Clearway Energy, Inc. (NYSE:CWEN) Plans Dividend Increase – $0.42 Per Share

Clearway Energy, Inc. (NYSE:CWEN) announced a quarterly dividend on Tuesday, October 29th, Zacks reports. Shareholders of record on Monday, December 2nd will be given a dividend of 0.424 per share on Monday, December 16th. This represents a $1.70 annualized dividend and a yield of 6.11%. The ex-dividend date of this dividend is Monday, December 2nd. This is a positive change from Clearway Energy’s previous quarterly dividend of $0.42.

Clearway Energy has raised its dividend payment by an average of 13.6% annually over the last three years. Clearway Energy has a payout ratio of 137.1% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Clearway Energy to earn $0.64 per share next year, which means the company may not be able to cover its $1.70 annual dividend with an expected future payout ratio of 265.6%.

Clearway Energy Trading Up 8.0 %

Shares of NYSE:CWEN opened at $27.77 on Thursday. The business has a 50-day moving average price of $28.46 and a 200-day moving average price of $26.87. The stock has a market cap of $5.61 billion, a price-to-earnings ratio of 42.08, a PEG ratio of 2.19 and a beta of 0.86. Clearway Energy has a 52-week low of $20.63 and a 52-week high of $30.92. The company has a quick ratio of 1.37, a current ratio of 1.46 and a debt-to-equity ratio of 1.19.

Clearway Energy (NYSE:CWEN) last posted 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 business had revenue of $486.00 million for the quarter, compared to analysts’ expectations of $417.55 million. Clearway Energy had a return on equity of 1.80% and a net margin of 7.21%. The business’s quarterly revenue was up 31.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.03 earnings per share. Equities analysts predict that Clearway Energy will post 0.85 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have commented on CWEN shares. Roth Mkm reaffirmed a “buy” rating and issued a $32.00 price target (up from $30.00) on shares of Clearway Energy in a report on Friday, August 2nd. BNP Paribas started coverage on Clearway Energy in a research note on Tuesday, October 1st. They issued an “outperform” rating and a $36.00 target price on the stock. Jefferies Financial Group assumed coverage on Clearway Energy in a research report on Friday, September 20th. They set a “buy” rating and a $35.00 price target for the company. CIBC boosted their price target on Clearway Energy from $33.00 to $34.00 and gave the company an “outperformer” rating in a report on Tuesday, October 22nd. Finally, StockNews.com raised shares of Clearway Energy from a “sell” rating to a “hold” rating in a research note on Friday, August 9th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $33.13.

Clearway Energy Company 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.