HITE Hedge Asset Management LLC Trims Stock Holdings in Clearway Energy, Inc. (NYSE:CWEN)

HITE Hedge Asset Management LLC decreased its holdings in shares of Clearway Energy, Inc. (NYSE:CWEN) by 76.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 65,115 shares of the company’s stock after selling 207,142 shares during the quarter. HITE Hedge Asset Management LLC’s holdings in Clearway Energy were worth $1,998,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Tidal Investments LLC grew its stake in Clearway Energy by 74.5% during the 1st quarter. Tidal Investments LLC now owns 51,660 shares of the company’s stock valued at $1,191,000 after purchasing an additional 22,059 shares in the last quarter. Teachers Retirement System of The State of Kentucky lifted its position in shares of Clearway Energy by 12.0% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 38,400 shares of the company’s stock worth $885,000 after purchasing an additional 4,100 shares during the last quarter. Fulton Bank N.A. grew its stake in shares of Clearway Energy by 12.9% in the 2nd quarter. Fulton Bank N.A. now owns 11,757 shares of the company’s stock valued at $290,000 after purchasing an additional 1,347 shares during the period. Friedenthal Financial acquired a new position in Clearway Energy during the 2nd quarter worth $712,000. Finally, Monetary Management Group Inc. lifted its stake in shares of Clearway Energy by 228.6% in the 2nd quarter. Monetary Management Group Inc. now owns 13,800 shares of the company’s stock valued at $341,000 after purchasing an additional 9,600 shares during the period. Hedge funds and other institutional investors own 38.03% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on CWEN. StockNews.com cut Clearway Energy from a “hold” rating to a “sell” rating in a research note on Saturday. Jefferies Financial Group initiated coverage on Clearway Energy in a research note on Friday, September 20th. They set a “buy” rating and a $35.00 target price for the company. BNP Paribas began coverage on Clearway Energy in a research note on Tuesday, October 1st. They set an “outperform” rating and a $36.00 price target for the company. Finally, CIBC boosted their price target on Clearway Energy from $33.00 to $34.00 and gave the company an “outperformer” rating in a research note on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Clearway Energy presently has an average rating of “Moderate Buy” and an average target price of $33.13.

Clearway Energy Stock Performance

NYSE:CWEN opened at $29.08 on Tuesday. Clearway Energy, Inc. has a 12 month low of $20.63 and a 12 month high of $30.92. The firm has a market capitalization of $5.88 billion, a PE ratio of 27.96, a price-to-earnings-growth ratio of 1.41 and a beta of 0.86. The business’s fifty day moving average price is $28.19 and its 200 day moving average price is $27.52. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.59 and a quick ratio of 1.49.

Clearway Energy (NYSE:CWEN) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.17). The firm had revenue of $486.00 million for the quarter, compared to analysts’ expectations of $417.55 million. Clearway Energy had a return on equity of 2.28% and a net margin of 8.94%. The business’s quarterly revenue was up 31.0% on a year-over-year basis. During the same period last year, the firm earned $0.03 EPS. On average, sell-side analysts anticipate that Clearway Energy, Inc. will post 0.78 earnings per share for the current fiscal year.

Clearway Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.424 per share. The ex-dividend date is Monday, December 2nd. This represents a $1.70 annualized dividend and a dividend yield of 5.83%. This is a boost from Clearway Energy’s previous quarterly dividend of $0.42. Clearway Energy’s dividend payout ratio (DPR) is 160.58%.

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.