Meritage Portfolio Management Increases Holdings in Clearway Energy, Inc. (NYSE:CWEN)

Meritage Portfolio Management increased its stake in Clearway Energy, Inc. (NYSE:CWEN) by 163.6% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 136,007 shares of the company’s stock after buying an additional 84,402 shares during the quarter. Meritage Portfolio Management owned 0.07% of Clearway Energy worth $3,731,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Bank of Nova Scotia purchased a new position in Clearway Energy in the third quarter valued at about $2,100,000. Knights of Columbus Asset Advisors LLC lifted its stake in Clearway Energy by 94.6% in the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 149,994 shares of the company’s stock valued at $4,114,000 after purchasing an additional 72,910 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Clearway Energy by 12.8% in the third quarter. Victory Capital Management Inc. now owns 618,180 shares of the company’s stock valued at $13,081,000 after purchasing an additional 70,351 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in Clearway Energy by 8.9% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 832,538 shares of the company’s stock valued at $17,617,000 after purchasing an additional 68,023 shares during the period. Finally, Crestwood Advisors Group LLC purchased a new stake in Clearway Energy in the third quarter worth $1,001,000. Institutional investors own 38.03% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Marathon Capitl reiterated an “equal weight” rating on shares of Clearway Energy in a research note on Tuesday, March 26th. StockNews.com downgraded shares of Clearway Energy from a “hold” rating to a “sell” rating in a report on Friday, March 1st. Royal Bank of Canada reduced 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 note on Tuesday, February 27th. Morgan Stanley increased their target price on Clearway Energy from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Friday, March 1st. Finally, Oppenheimer raised their price target on Clearway Energy from $33.00 to $37.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. One 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 data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $28.33.

Clearway Energy Price Performance

Shares of CWEN stock traded down $0.28 on Thursday, reaching $23.08. The company’s stock had a trading volume of 789,696 shares, compared to its average volume of 919,161. The company has a market capitalization of $4.66 billion, a P/E ratio of 33.54 and a beta of 0.88. Clearway Energy, Inc. has a 12-month low of $18.59 and a 12-month high of $31.72. The stock’s 50 day simple moving average is $22.53 and its 200-day simple moving average is $23.59. The company has a quick ratio of 1.66, a current ratio of 1.72 and a debt-to-equity ratio of 1.50.

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

Clearway Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were given a dividend of $0.403 per share. The ex-dividend date was Thursday, February 29th. This is a positive change from Clearway Energy’s previous quarterly dividend of $0.40. This represents a $1.61 annualized dividend and a yield of 6.98%. Clearway Energy’s payout ratio is presently 236.76%.

Insiders Place Their Bets

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

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.