Clearway Energy, Inc. (NYSE:CWEN) Sees Large Decrease in Short Interest

Clearway Energy, Inc. (NYSE:CWEN) was the recipient of a large drop in short interest in November. As of November 15th, there was short interest totalling 2,230,000 shares, a drop of 8.2% from the October 31st total of 2,430,000 shares. Currently, 2.7% of the shares of the company are short sold. Based on an average daily trading volume, of 878,000 shares, the days-to-cover ratio is presently 2.5 days.

Clearway Energy Stock Performance

Shares of CWEN remained flat at $28.33 during mid-day trading on Wednesday. 334,936 shares of the stock were exchanged, compared to its average volume of 865,095. The business has a 50-day simple moving average of $28.16 and a two-hundred day simple moving average of $27.53. The firm has a market cap of $5.73 billion, a P/E ratio of 27.24, a price-to-earnings-growth ratio of 1.39 and a beta of 0.86. The company has a current ratio of 1.59, a quick ratio of 1.49 and a debt-to-equity ratio of 1.20. Clearway Energy has a 12-month low of $20.63 and a 12-month high of $30.92.

Clearway Energy (NYSE:CWEN) last announced 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). Clearway Energy had a return on equity of 2.28% and a net margin of 8.94%. The company had revenue of $486.00 million during the quarter, compared to analysts’ expectations of $417.55 million. During the same quarter last year, the firm posted $0.03 earnings per share. The firm’s revenue was up 31.0% on a year-over-year basis. On average, sell-side analysts anticipate that Clearway Energy will post 0.78 EPS for the current year.

Clearway Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a $0.424 dividend. The ex-dividend date is Monday, December 2nd. This is a positive change from Clearway Energy’s previous quarterly dividend of $0.42. This represents a $1.70 annualized dividend and a yield of 5.99%. Clearway Energy’s payout ratio is 163.46%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. 1832 Asset Management L.P. bought a new stake in Clearway Energy in the second quarter worth $32,310,000. Point72 Asset Management L.P. lifted its stake in Clearway Energy by 60.9% in 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. The Manufacturers Life Insurance Company lifted its stake in Clearway Energy by 144.8% in the second quarter. The Manufacturers Life Insurance Company now owns 430,269 shares of the company’s stock worth $10,623,000 after purchasing an additional 254,486 shares during the last quarter. Yaupon Capital Management LP lifted its stake in Clearway Energy by 209.3% in the third quarter. Yaupon Capital Management LP now owns 325,643 shares of the company’s stock worth $9,991,000 after purchasing an additional 220,360 shares during the last quarter. Finally, HITE Hedge Asset Management LLC lifted its stake in Clearway Energy by 130.7% in the second quarter. HITE Hedge Asset Management LLC now owns 272,257 shares of the company’s stock worth $6,722,000 after purchasing an additional 154,239 shares during the last quarter. 38.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CWEN has been the topic of a number of research reports. BNP Paribas initiated coverage on shares of Clearway Energy in a report on Tuesday, October 1st. They issued an “outperform” rating and a $36.00 price target on the stock. CIBC lifted their price target on shares of Clearway Energy from $33.00 to $34.00 and gave the stock an “outperformer” rating in a report on Tuesday, October 22nd. Jefferies Financial Group began coverage on shares of Clearway Energy in a report on Friday, September 20th. They issued a “buy” rating and a $35.00 price target on the stock. Finally, StockNews.com lowered shares of Clearway Energy from a “hold” rating to a “sell” rating in a research note on Saturday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $33.13.

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.