Clearway Energy, Inc. (NYSE:CWEN) Sees Significant Growth in Short Interest

Clearway Energy, Inc. (NYSE:CWEN) was the recipient of a significant increase in short interest in the month of February. As of February 27th, there was short interest totaling 6,435,824 shares, an increase of 27.7% from the February 12th total of 5,039,496 shares. Currently, 3.2% of the shares of the stock are sold short. Based on an average trading volume of 1,150,318 shares, the short-interest ratio is presently 5.6 days. Based on an average trading volume of 1,150,318 shares, the short-interest ratio is presently 5.6 days. Currently, 3.2% of the shares of the stock are sold short.

Clearway Energy Stock Up 0.7%

Shares of CWEN traded up $0.28 during mid-day trading on Tuesday, reaching $39.79. The company’s stock had a trading volume of 26,970 shares, compared to its average volume of 1,063,035. The company has a market cap of $8.17 billion, a price-to-earnings ratio of 28.05, a price-to-earnings-growth ratio of 1.66 and a beta of 0.95. The business has a fifty day moving average of $37.19 and a 200 day moving average of $33.92. The company has a quick ratio of 1.06, a current ratio of 1.13 and a debt-to-equity ratio of 1.36. Clearway Energy has a 1 year low of $25.63 and a 1 year high of $41.51.

Clearway Energy (NYSE:CWEN) last issued its quarterly earnings results on Monday, February 23rd. The company reported ($0.89) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.68). Clearway Energy had a net margin of 11.83% and a return on equity of 3.01%. The business had revenue of $310.00 million for the quarter, compared to analysts’ expectations of $334.42 million. During the same quarter in the prior year, the firm posted ($0.41) EPS. As a group, analysts forecast that Clearway Energy will post 0.83 earnings per share for the current fiscal year.

Clearway Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were paid a $0.4602 dividend. The ex-dividend date was Monday, March 2nd. This represents a $1.84 annualized dividend and a yield of 4.6%. This is a boost from Clearway Energy’s previous quarterly dividend of $0.45. Clearway Energy’s dividend payout ratio (DPR) is currently 129.58%.

Hedge Funds Weigh In On Clearway Energy

A number of hedge funds have recently modified their holdings of the stock. Synergy Asset Management LLC bought a new position in shares of Clearway Energy during the 3rd quarter worth about $6,473,000. Foresight Group Ltd Liability Partnership raised its position in Clearway Energy by 18.6% in the third quarter. Foresight Group Ltd Liability Partnership now owns 418,235 shares of the company’s stock worth $11,815,000 after purchasing an additional 65,522 shares in the last quarter. Nordea Investment Management AB raised its position in Clearway Energy by 33.6% in the third quarter. Nordea Investment Management AB now owns 328,235 shares of the company’s stock worth $9,250,000 after purchasing an additional 82,621 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in Clearway Energy during the third quarter worth about $1,244,000. Finally, AXQ Capital LP lifted its stake in Clearway Energy by 130.1% during the second quarter. AXQ Capital LP now owns 19,919 shares of the company’s stock worth $637,000 after purchasing an additional 11,264 shares during the period. 84.53% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on CWEN shares. Roth Mkm reissued a “buy” rating and set a $45.00 target price (up from $40.00) on shares of Clearway Energy in a research note on Tuesday, February 24th. Zacks Research cut Clearway Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. Royal Bank Of Canada increased their price objective on Clearway Energy from $38.00 to $42.00 and gave the company an “outperform” rating in a research report on Tuesday, February 24th. Wall Street Zen cut Clearway Energy from a “hold” rating to a “strong sell” rating in a report on Saturday, February 28th. Finally, UBS Group set a $45.00 target price on Clearway Energy in a research report on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $40.14.

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.