Clearway Energy (CWEN) Shares Show Strength Following its Acquisition Announcement

ClearBridge Investments, an investment management company, released its “ClearBridge Global Infrastructure Value Strategy” second quarter 2022 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund underperformed relative to the S&P Global Infrastructure Index. Utilities with clean energy portfolios contributed positively to the fund’s performance but fears of recession affected the rail companies. For more information on the fund’s best picks in 2022, please check its top five holdings.

In the letter, ClearBridge Investments discussed the performance of the ClearBridge Global Infrastructure Value Strategy portfolio. Clearway Energy, Inc. (NYSE:CWEN) was a positive contributor to the strategy in the second quarter. Clearway Energy, Inc. (NYSE:CWEN) is a Princeton, New Jersey-based renewable energy company with a market capitalization of $7.48 billion. The stock of Clearway Energy, Inc. (NYSE:CWEN) closed at $38.07 per share on August 8, 2022. One-month return of Clearway Energy, Inc. (NYSE:CWEN) rose to 10.89% and its shares gained 24.62% of their value over the last 52 weeks.

Here’s what ClearBridge Investments specifically said about Clearway Energy, Inc. (NYSE:CWEN):

“Clearway Energy, Inc. (NYSE:CWEN) owns and operates contracted renewable generation assets in the U.S. as well as conventional generation and thermal infrastructure assets. Shares continued to show strength following the announcement that TotalEnergies (TTE) and Global Infrastructure Partners are partnering to acquire 50% of Clearway, helping to provide a longer runway for growth projects.”

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Although Clearway Energy, Inc. (NYSE:CWEN) is a positive contributor to the strategy, it is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Clearway Energy, Inc. (NYSE:CWEN)  was held by 24 hedge fund portfolios at the end of the first quarter, which was 21 in the previous quarter.

We discussed Clearway Energy, Inc. (NYSE:CWEN) in another article and shared ClearBridge Investments’ insights on the company in the previous quarter. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

Disclosure: None. This article is originally published at Insider Monkey.