Kayne Anderson Capital Advisors LP Sells 101,260 Shares of Clearway Energy, Inc. (NYSE:CWEN)

Kayne Anderson Capital Advisors LP decreased its holdings in shares of Clearway Energy, Inc. (NYSE:CWEN) by 38.0% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 165,327 shares of the company’s stock after selling 101,260 shares during the period. Kayne Anderson Capital Advisors LP’s holdings in Clearway Energy were worth $5,072,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Apollo Management Holdings L.P. boosted its stake 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. purchased a new stake in Clearway Energy in the second quarter worth approximately $32,310,000. Point72 Asset Management L.P. boosted its stake in shares of Clearway Energy by 60.9% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,016,837 shares of the company’s stock valued at $25,106,000 after purchasing an additional 384,837 shares in the last quarter. abrdn plc grew its stake in shares of Clearway Energy by 8.7% during the third quarter. abrdn plc now owns 461,200 shares of the company’s stock valued at $14,150,000 after buying an additional 37,100 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in Clearway Energy by 144.8% in the second quarter. The Manufacturers Life Insurance Company now owns 430,269 shares of the company’s stock valued at $10,623,000 after purchasing an additional 254,486 shares during the last quarter. Institutional investors and hedge funds own 38.03% of the company’s stock.

Clearway Energy Stock Performance

NYSE CWEN opened at $27.56 on Monday. The company has a market cap of $5.57 billion, a P/E ratio of 26.50, a P/E/G ratio of 2.44 and a beta of 0.87. The business’s 50 day moving average price is $28.23 and its 200-day moving average price is $27.30. Clearway Energy, Inc. has a fifty-two week low of $20.63 and a fifty-two week 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.

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

Clearway Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.424 per share. This represents a $1.70 annualized dividend and a dividend yield of 6.15%. The ex-dividend date is Monday, December 2nd. This is a positive change from Clearway Energy’s previous quarterly dividend of $0.42. Clearway Energy’s payout ratio is 162.50%.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Jefferies Financial Group started coverage on Clearway Energy in a research note on Friday, September 20th. They issued a “buy” rating and a $35.00 price target for the company. Morgan Stanley raised Clearway Energy from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $25.00 to $36.00 in a report on Wednesday, July 31st. StockNews.com downgraded shares of Clearway Energy from a “hold” rating to a “sell” rating in a research report on Thursday. CIBC upped their target price 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. Finally, BNP Paribas initiated coverage on shares of Clearway Energy in a report on Tuesday, October 1st. They set an “outperform” rating and a $36.00 price objective for the company. 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $33.13.

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.