Clean Energy Fuels (NASDAQ:CLNE) Trading Up 6.3% – Here’s What Happened

Clean Energy Fuels Corp. (NASDAQ:CLNE)’s stock price shot up 6.3% during trading on Wednesday . The company traded as high as $3.02 and last traded at $3.02. 302,594 shares were traded during mid-day trading, a decline of 81% from the average session volume of 1,604,365 shares. The stock had previously closed at $2.84.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CLNE. Scotiabank increased their target price on Clean Energy Fuels from $5.00 to $6.00 and gave the company a “sector outperform” rating in a research report on Tuesday, September 3rd. StockNews.com upgraded Clean Energy Fuels from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Clean Energy Fuels has an average rating of “Buy” and a consensus price target of $5.38.

Clean Energy Fuels Price Performance

The stock has a 50-day moving average price of $2.93 and a two-hundred day moving average price of $2.83. The company has a current ratio of 3.06, a quick ratio of 2.74 and a debt-to-equity ratio of 0.36. The stock has a market cap of $706.12 million, a price-to-earnings ratio of -10.19 and a beta of 2.12.

Clean Energy Fuels (NASDAQ:CLNE) last issued its quarterly earnings results on Wednesday, November 6th. The utilities provider reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.04. The business had revenue of $104.90 million for the quarter, compared to analyst estimates of $100.64 million. Clean Energy Fuels had a negative return on equity of 7.59% and a negative net margin of 17.32%. The company’s revenue was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.12) earnings per share. As a group, equities research analysts forecast that Clean Energy Fuels Corp. will post -0.33 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CLNE. Vanguard Group Inc. increased its position in shares of Clean Energy Fuels by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 10,101,301 shares of the utilities provider’s stock valued at $27,071,000 after acquiring an additional 100,271 shares during the period. CANADA LIFE ASSURANCE Co raised its stake in shares of Clean Energy Fuels by 30.6% in the first quarter. CANADA LIFE ASSURANCE Co now owns 44,569 shares of the utilities provider’s stock worth $119,000 after purchasing an additional 10,437 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Clean Energy Fuels by 33.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 105,763 shares of the utilities provider’s stock worth $284,000 after purchasing an additional 26,356 shares during the period. Tidal Investments LLC purchased a new stake in Clean Energy Fuels in the first quarter valued at approximately $33,000. Finally, SG Americas Securities LLC increased its holdings in Clean Energy Fuels by 411.7% in the 2nd quarter. SG Americas Securities LLC now owns 149,943 shares of the utilities provider’s stock worth $400,000 after buying an additional 120,639 shares during the period. Hedge funds and other institutional investors own 49.94% of the company’s stock.

Clean Energy Fuels Company Profile

Clean Energy Fuels Corp. provides natural gas as alternative fuels for vehicle fleets and related fueling solutions in the United States and Canada. It supplies renewable natural gas (RNG), compressed natural gas (CNG), and liquefied natural gas (LNG) for medium and heavy-duty vehicles; and offers operation and maintenance services for public and private vehicle fleet customer stations.