King Luther Capital Management Corp Takes $568,000 Position in Clearway Energy, Inc. (NYSE:CWEN)

King Luther Capital Management Corp bought a new position in shares of Clearway Energy, Inc. (NYSE:CWEN) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 18,500 shares of the company’s stock, valued at approximately $568,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CWEN. Apollo Management Holdings L.P. boosted its holdings in shares of Clearway Energy by 38.4% in the 1st quarter. Apollo Management Holdings L.P. now owns 1,645,296 shares of the company’s stock valued at $37,924,000 after buying an additional 456,197 shares in the last quarter. 1832 Asset Management L.P. acquired a new position in Clearway Energy in the second quarter valued at $32,310,000. Point72 Asset Management L.P. grew its holdings in shares of Clearway Energy by 60.9% during the second quarter. Point72 Asset Management L.P. now owns 1,016,837 shares of the company’s stock worth $25,106,000 after purchasing an additional 384,837 shares during the last quarter. abrdn plc increased its position in shares of Clearway Energy by 8.7% during the third quarter. abrdn plc now owns 461,200 shares of the company’s stock worth $14,150,000 after purchasing an additional 37,100 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Clearway Energy by 144.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 430,269 shares of the company’s stock valued at $10,623,000 after purchasing an additional 254,486 shares during the last quarter. 38.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CWEN has been the topic of a number of research reports. Morgan Stanley upgraded Clearway Energy from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $25.00 to $36.00 in a research note on Wednesday, July 31st. BNP Paribas initiated coverage on shares of Clearway Energy in a research report on Tuesday, October 1st. They set an “outperform” rating and a $36.00 target price on the stock. Roth Mkm reiterated a “buy” rating and issued a $32.00 price target (up previously from $30.00) on shares of Clearway Energy in a research report on Friday, August 2nd. CIBC increased their price target on shares of Clearway Energy from $33.00 to $34.00 and gave the stock an “outperformer” rating in a research note on Tuesday, October 22nd. Finally, Jefferies Financial Group initiated coverage on shares of Clearway Energy in a research note on Friday, September 20th. They issued a “buy” rating and a $35.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $33.13.

Clearway Energy Stock Performance

Shares of Clearway Energy stock opened at $28.35 on Friday. The firm has a market cap of $5.73 billion, a price-to-earnings ratio of 27.26, a price-to-earnings-growth ratio of 2.51 and a beta of 0.87. Clearway Energy, Inc. has a 52-week low of $20.63 and a 52-week high of $30.92. The company’s 50-day simple moving average is $28.21 and its 200-day simple moving average is $27.38. The company has a quick ratio of 1.49, a current ratio of 1.59 and a debt-to-equity ratio of 1.20.

Clearway Energy (NYSE:CWEN) last released its 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 business had revenue of $486.00 million for the quarter, compared to analyst estimates of $417.55 million. Clearway Energy had a return on equity of 2.28% and a net margin of 8.94%. The business’s revenue for the quarter was up 31.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.03 EPS. As a group, equities research analysts anticipate that Clearway Energy, Inc. will post 0.81 earnings per share for the current year.

Clearway Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a $0.424 dividend. This is a boost from Clearway Energy’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.70 annualized dividend and a yield of 5.98%. Clearway Energy’s dividend payout ratio is presently 160.58%.

Clearway Energy Company Profile

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.