|Over a week ago|
Clearway Energy initiated with a Buy at UBS » 06:5008/2608/26/21
UBS analyst William…
UBS analyst William Grippin initiated coverage of Clearway Energy with a Buy rating and $36 price target. The company provides investors relatively attractive low-beta exposure to the ongoing U.S. decarbonization trend, the analyst tells investors in a research note. Grippin adds that Clearway Energy shares look relatively attractively valued trading at 4.8% expected 2021 DPS yield.
Clearway Energy to acquire remaining 50% of Utah Solar Portfolio for $335M » 16:2008/2308/23/21
Clearway Energy announced…
Clearway Energy announced that it has entered into an agreement to acquire the remaining 50% equity interest in the Utah Solar Portfolio that it does not currently own for $335M. The Utah Solar Portfolio consists of seven utility-scale solar farms located in Utah representing 530 MW of capacity that achieved commercial operations in 2016. The assets within the portfolio sell power subject to 20-year PPAs with PacifiCorp that have approximately 15 years remaining under the agreements. Subject to customary closing conditions, the company expects to close the transaction in Q4. The company expects to finance the acquisition in part with new non-recourse project level debt of between $210M to $240M resulting in an expected net corporate capital commitment of approximately $95M to $125M. Based on current expected terms and conditions of the new non-recourse project financing, the acquisition is expected to provide incremental annual levered asset CAFD on a five-year average basis of approximately $9M to $11M prior to corporate financing beginning January 1, 2022.
|Over a quarter ago|
Clearway Energy initiated with a Buy at Tudor Pickering » 08:0204/2304/23/21
Tudor Pickering initiated…
Tudor Pickering initiated coverage of Clearway Energy with a Buy rating and $33 price target.
Fly Intel: Top five weekend stock stories » 20:1304/0404/04/21
FB, TPCO, T, MTX, ACM, J, PWR, VMC, ASTE, ROAD, AQUA, GLDD, NEE, AY, CWEN, GOLD, WW
Catch up on the…
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. A user in a low-level hacking forum on Saturday published the phone numbers and personal data of hundreds of millions of Facebook (FB) users for free online, reported Business Insider's Aaron Holmes. The exposed data includes personal information of over 533M Facebook users from 106 countries, including over 32M records on users in the U.S., 11M on users in the U.K., and 6M on users in India. It includes their phone numbers, Facebook IDs, full names, locations, birthdates, bios, and - in some cases - email addresses, noted the author. Insider said it reviewed a sample of the leaked data and verified several records by matching known Facebook users' phone numbers with the IDs listed in the data set. The publication also verified records by testing email addresses from the data set in Facebook's password reset feature, which can be used to partially reveal a user's phone number. A Facebook spokesperson told Insider that the data was scraped due to a vulnerability that the company patched in 2019. 2. A Maryland hotel magnate and a Swiss billionaire have made a bid for Tribune (TPCO) that the newspaper chain is expected to favor over a takeover deal it already struck with hedge fund Alden Global Capital, wrote The Wall Street Journal's Cara Lombardo and Lukas Alpert. A special committee of Tribune's board has determined that a roughly $680M, $18.50-a-share bid submitted late last week by Choice Hotels International Chairman Stewart Bainum and Hansjorg Wyss is reasonably likely to lead to a proposal that is superior to Alden's $635M deal, people familiar with the matter said. That is legal deal-speak indicating Alden may need to raise its bid or risk losing the deal, said the authors. 3. Facebook's stock is trailing Silicon Valley rivals, and it trades essentially in line with the broad market, Max Cherney wrote in this week's edition of Barron's. But it won't remain this cheap for long, especially with investors rotating out of expensive tech stocks with questionable business models, contended the author. While the future may always be uncertain, there is nothing unpredictable about Facebook's core business. The company is expected to generate $35B in free cash flow next year, up 30% from this year's forecast, and the stock price should follow, added the publication. 4. Legendary and AT&T (T) subsidiary Warner Bros.' "Godzilla vs. Kong" grossed an estimated $48.5M in its first five days, including $32.2M for the three-day Easter weekend, making this the biggest showing since the COVID-19 crisis commenced. The movie also finished the weekend with a foreign tally of $236.9M for a global total of $285.4M. "Godzilla vs. Kong" also launched on HBO Max but viewership numbers were not made public. 5. MasTec (MTZ), Aecom (ACM), Jacobs (J), Quanta Services (PWR), Vulcan Materials (VMC), Astec Industries (ASTE), Construction Partners (ROAD), Evoqua Water Technologies (AQUA) and Great Lakes Dredge & Dock (GLDD), NextEra Energy (NEE), Atlantica Sustainable Infrastructure (AY), Clearway Energy (CWEN), Barrick Gold (GOLD), and WW (WW) saw positive mentions in this week's edition of Barron's.
Vulcan, NextEra among stocks to gain from infrastructure plan, Barron's says » 10:5904/0304/03/21
MTZ, ACM, J, PWR, VMC, ASTE, ROAD, AQUA, GLDD, NEE, AY, CWEN
With Democrats in control…
With Democrats in control in Washington, the infrastructure floodgates could finally open, Daren Fonda writes in this week's edition of Barron's. With the markets are betting that infrastructure will be a winner, many stocks have run up, but further gains may arise if the market sees a bill inching toward passage, the author notes. Engineering and construction companies have had strong runs, but their stocks don't look overpriced on 2022 estimates, such as MasTec (MTZ), Aecom (ACM), Jacobs (J) and Quanta Services (PWR), he adds. Aggregates and construction materials supplier Vulcan Materials (VMC) would be a beneficiary of spending on roads and bridges. Other winners include Astec Industries (ASTE), Construction Partners (ROAD), Evoqua Water Technologies (AQUA) and Great Lakes Dredge & Dock (GLDD), the publication points out. For income investors, three ways to play the green theme are NextEra Energy (NEE), Atlantica Sustainable Infrastructure (AY), and Clearway Energy (CWEN), the author contends. Reference Link
Clearway Energy upgraded to Buy from Neutral at Seaport Global » 06:1303/3003/30/21
Seaport Global analyst…
Seaport Global analyst Angie Storozynski upgraded Clearway Energy to Buy from Neutral with a $31 price target.
Clearway Energy upgraded to Outperform from Peer Perform at Wolfe Research » 06:2403/2503/25/21
Wolfe Research analyst…
Wolfe Research analyst Steve Fleishman upgraded Clearway Energy to Outperform from Peer Perform with a $33 price target. The stock has been the worst performer in the broader utility group year-to-date after being the top performer in 2020, which can be attributed to the move up in interest rates and a pullback in renewables stocks, Fleishman tells investors in a research note. Clearway now offers a 5% yield at a time growth is accelerating, says the analyst.
Clearway Energy sees direct cash impact of $20M-$30M from weather event » 17:0402/2402/24/21
Clearway Energy, is …
Clearway Energy, is announcing an update regarding the impact related to the extreme winter weather experienced recently in Texas. Certain of the Company's wind projects were unable to operate and experienced outages due to the weather conditions. These projects are now operating within expectations. The Company continues to assess the full financial exposure related to the circumstances, including potential mitigants, ongoing discussions with contractual counterparties, any potential disputes which may result and any state sponsored solutions to address the financial impacts caused by the circumstances. Based on available information, the Company currently estimates a direct cash impact between $20 million and $30 million in 2021. Despite this event, the Company continues to target a long-term annual dividend growth target of 5-8% and expects to meet the upper end of this range through 2021. The Company will provide further updates in connection with the release of it
Clearway Energy raises dividend 1.9% to 32.4c » 06:1702/1602/16/21
Clearway Energy announced…
Clearway Energy announced that its Board of Directors declared a quarterly dividend on each of the Company's Class A and Class C common stock of 32.4c per share payable on March 15 to shareholders of record as of March 1. This quarterly dividend represents $1.296 per share on an annualized basis, an increase of 1.9% over the Q4 dividend of 31.8c per share, or $1.272 per share annualized.
Clearway Energy management to meet virtually with Roth Capital » 04:5501/1201/12/21
Virtual Meeting to be…
Virtual Meeting to be held on January 12 hosted by Roth Capital.