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Insiders Active in Clearway Energy (CWEN)

by | Oct 11, 2021

Clearway Energy (CWEN) trading near a multi-week breakout and seeing some smaller, notable insider buys recently including $150K from director Stanley O’Neal at $30.75 to $31.50. CWEN has been rebounding recently and up slightly on the year. A breakout move higher has room to re-test $36 and new all-time highs. The $2.64B company trades 66X earnings and 2.15X sales. CWEN focuses on investing in renewable energy projects and has over 5GW of wind and solar projects under contract. Their primary source of operation is wind and they have the 11th largest onshore portfolio in the US. They also have thermal infrastructure assets for commercial, universities, and hospitals. CWEN is sponsored by GIP, one of the largest infrastructure funds in the world, which gives them stable backing to aggressively pursue new projects. CWEN has significant opportunity for growth as well with a development pipeline twice the size of the current storage. They also see themselves as a pure-play on decarbonization with 83% of their electricity from renewables and 100% of their pipeline focused on zero-emissions projects. Analysts have an average target for shares of $33.50 with a Street High $36. Evercore upgraded shares to Outperform on 10/5. The firm thinks Clearway presents an inexpensive opportunity to play the energy transition and expects the company’s relative multiple expansion to continue given its above-average total return profile of 11% versus peers at 8%. Hedge fund ownership fell 7%. Eagle Global and Cushing both buyers of stock.

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