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

Clearway Energy, Inc. (NYSE:CWEN) was the recipient of a significant growth in short interest during the month of January. As of January 31st, there was short interest totalling 2,300,000 shares, a growth of 8.0% from the January 15th total of 2,130,000 shares. Based on an average daily trading volume, of 797,100 shares, the days-to-cover ratio is currently 2.9 days. Approximately 2.8% of the company’s stock are short sold.

Clearway Energy Stock Performance

CWEN stock traded up $0.31 during mid-day trading on Tuesday, hitting $26.44. The company had a trading volume of 885,345 shares, compared to its average volume of 728,253. The stock’s fifty day moving average price is $26.08 and its two-hundred day moving average price is $27.58. Clearway Energy has a 12 month low of $20.63 and a 12 month high of $30.92. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.49 and a current ratio of 1.59. The firm has a market cap of $5.34 billion, a PE ratio of 25.42, a price-to-earnings-growth ratio of 1.70 and a beta of 0.88.

Clearway Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be given a $0.4312 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $1.72 annualized dividend and a dividend yield of 6.52%. This is a positive change from Clearway Energy’s previous quarterly dividend of $0.42. Clearway Energy’s payout ratio is 163.46%.

Insider Activity

In other news, Director Brian R. Ford sold 2,000 shares of Clearway Energy stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $26.74, for a total transaction of $53,480.00. Following the completion of the transaction, the director now directly owns 8,153 shares in the company, valued at $218,011.22. This trade represents a 19.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.52% of the company’s stock.

Institutional Trading of Clearway Energy

Several hedge funds and other institutional investors have recently modified their holdings of the business. Tortoise Capital Advisors L.L.C. raised its position in shares of Clearway Energy by 7.1% in the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 2,798,918 shares of the company’s stock valued at $72,772,000 after purchasing an additional 186,544 shares during the period. RWC Asset Management LLP raised its position in shares of Clearway Energy by 105.8% in the fourth quarter. RWC Asset Management LLP now owns 1,249,232 shares of the company’s stock valued at $32,480,000 after purchasing an additional 642,322 shares during the period. abrdn plc raised its position in shares of Clearway Energy by 30.7% in the fourth quarter. abrdn plc now owns 602,700 shares of the company’s stock valued at $15,761,000 after purchasing an additional 141,500 shares during the period. Northwest & Ethical Investments L.P. increased its holdings in Clearway Energy by 2.5% during the 4th quarter. Northwest & Ethical Investments L.P. now owns 579,804 shares of the company’s stock worth $15,075,000 after acquiring an additional 14,296 shares during the period. Finally, King Luther Capital Management Corp increased its holdings in Clearway Energy by 2,840.3% during the 4th quarter. King Luther Capital Management Corp now owns 543,950 shares of the company’s stock worth $14,143,000 after acquiring an additional 525,450 shares during the period. Institutional investors own 84.53% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on CWEN shares. StockNews.com upgraded shares of Clearway Energy from a “sell” rating to a “hold” rating in a report on Wednesday, January 29th. CIBC boosted their price target on shares of Clearway Energy from $33.00 to $34.00 and gave the stock an “outperformer” rating in a report on Tuesday, October 22nd. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.57.

About Clearway Energy

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.