energy’s previous quarterly dividend of $0.41.

Clearway Energy has raised its dividend by an average of 13.6% annually over the last three years. Clearway Energy has a dividend payout ratio of 180.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Clearway Energy to earn $0.89 per share next year, which means the company may not be able to cover its $1.64 annual dividend with an expected future payout ratio of 184.3%.

Clearway Energy Stock Performance

Shares of NYSE:CWEN traded down $0.80 during trading on Friday, reaching $27.16. 190,752 shares of the stock were exchanged, compared to its average volume of 876,788. Clearway Energy has a 12 month low of $18.59 and a 12 month high of $28.71. The firm has a market cap of $5.49 billion, a PE ratio of 41.35 and a beta of 0.85. The stock has a 50-day moving average price of $26.05 and a 200-day moving average price of $24.44. The company has a current ratio of 1.71, a quick ratio of 1.65 and a debt-to-equity ratio of 1.50.

Clearway Energy (NYSE:CWEN) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.23). Clearway Energy had a return on equity of 1.67% and a net margin of 5.97%. The firm had revenue of $366.00 million for the quarter, compared to the consensus estimate of $424.59 million. During the same quarter in the prior year, the firm earned $0.33 EPS. The company’s revenue was down 9.9% on a year-over-year basis. Research analysts expect that Clearway Energy will post 1.01 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CWEN has been the subject of a number of analyst reports. Roth Mkm lifted their price target on shares of Clearway Energy from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Morgan Stanley upgraded shares of Clearway Energy from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $25.00 to $36.00 in a research report on Wednesday. StockNews.com downgraded shares of Clearway Energy from a “hold” rating to a “sell” rating in a research report on Thursday. Finally, Evercore ISI lifted their price target on shares of Clearway Energy from $25.00 to $30.00 and gave the company an “outperform” rating in a research report on Tuesday, May 14th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Clearway Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.83.

Clearway Energy Company Profile

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.