Clearway Energy (NYSE:CWEN) Hits New 12-Month High – Should You Buy?

Clearway Energy, Inc. (NYSE:CWEN) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $39.50 and last traded at $39.09, with a volume of 1187441 shares trading hands. The stock had previously closed at $38.64.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CWEN. Canadian Imperial Bank of Commerce raised shares of Clearway Energy from a “neutral” rating to a “sector outperform” rating and raised their target price for the company from $37.00 to $38.00 in a research note on Tuesday, December 16th. Roth Mkm upped their price target on Clearway Energy from $39.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, November 24th. Wall Street Zen upgraded Clearway Energy from a “sell” rating to a “hold” rating in a research note on Sunday, January 18th. UBS Group reissued a “buy” rating and issued a $39.00 target price on shares of Clearway Energy in a research note on Wednesday, December 10th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Clearway Energy in a report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $37.71.

Clearway Energy Stock Performance

The firm’s 50 day moving average price is $34.58 and its two-hundred day moving average price is $32.55. The firm has a market cap of $8.16 billion, a PE ratio of 17.12, a PEG ratio of 1.51 and a beta of 0.95. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.44 and a current ratio of 1.54.

Hedge Funds Weigh In On Clearway Energy

Several large investors have recently modified their holdings of CWEN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Clearway Energy by 12.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,333 shares of the company’s stock valued at $1,070,000 after buying an additional 3,787 shares in the last quarter. Apollon Wealth Management LLC grew its position in Clearway Energy by 8.7% in the 2nd quarter. Apollon Wealth Management LLC now owns 11,002 shares of the company’s stock valued at $352,000 after acquiring an additional 882 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its position in Clearway Energy by 8.9% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 32,880 shares of the company’s stock valued at $1,052,000 after acquiring an additional 2,701 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in Clearway Energy during the second quarter worth about $378,000. Finally, Nordea Investment Management AB lifted its position in shares of Clearway Energy by 325.3% during the second quarter. Nordea Investment Management AB now owns 245,614 shares of the company’s stock worth $7,747,000 after purchasing an additional 187,861 shares in the last quarter. Institutional investors and hedge funds own 84.53% of the company’s stock.

Clearway Energy Company Profile

Clearway Energy Group (NYSE: CWEN) is a U.S.-based energy company specializing in the ownership, operation and development of clean and conventional power generation assets. The company’s portfolio spans utility-scale wind and solar farms, biogas and natural gas-fired thermal facilities, as well as distributed generation projects such as rooftop solar and energy storage. Clearway’s generation assets are largely underpinned by long-term power purchase agreements and service contracts with creditworthy counterparties, enabling stable, predictable cash flows.

Originally launched in 2013 as NRG Yield and rebranded to Clearway Energy in 2018 following a strategic sponsorship change, the business has grown into one of the largest independent renewable energy platforms in the United States.