Clearway Energy, Inc. (NYSE:CWEN) to Issue Quarterly Dividend of $0.42

Clearway Energy, Inc. (NYSE:CWEN) announced a quarterly dividend on Tuesday, October 29th, Zacks reports. Investors of record on Monday, December 2nd will be given a dividend of 0.424 per share on Monday, December 16th. This represents a $1.70 annualized dividend and a yield of 6.11%. The ex-dividend date is Monday, December 2nd. This is a boost from Clearway Energy’s previous quarterly dividend of $0.42.

Clearway Energy has raised its dividend by an average of 13.6% per year over the last three years. Clearway Energy has a payout ratio of 137.1% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Clearway Energy to earn $0.64 per share next year, which means the company may not be able to cover its $1.70 annual dividend with an expected future payout ratio of 265.6%.

Clearway Energy Stock Performance

NYSE CWEN opened at $27.77 on Thursday. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.46 and a quick ratio of 1.37. The stock’s 50 day simple moving average is $28.46 and its 200-day simple moving average is $26.87. The company has a market cap of $5.61 billion, a PE ratio of 42.08, a price-to-earnings-growth ratio of 2.19 and a beta of 0.86. Clearway Energy has a 1-year low of $20.63 and a 1-year high of $30.92.

Clearway Energy (NYSE:CWEN) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.17). Clearway Energy had a net margin of 7.21% and a return on equity of 1.80%. The firm had revenue of $486.00 million during the quarter, compared to analysts’ expectations of $417.55 million. During the same quarter in the previous year, the business posted $0.03 EPS. The company’s revenue for the quarter was up 31.0% on a year-over-year basis. As a group, equities research analysts anticipate that Clearway Energy will post 0.85 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CWEN. Jefferies Financial Group assumed coverage on shares of Clearway Energy in a research note on Friday, September 20th. They set a “buy” rating and a $35.00 price objective for the company. Morgan Stanley upgraded Clearway Energy from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $25.00 to $36.00 in a research report on Wednesday, July 31st. StockNews.com raised Clearway Energy from a “sell” rating to a “hold” rating in a research note on Friday, August 9th. BNP Paribas initiated coverage on Clearway Energy in a research note on Tuesday, October 1st. They issued an “outperform” rating and a $36.00 target price for the company. Finally, Roth Mkm reiterated a “buy” rating and set a $32.00 price target (up previously from $30.00) on shares of Clearway Energy in a report on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $33.13.

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.