Bank of America Downgrades Clearway Energy (NYSE:CWEN) to Neutral

Bank of America cut shares of Clearway Energy (NYSE:CWENGet Rating) from a buy rating to a neutral rating in a research report report published on Monday, MarketBeat.com reports. Bank of America currently has $40.00 price target on the stock, down from their previous price target of $43.00.

CWEN has been the subject of a number of other reports. CIBC started coverage on Clearway Energy in a research note on Thursday, June 9th. They issued a neutral rating and a $36.00 price target for the company. TheStreet upgraded Clearway Energy from a c+ rating to a b+ rating in a research report on Tuesday, August 2nd. Roth Capital restated a buy rating on shares of Clearway Energy in a research report on Friday, May 27th. StockNews.com raised shares of Clearway Energy from a hold rating to a buy rating in a research report on Thursday, September 15th. Finally, Morgan Stanley dropped their target price on shares of Clearway Energy from $37.00 to $35.00 and set an equal weight rating for the company in a research report on Thursday, July 21st. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $38.20.

Clearway Energy Stock Performance

Shares of NYSE CWEN opened at $35.74 on Monday. The company has a debt-to-equity ratio of 1.58, a current ratio of 2.18 and a quick ratio of 2.13. The firm has a market cap of $7.22 billion, a price-to-earnings ratio of 7.57, a P/E/G ratio of 2.40 and a beta of 0.64. The stock’s fifty day moving average price is $37.59 and its two-hundred day moving average price is $35.49. Clearway Energy has a one year low of $29.61 and a one year high of $41.79.

Clearway Energy (NYSE:CWENGet Rating) last released its quarterly earnings results on Tuesday, August 2nd. The company reported ($3.86) EPS for the quarter, missing the consensus estimate of $0.38 by ($4.24). Clearway Energy had a net margin of 44.04% and a negative return on equity of 13.81%. The business had revenue of $368.00 million during the quarter, compared to analyst estimates of $388.91 million. On average, equities analysts forecast that Clearway Energy will post 0.87 EPS for the current year.

Clearway Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were issued a dividend of $0.36 per share. The ex-dividend date was Wednesday, August 31st. This is a positive change from Clearway Energy’s previous quarterly dividend of $0.35. This represents a $1.44 annualized dividend and a dividend yield of 4.03%. Clearway Energy’s payout ratio is 30.51%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp boosted its holdings in shares of Clearway Energy by 67.9% during the 1st quarter. Van ECK Associates Corp now owns 851 shares of the company’s stock valued at $31,000 after acquiring an additional 344 shares in the last quarter. Prospera Financial Services Inc acquired a new position in shares of Clearway Energy in the first quarter valued at approximately $50,000. AGF Investments LLC raised its holdings in Clearway Energy by 333.7% in the 1st quarter. AGF Investments LLC now owns 1,878 shares of the company’s stock valued at $69,000 after buying an additional 1,445 shares during the last quarter. Fifth Third Bancorp boosted its position in Clearway Energy by 47.3% during the 1st quarter. Fifth Third Bancorp now owns 2,005 shares of the company’s stock worth $73,000 after buying an additional 644 shares during the period. Finally, Strs Ohio bought a new stake in Clearway Energy during the 1st quarter worth approximately $102,000. 57.10% of the stock is currently owned by institutional investors and hedge funds.

About Clearway Energy

(Get Rating)

Clearway Energy, Inc operates in the renewable energy business in the United States. It has approximately 5,000 net megawatts (MW) of installed wind and solar generation projects; and approximately 2,500 net MW of natural gas generation facilities. The company was formerly known as NRG Yield, Inc and changed its name to Clearway Energy, Inc in August 2018.

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