Icon Wealth Advisors LLC Makes New Investment in Clearway Energy, Inc. (NYSE:CWEN)

Icon Wealth Advisors LLC acquired a new stake in shares of Clearway Energy, Inc. (NYSE:CWEN) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 9,390 shares of the company’s stock, valued at approximately $288,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. King Luther Capital Management Corp bought a new stake in Clearway Energy during the third quarter worth about $568,000. Meeder Asset Management Inc. lifted its holdings in shares of Clearway Energy by 23.7% during the third quarter. Meeder Asset Management Inc. now owns 42,577 shares of the company’s stock valued at $1,306,000 after purchasing an additional 8,163 shares during the last quarter. ING Groep NV bought a new stake in shares of Clearway Energy in the 3rd quarter worth approximately $229,000. Plato Investment Management Ltd purchased a new stake in shares of Clearway Energy in the 3rd quarter worth approximately $245,000. Finally, Oppenheimer & Co. Inc. increased its position in Clearway Energy by 13.3% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 10,722 shares of the company’s stock valued at $329,000 after buying an additional 1,260 shares in the last quarter. 38.03% of the stock is owned by hedge funds and other institutional investors.

Clearway Energy Price Performance

CWEN opened at $28.35 on Friday. The company has a market capitalization of $5.73 billion, a PE ratio of 27.26, a price-to-earnings-growth ratio of 2.51 and a beta of 0.87. The firm has a 50-day simple moving average of $28.21 and a two-hundred day simple moving average of $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, Inc. has a 52 week low of $20.63 and a 52 week high of $30.92.

Clearway Energy (NYSE:CWEN) last issued its quarterly earnings data 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 firm had revenue of $486.00 million for the quarter, compared to analysts’ expectations of $417.55 million. During the same period last year, the company earned $0.03 earnings per share. The firm’s revenue was up 31.0% on a year-over-year basis. Analysts forecast that Clearway Energy, Inc. will post 0.81 earnings per share for the current fiscal year.

Clearway Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.424 dividend. This is an increase from Clearway Energy’s previous quarterly dividend of $0.42. The ex-dividend date is Monday, December 2nd. This represents a $1.70 dividend on an annualized basis and a dividend yield of 5.98%. Clearway Energy’s dividend payout ratio (DPR) is presently 160.58%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on CWEN shares. Morgan Stanley raised Clearway Energy from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $25.00 to $36.00 in a research note on Wednesday, July 31st. StockNews.com raised shares of Clearway Energy from a “sell” rating to a “hold” rating in a research report on Friday. Jefferies Financial Group assumed coverage on shares of Clearway Energy in a report on Friday, September 20th. They issued a “buy” rating and a $35.00 target price for the company. Roth Mkm reiterated a “buy” rating and issued a $32.00 target price (up previously from $30.00) on shares of Clearway Energy in a research note on Friday, August 2nd. Finally, BNP Paribas began coverage on shares of Clearway Energy in a report on Tuesday, October 1st. They issued an “outperform” rating and a $36.00 price objective for the company. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Clearway Energy has a consensus rating of “Moderate Buy” and a consensus 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.