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

Clearway Energy, Inc. (NYSE:CWEN) was the target of a significant growth in short interest in October. As of October 31st, there was short interest totalling 2,430,000 shares, a growth of 8.5% from the October 15th total of 2,240,000 shares. Currently, 3.0% of the company’s stock are sold short. Based on an average daily trading volume, of 850,100 shares, the days-to-cover ratio is presently 2.9 days.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Fulton Bank N.A. grew its holdings in shares of Clearway Energy by 3.8% in the 3rd quarter. Fulton Bank N.A. now owns 12,206 shares of the company’s stock worth $374,000 after acquiring an additional 449 shares during the last quarter. Whittier Trust Co. raised its holdings in Clearway Energy by 33.8% during the 2nd quarter. Whittier Trust Co. now owns 2,027 shares of the company’s stock worth $50,000 after buying an additional 512 shares during the period. Abich Financial Wealth Management LLC lifted its stake in Clearway Energy by 49.8% during the first quarter. Abich Financial Wealth Management LLC now owns 1,879 shares of the company’s stock valued at $43,000 after buying an additional 625 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in shares of Clearway Energy by 5.6% in the second quarter. Mercer Global Advisors Inc. ADV now owns 12,240 shares of the company’s stock worth $302,000 after buying an additional 654 shares during the period. Finally, Congress Asset Management Co. boosted its stake in Clearway Energy by 0.4% in the 3rd quarter. Congress Asset Management Co. now owns 189,236 shares of the company’s stock worth $5,806,000 after purchasing an additional 699 shares during the period. Institutional investors and hedge funds own 38.03% of the company’s stock.

Clearway Energy Price Performance

NYSE CWEN opened at $27.57 on Tuesday. The firm has a market capitalization of $5.57 billion, a PE ratio of 26.51, a P/E/G ratio of 2.44 and a beta of 0.87. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.59 and a quick ratio of 1.49. Clearway Energy has a 12 month low of $20.63 and a 12 month high of $30.92. The company’s 50 day simple moving average is $28.23 and its 200 day simple moving average is $27.33.

Clearway Energy (NYSE:CWEN) last announced its earnings results on Wednesday, October 30th. The company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.17). Clearway Energy had a net margin of 8.94% and a return on equity of 2.28%. The firm had revenue of $486.00 million for the quarter, compared to the consensus estimate of $417.55 million. During the same period in the prior year, the business earned $0.03 EPS. The company’s quarterly revenue was up 31.0% compared to the same quarter last year. As a group, equities research analysts forecast that Clearway Energy will post 0.81 EPS for the current fiscal year.

Clearway Energy Increases Dividend

The firm also recently announced 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. This represents a $1.70 dividend on an annualized basis and a dividend yield of 6.15%. The ex-dividend date of this dividend is Monday, December 2nd. Clearway Energy’s payout ratio is presently 162.50%.

Analysts Set New Price Targets

CWEN has been the subject of several research analyst reports. CIBC boosted their price objective on Clearway Energy from $33.00 to $34.00 and gave the company an “outperformer” rating in a report on Tuesday, October 22nd. Jefferies Financial Group initiated coverage on shares of Clearway Energy in a research note on Friday, September 20th. They set a “buy” rating and a $35.00 price objective on the stock. Roth Mkm reissued a “buy” rating and issued a $32.00 price target (up previously from $30.00) on shares of Clearway Energy in a report on Friday, August 2nd. BNP Paribas started coverage on shares of Clearway Energy in a report on Tuesday, October 1st. They set an “outperform” rating and a $36.00 price target for the company. Finally, StockNews.com downgraded shares of Clearway Energy from a “hold” rating to a “sell” rating in a research report on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus 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.