Clearway Energy Inc. (CWEN) is Tracking Well to Strategic Growth Objectives - Oppenheimer
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Rating Summary:
7 Buy, 3 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 10 | Down: 11 | New: 6
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Oppenheimer analyst Noah Kaye reiterated an Outperform rating and $44.00 price target on Clearway Energy Inc. (NYSE: CWEN) after the company reported 4Q21 EBITDA below consensus while reiterating FY22 adj. EBITDA/ CAFD guidance and continuing to execute on strategic portfolio initiatives.
The analyst stated "With the Thermal divestiture still on track for 2Q at modestly upsized expected net proceeds of $1.35B, leverage metrics should markedly improve in 2H22 while enabling CWEN to recycle capital at attractive yields. Intact timing of COD expectations on FY22 projects available for drop-downs demonstrates operational continuity at the sponsor, which increased its development pipeline by >2GW sequentially. In all, we see CWEN firmly on track to drive 5-8% dividend growth through the mid-2020s while improving the portfolio’s renewables exposure and diversification."
For an analyst ratings summary and ratings history on Clearway Energy Inc. click here. For more ratings news on Clearway Energy Inc. click here.
Shares of Clearway Energy Inc. closed at $33.40 yesterday.
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