Everence Capital Management Inc. Invests $673,000 in Clearway Energy, Inc. (NYSE:CWEN)

Everence Capital Management Inc. purchased a new position in Clearway Energy, Inc. (NYSE:CWEN) during the fourth quarter, HoldingsChannel reports. The firm purchased 24,530 shares of the company’s stock, valued at approximately $673,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CWEN. Migdal Insurance & Financial Holdings Ltd. bought a new position in Clearway Energy during the 3rd quarter worth about $42,000. Spirit of America Management Corp NY lifted its position in shares of Clearway Energy by 23.3% during the third quarter. Spirit of America Management Corp NY now owns 5,300 shares of the company’s stock valued at $112,000 after buying an additional 1,000 shares during the last quarter. Macquarie Group Ltd. lifted its position in shares of Clearway Energy by 31.0% during the second quarter. Macquarie Group Ltd. now owns 3,272 shares of the company’s stock valued at $114,000 after buying an additional 775 shares during the last quarter. Impact Partnership Wealth LLC purchased a new position in shares of Clearway Energy in the 3rd quarter valued at approximately $153,000. Finally, Kingswood Wealth Advisors LLC purchased a new position in shares of Clearway Energy in the 4th quarter valued at approximately $175,000. 38.03% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Clearway Energy news, Director Se Totalenergies bought 196,964 shares of the stock in a transaction on Thursday, March 28th. The shares were bought at an average price of $22.86 per share, with a total value of $4,502,597.04. Following the purchase, the director now directly owns 295,235 shares in the company, valued at approximately $6,749,072.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.52% of the stock is currently owned by corporate insiders.

Clearway Energy Price Performance

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

Clearway Energy (NYSE:CWEN) last released its quarterly earnings results on Thursday, February 22nd. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.15. Clearway Energy had a net margin of 6.01% and a return on equity of 1.80%. The firm had revenue of $249.00 million for the quarter, compared to analysts’ expectations of $282.45 million. During the same quarter last year, the company earned $0.10 EPS. The firm’s revenue for the quarter was down 18.4% compared to the same quarter last year. Analysts expect that Clearway Energy, Inc. will post 0.92 EPS for the current year.

Clearway Energy Increases Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CWEN. Royal Bank of Canada decreased their price objective on shares of Clearway Energy from $26.00 to $25.00 and set a “sector perform” rating for the company in a research report on Tuesday, February 27th. Marathon Capitl reissued an “equal weight” rating on shares of Clearway Energy in a research report on Tuesday, March 26th. Morgan Stanley raised their price target on shares of Clearway Energy from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Friday, March 1st. StockNews.com lowered shares of Clearway Energy from a “hold” rating to a “sell” rating in a research report on Friday, March 1st. Finally, Oppenheimer raised their price target 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. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, Clearway Energy currently has a consensus rating of “Hold” and a consensus price target of $28.33.

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.