Icon Wealth Advisors LLC Acquires Shares of 9,390 Clearway Energy, Inc. (NYSE:CWEN)

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

Other institutional investors have also recently made changes to their positions in the company. Apollo Management Holdings L.P. raised its position in Clearway Energy by 38.4% in the 1st quarter. Apollo Management Holdings L.P. now owns 1,645,296 shares of the company’s stock worth $37,924,000 after purchasing an additional 456,197 shares during the period. 1832 Asset Management L.P. bought a new position in shares of Clearway Energy during the second quarter valued at approximately $32,310,000. Point72 Asset Management L.P. raised its holdings in shares of Clearway Energy by 60.9% in the second quarter. Point72 Asset Management L.P. now owns 1,016,837 shares of the company’s stock worth $25,106,000 after buying an additional 384,837 shares during the period. abrdn plc lifted its stake in shares of Clearway Energy by 8.7% during the 3rd quarter. abrdn plc now owns 461,200 shares of the company’s stock worth $14,150,000 after acquiring an additional 37,100 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Clearway Energy by 144.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 430,269 shares of the company’s stock valued at $10,623,000 after acquiring an additional 254,486 shares during the period. Institutional investors own 38.03% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Morgan Stanley upgraded 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. CIBC raised their price target on shares of Clearway Energy from $33.00 to $34.00 and gave the stock an “outperformer” rating in a research note on Tuesday, October 22nd. Jefferies Financial Group started coverage on shares of Clearway Energy in a report on Friday, September 20th. They set a “buy” rating and a $35.00 price objective for the company. BNP Paribas began coverage on shares of Clearway Energy in a research note on Tuesday, October 1st. They issued an “outperform” rating and a $36.00 target price on the stock. Finally, StockNews.com raised shares of Clearway Energy from a “sell” rating to a “hold” rating in a research note on Friday. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $33.13.

Clearway Energy Stock Performance

Shares of CWEN stock opened at $28.35 on Friday. The firm has a market cap of $5.73 billion, a price-to-earnings ratio of 27.26, a PEG ratio of 2.51 and a beta of 0.87. Clearway Energy, Inc. has a 52-week low of $20.63 and a 52-week high of $30.92. The company has a quick ratio of 1.49, a current ratio of 1.59 and a debt-to-equity ratio of 1.20. The company’s 50 day moving average is $28.21 and its 200 day moving average is $27.38.

Clearway Energy (NYSE:CWEN) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.17). The company had revenue of $486.00 million during the quarter, compared to analysts’ expectations of $417.55 million. Clearway Energy had a net margin of 8.94% and a return on equity of 2.28%. The company’s revenue was up 31.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.03 earnings per share. On average, sell-side analysts anticipate that Clearway Energy, Inc. will post 0.81 EPS for the current fiscal year.

Clearway Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $0.424 dividend. The ex-dividend date is Monday, December 2nd. 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 yield of 5.98%. Clearway Energy’s payout ratio is currently 160.58%.

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.