Tag: CWEN-A- Clearway Energy Class A

By Tom Konrad, Ph.D., CFA This is a roundup of first quarter earnings notes shared with my Patreon supporters over the last week. If there is any theme, it’s that low interest rates and increased interest in green investments is lowering Yieldcos’ cost of capital to the benefit of stock investors. Avangrid Earnings Avangrid's (AGR) Q1 earnings report showed solid progress.  Key items of note were: Increased outlook for full year 2021 Adjusted EPS a little over 5%  Key environmental approval for 800 MW offshore wind farm Vineyard Wind. Expected to begin construction later this year, with expected completion in 2024.  Avangrid...

Tom Konrad, Ph.D., CFA A reader asked: Read your recent article on Pattern Energy (PEGI). Great summary and thoughts. Would like to ask your view on TERP potential takeover by BEP (via shares swap) and whether you reckon the recent run-up on TERP is too excessive? It's a good question, and one that Robbert Manders on Seeking Alpha did a thorough analysis of here.  For the details of the merger, I refer you to his work. While his analysis is careful and complete, I disagree with his conclusion.  TERP shares are not trading at a significant premium to the merger value.  The reason is...

by Tom Konrad Ph.D., CFA This morning, hedge fund Water Island Capital called on Pattern Energy (PEGI) Shareholders to vote against the merger with the Canada Pension Plan Investment Board (CPPIB). Water Island claims the merger is undervalued compared to the recently surging prices of other Yieldcos, and that PEGI would be trading at over $30 given current valuations.  There are not a lot of other Yieldcos left, especially if we eliminate those with their own special circumstances.  These are Terraform Power (TERP) which is subject to its own buyout agreement with Brookfield Renewable Energy (BEP), and Clearway (CWEN and CWEN/A) where...

Tom Konrad, Ph.D., CFA As usual, I am putting together my Ten Clean Energy Stocks for 2020 model portfolio for publication on January 1st or 2nd next year.  As I wrote in November, expensive valuations for the US clean energy income stocks I specialize in mean that the 2020 model portfolio will contain more than the usual number of foreign stocks, and I am also planning on including a little hedging with options. Why option strategies are now affordable I have never included options in the model portfolio before because the commission structure did not make it cost effective for small investors...

by Tom Konrad Ph.D., CFA 2019 has become another blockbuster year for the Ten Clean Energy Stocks model portfolio and, to a lesser extent clean energy stocks and the broad stock market as well.  I'm frankly surprised to see the party continuing.  The continued spiking of the metaphorical punch bowl by the Federal Reserve with interest rate cuts certainly has a lot to do with it. I had expected those cuts to be both fewer and less effective. Which all goes to show that it's always a good idea to hedge one's bets in the stock market.  At least in part...

by Tom Konrad Ph.D., CFA Although valuations and political uncertainty have me spooked, October was another strong month for the stock market in general and clean energy income stocks in particular. While my broad income stock benchmark SDY added 1.6% for a year to date total gain of 19.6%.  My clean energy income stock benchmark YLCO did even better, 2.7% for October and 29.7% year to date.  The 10 Clean Energy Stocks model portfolio fell somewhere in between for the month (up 1.8%) but remains unchallenged for the year to date (40.7%).   My real-money managed strategy, GGEIP, lagged as I reduce...

by Tom Konrad Ph.D., CFA Almost every major index fell in 2018.  My Ten Clean Energy Stocks model portfolio and the Green Global Equity Income Portfolio (GGEIP), the real-money portfolio that I manage were not exceptions.  Still, I'm satisfied with their performance: the model portfolio lost only 1.3 percent for the year, while GGEIP was down 2.6 percent.  That's well ahead of most indexes, including my benchmarks YLCO (down 7.8 percent) and SDY (down 4.1%.)  These benchmarks are intended to reflect the performance of clean energy dividend stocks and general of dividend stocks, respectively.  Non-income oriented indexes such as the...

by Tom Konrad Ph.D., CFA Looking forward to 2019, I'm more optimistic than I have been since the start of 2016, in the wake of the popping of the YieldCo Bubble in late 2015. The bear market that started in late 2018 seems like it's far from over, but I expect in early 2019 will see it enter a less chaotic phase.  After the wild declines and swings of late 2018, I expect investors will begin the new year with an eye to safety more than growth.  This means that the clean energy income stocks which are my focus should outperform...

by Tom Konrad Ph.D., CFA At the start of November, I abandoned my short-term bearish stance on the market, writing "I’m not confident that the correction is over, but we seem to be heading into a temporary lull, and so I’m going to abandon cash as my top pick for November."  This turned out to be a good call, with my Ten Clean Energy Stocks model portfolio up 4.3% for the month, slightly behind its broad dividend income benchmark, SDY, which was up 4.9%.    Its clean energy income benchmark YLCO gained 1.6%, as did the private portfolio I manage, the...

by Tom Konrad Ph.D., CFA Last week, I neglected to discuss Terraform Power (NASD: TERP) in the third quarter update on the other ten clean energy stocks for 2018.  I did not notice the omission until after the post had been published, so I decided to write a quick follow-up this week after I had a chance to digest the earnings announcements (including TERP's) which were scheduled for later in the week. Stock discussion Clearway Energy, Inc (NYSE: CWEN and CWEN/A) 12/31/17 Price: $18.90 / $18.85.  Annual Dividend: $1.133(6.0%). Expected 2018 dividend: $1.26(6.7%)  Low Target: $14.  High Target: $25.  10/31/18 Price: $19.61/$19.42  ...

Tom Konrad Ph.D., CFA After a fairly brutal September and October my Ten Clean Energy Stocks model portfolio is barely hanging on to positive territory for the year (up 2.4%) as is the private portfolio I manage, the Green Global Equity Income Portfolio (GGEIP, up 0.8%).  Yet I can take comfort in superior relative performance, since my broad dividend income benchmark SDY is now down 0.1% for the year, and the clean energy income benchmark YLCO has fallen 5.8%.  All returns are total return after fees and dividends. The strong relative performance in a weak market is most likely due to...

As you can see from the chart, September was a tough month for my model portfolio of Ten Clean Energy Stocks for 2018.  Seaspan (SSW) fell back on trade war fears and Green Plains Partners (GPP) fell on ethanol market weakness caused by retaliatory ethanol tariffs and the Trump EPA's continued undermining of the Renewable Fuel Standard.  I'm less sure why Covanta (CVA) is down, but Clearway Energy's (CWEN and CWEN-A formerly NRG Yield) small decline is due to a recent secondary offering. Two of these (CVA and GPP) were my top picks last month, while the third was Terraform Power (TERP). ...

Alternative energy power production stocks are companies whose main business is the production and sale of electricity from alternative energy installations, such as solar farms, wind farms, hydroelectric generators, geothermal plants, cogeneration facilities, and nuclear plants. This list was last updated on 9/11/2020. 7C Solarparken AG (HRPK.DE) Acciona, S.A. (ANA.MC, ACXIF) Atlantica Yield plc (AY) Algonquin Power & Utilities Corp. (AQN, AQN.TO) Avangrid, Inc. (AGR) Bluefield Solar Income Fund Ltd. (BSIF.L) Boralex (BLX.TO, BRLXF) Brookfield Renewable Partners L.P. (BEP) Capital Stage AG (CAP.DE) Edisun Power Europe AG (ESUN.SW) Elecnor, S.A. (ENO.MI) Foresight Solar Fund plc (FSFL.L) Global X YieldCo ETF (YLCO) Greencoat UK Wind PLC (UKW.L) Innergex Renewable Energy Inc. (INE.TO,INGXF) John Laing Environmental Assets Group Limited...

This is a list of renewable and alternative energy stocks with dividend or distribution yields above 4%.  The list includes most Yieldcos (high distribution companies that own renewable energy operations), but is not limited to Yieldcos. Some Yieldcos may be excluded if their yield is below 4%. Atlantica Yield plc (AY) Algonquin Power & Utilities Corp. (AQN, AQN.TO) Bluefield Solar Income Fund Ltd. (BSIF.L) Brookfield Renewable Partners L.P. (BEP) Clearway Energy, Inc. (CWEN,CWEN-A) Companhia Energética de Minas Gerais (CIG) Covanta Holding Corporation (CVA) Crius Energy Trust (KWH-UN.TO, CRIUF) Enviva Partners, LP (EVA) Foresight Solar Fund plc (FSFL.L) GATX Corporation Series A (GMTA) Global X YieldCo ETF (YLCO) Greencoat UK Wind PLC (UKW.L) Green...