Clearway Energy, Inc. (NYSE:CWEN) Shares Sold by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lessened its holdings in shares of Clearway Energy, Inc. (NYSE:CWEN) by 3.1% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 476,000 shares of the company’s stock after selling 15,000 shares during the quarter. Clearway Energy accounts for about 1.1% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s investment portfolio, making the stock its 23rd largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Clearway Energy were worth $14,604,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CWEN. Mather Group LLC. purchased a new position in shares of Clearway Energy in the first quarter valued at $37,000. Abundance Wealth Counselors lifted its position in shares of Clearway Energy by 71.8% during the first quarter. Abundance Wealth Counselors now owns 29,678 shares of the company’s stock worth $684,000 after purchasing an additional 12,405 shares during the last quarter. Nordea Investment Management AB increased its holdings in Clearway Energy by 11.0% in the first quarter. Nordea Investment Management AB now owns 171,212 shares of the company’s stock valued at $3,892,000 after buying an additional 17,014 shares during the last quarter. Significant Wealth Partners LLC acquired a new stake in Clearway Energy during the first quarter valued at approximately $480,000. Finally, Sei Investments Co. bought a new position in Clearway Energy during the 1st quarter worth approximately $1,010,000. Hedge funds and other institutional investors own 38.03% of the company’s stock.

Clearway Energy Price Performance

Shares of NYSE:CWEN traded up $0.09 during trading hours on Tuesday, hitting $26.80. 353,191 shares of the company’s stock traded hands, compared to its average volume of 846,506. The company’s fifty day simple moving average is $28.78 and its two-hundred day simple moving average is $26.75. The company has a market cap of $5.42 billion, a price-to-earnings ratio of 40.61, a price-to-earnings-growth ratio of 2.34 and a beta of 0.86. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.37 and a current ratio of 1.46. Clearway Energy, Inc. has a 52 week low of $20.63 and a 52 week high of $30.92.

Clearway Energy (NYSE:CWEN) last issued its earnings results on Thursday, August 1st. The company reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.23). The business had revenue of $366.00 million for the quarter, compared to the consensus estimate of $424.59 million. Clearway Energy had a return on equity of 1.80% and a net margin of 7.21%. The company’s quarterly revenue was down 9.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.33 earnings per share. As a group, equities analysts anticipate that Clearway Energy, Inc. will post 0.85 EPS for the current fiscal year.

Clearway Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.417 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This is a positive change from Clearway Energy’s previous quarterly dividend of $0.41. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.22%. Clearway Energy’s payout ratio is 251.52%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CWEN. Morgan Stanley upgraded Clearway Energy from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $25.00 to $36.00 in a research note on Wednesday, July 31st. Jefferies Financial Group started coverage on Clearway Energy in a research report on Friday, September 20th. They issued a “buy” rating and a $35.00 target price on the stock. BNP Paribas initiated coverage on shares of Clearway Energy in a research report on Tuesday, October 1st. They issued an “outperform” rating and a $36.00 price objective on the stock. StockNews.com raised Clearway Energy from a “sell” rating to a “hold” rating in a research note on Friday, August 9th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $32.00 price objective (up previously from $30.00) on shares of Clearway Energy in a report on Friday, August 2nd. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Clearway Energy presently has an average rating of “Moderate Buy” and an average target price of $33.00.

Clearway Energy 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.