Clearway Energy (CWEN) Receives an Updated Price Target from CIBC

Clearway Energy, Inc. (NYSE:CWEN) is included among the 12 Best Utility Stocks to Buy for Dividends.

With a portfolio that comprises approximately 11.8 GW of gross generating capacity in 26 states, Clearway Energy, Inc. (NYSE:CWEN) is one of the largest owners of clean energy generation assets in the United States.

On October 21, CIBC analyst Mark Jarvi raised the firm’s price target on Clearway Energy, Inc. (NYSE:CWEN)  from $35 to $37, while maintaining a ‘Neutral’ rating on its shares. The analyst expects ‘Regulated Utilities’ to meet or exceed estimates in the upcoming Q3 reports, given the generally solid loads and updated rates. Moreover, while the analyst anticipates generally softer results for power companies due to their less favorable generation trends and muted realized pricing trends, he still likes them more from an investment landscape, given some better momentum and more growth and valuation upside.

Clearway Energy, Inc. (NYSE:CWEN) primarily sells electricity under long-term power purchase agreements (PPAs), allowing it to generate stable cash flows and reliably pay dividends to shareholders. The company has an attractive dividend yield of 5.75% as of the writing of this piece, with an aim to increase this by 5% to 8% in the coming years.

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Disclosure: None.