Clearway Energy, Inc. (NYSE:CWEN – Get Rating) declared a quarterly dividend on Thursday, May 5th, Zacks reports. Stockholders of record on Wednesday, June 1st will be given a dividend of 0.354 per share on Wednesday, June 15th. This represents a $1.42 dividend on an annualized basis and a dividend yield of 3.92%. The ex-dividend date is Tuesday, May 31st. This is a boost from Clearway Energy’s previous quarterly dividend of $0.35.
Clearway Energy has raised its dividend by an average of 1.8% per year over the last three years and has raised its dividend annually for the last 3 consecutive years. Clearway Energy has a dividend payout ratio of 134.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Clearway Energy to earn $0.94 per share next year, which means the company may not be able to cover its $1.41 annual dividend with an expected future payout ratio of 150.0%.
Shares of Clearway Energy stock opened at $36.15 on Friday. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.90 and a quick ratio of 0.87. Clearway Energy has a 1 year low of $25.39 and a 1 year high of $39.75. The firm’s 50-day moving average is $33.83 and its two-hundred day moving average is $34.54. The stock has a market cap of $7.30 billion, a price-to-earnings ratio of 278.08, a PEG ratio of 6.31 and a beta of 0.68.
Several hedge funds and other institutional investors have recently modified their holdings of CWEN. Janus Henderson Group PLC acquired a new stake in shares of Clearway Energy during the 3rd quarter worth approximately $237,000. Flagship Harbor Advisors LLC acquired a new stake in Clearway Energy in the 4th quarter valued at $234,000. Sei Investments Co. grew its stake in Clearway Energy by 17.3% in the 4th quarter. Sei Investments Co. now owns 94,503 shares of the company’s stock valued at $3,404,000 after acquiring an additional 13,933 shares during the period. SG3 Management LLC acquired a new stake in Clearway Energy in the 4th quarter valued at $72,000. Finally, Raymond James Financial Services Advisors Inc. grew its stake in Clearway Energy by 1.1% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 54,140 shares of the company’s stock valued at $1,977,000 after acquiring an additional 606 shares during the period. 34.38% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have commented on CWEN. Seaport Res Ptn reissued a “buy” rating on shares of Clearway Energy in a research report on Friday, May 13th. TheStreet lowered shares of Clearway Energy from a “b-” rating to a “c+” rating in a research report on Monday, May 9th. Finally, StockNews.com began coverage on shares of Clearway Energy in a research report on Thursday, March 31st. They set a “hold” rating for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $36.20.
About Clearway Energy (Get Rating)
Clearway Energy, Inc, through its subsidiaries, engages in the renewable energy businesses in the United States. It had approximately 5,000 net megawatts (MW) of installed wind and solar generation projects; and approximately 2,500 net MW of natural gas generation facilities, as well as a portfolio of district energy systems.
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