Clearway Energy (CWEN) ended the recent trading session at $37.68, demonstrating a -2.41% change from the preceding day's closing price. The stock fell short of the S&P 500, which registered a loss of 0.57% for the day. Meanwhile, the Dow gained 0.64%, and the Nasdaq, a tech-heavy index, lost 1.15%.
Shares of the company created by NRG Energy to acquire and operate natural gas, solar and wind plants witnessed a gain of 6.36% over the previous month, beating the performance of the Oils-Energy sector with its loss of 6.38%, and the S&P 500's gain of 2.14%.
Analysts and investors alike will be keeping a close eye on the performance of Clearway Energy in its upcoming earnings disclosure. The company's upcoming EPS is projected at $0.36, signifying a 28.57% increase compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $489.58 million, up 24.89% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.87 per share and revenue of $1.73 billion, indicating changes of -160.84% and +21.36%, respectively, compared to the previous year.
It is also important to note the recent changes to analyst estimates for Clearway Energy. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 112.01% downward. As of now, Clearway Energy holds a Zacks Rank of #4 (Sell).
The Alternative Energy - Other industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 107, finds itself in the top 44% echelons of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Clearway Energy, Inc. (CWEN): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).