Everence Capital Management Inc. Acquires Shares of 24,530 Clearway Energy, Inc. (NYSE:CWEN)

Everence Capital Management Inc. acquired a new stake in Clearway Energy, Inc. (NYSE:CWEN) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 24,530 shares of the company’s stock, valued at approximately $673,000.

A number of other large investors have also recently made changes to their positions in the business. 1832 Asset Management L.P. lifted its position in shares of Clearway Energy by 49.2% during the first quarter. 1832 Asset Management L.P. now owns 2,328,073 shares of the company’s stock valued at $72,939,000 after purchasing an additional 767,961 shares in the last quarter. Candriam S.C.A. bought a new position in shares of Clearway Energy during the first quarter valued at about $8,081,000. National Bank of Canada FI lifted its position in shares of Clearway Energy by 751.9% during the third quarter. National Bank of Canada FI now owns 286,137 shares of the company’s stock valued at $5,651,000 after purchasing an additional 252,548 shares in the last quarter. ClearBridge Investments Ltd lifted its position in shares of Clearway Energy by 4.0% during the first quarter. ClearBridge Investments Ltd now owns 5,246,887 shares of the company’s stock valued at $77,619,000 after purchasing an additional 204,217 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC raised its position in Clearway Energy by 899.1% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 113,900 shares of the company’s stock worth $3,630,000 after acquiring an additional 102,500 shares during the period. 38.03% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Se Totalenergies bought 196,964 shares of the business’s stock in a transaction dated Thursday, March 28th. The shares were purchased at an average price of $22.86 per share, with a total value of $4,502,597.04. Following the purchase, the director now owns 295,235 shares of the company’s stock, valued at approximately $6,749,072.10. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.52% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on CWEN. Marathon Capitl reaffirmed an “equal weight” rating on shares of Clearway Energy in a research report on Tuesday, March 26th. StockNews.com lowered shares of Clearway Energy from a “hold” rating to a “sell” rating in a research report on Friday, March 1st. Oppenheimer lifted their price objective on shares of Clearway Energy from $33.00 to $37.00 and gave the stock an “outperform” rating in a research report on Friday, January 19th. Royal Bank of Canada lowered their price objective on shares of Clearway Energy from $26.00 to $25.00 and set a “sector perform” rating on the stock in a research report on Tuesday, February 27th. Finally, Morgan Stanley upped their price target on shares of Clearway Energy from $23.00 to $25.00 and gave the company an “equal weight” rating in a research note on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Clearway Energy currently has an average rating of “Hold” and a consensus price target of $28.33.

Clearway Energy Stock Performance

Shares of CWEN stock opened at $22.24 on Thursday. The stock has a market capitalization of $4.49 billion, a P/E ratio of 32.71 and a beta of 0.88. The company has a current ratio of 1.72, a quick ratio of 1.66 and a debt-to-equity ratio of 1.50. The firm’s 50 day moving average is $22.53 and its 200 day moving average is $23.47. Clearway Energy, Inc. has a 12 month low of $18.59 and a 12 month high of $32.17.

Clearway Energy (NYSE:CWEN) last posted its earnings results on Thursday, February 22nd. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.15. Clearway Energy had a net margin of 6.01% and a return on equity of 1.80%. The business had revenue of $249.00 million for the quarter, compared to analysts’ expectations of $282.45 million. During the same period in the prior year, the company posted $0.10 EPS. The business’s revenue for the quarter was down 18.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Clearway Energy, Inc. will post 0.92 earnings per share for the current year.

Clearway Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were paid a dividend of $0.403 per share. This is a positive change from Clearway Energy’s previous quarterly dividend of $0.40. The ex-dividend date was Thursday, February 29th. This represents a $1.61 dividend on an annualized basis and a dividend yield of 7.25%. Clearway Energy’s payout ratio is presently 236.76%.

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.