Clean Energy Fuels Corp. (CLNE) Upgraded to Buy at Zacks Investment Research
Clean Energy Fuels Corp. (NASDAQ:CLNE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The brokerage currently has a $2.75 price target on the utilities provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 14.82% from the stock’s current price.
According to Zacks, “CLEAN ENERGY FUELS, based in Seal Beach, Calif., is the leading provider of natural gas (CNG and LNG) for transportation in North America. It has a broad customer base in the refuse, transit, ports, shuttle, taxi, intrastate and interstate trucking, airport and municipal fleet markets,across the United States and Canada. “
CLNE has been the subject of several other research reports. BidaskClub downgraded shares of Clean Energy Fuels Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, August 2nd. ValuEngine downgraded shares of Clean Energy Fuels Corp. from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $4.95.
Clean Energy Fuels Corp. (NASDAQ CLNE) traded down 0.622% during mid-day trading on Monday, reaching $2.395. 2,616,846 shares of the company’s stock were exchanged. Clean Energy Fuels Corp. has a 52-week low of $2.18 and a 52-week high of $4.80. The stock has a market cap of $360.44 million, a price-to-earnings ratio of 6.902 and a beta of 1.87. The company has a 50-day moving average of $2.66 and a 200-day moving average of $2.56.
Clean Energy Fuels Corp. (NASDAQ:CLNE) last posted its earnings results on Thursday, August 3rd. The utilities provider reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.02. The firm had revenue of $81 million during the quarter, compared to the consensus estimate of $86.97 million. Clean Energy Fuels Corp. had a net margin of 7.24% and a return on equity of 5.14%. The company’s revenue was down 25.0% on a year-over-year basis. During the same quarter last year, the company earned $0.03 earnings per share. Equities research analysts anticipate that Clean Energy Fuels Corp. will post $0.00 earnings per share for the current year.
In other news, Director Stephen Scully acquired 20,000 shares of the business’s stock in a transaction dated Wednesday, May 17th. The stock was bought at an average cost of $2.49 per share, for a total transaction of $49,800.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Andrew J. Littlefair acquired 22,500 shares of the business’s stock in a transaction dated Wednesday, May 31st. The stock was purchased at an average price of $2.24 per share, with a total value of $50,400.00. Following the completion of the transaction, the chief executive officer now directly owns 1,312,167 shares of the company’s stock, valued at approximately $2,939,254.08. The disclosure for this purchase can be found here. Insiders bought 105,500 shares of company stock valued at $244,170 in the last quarter. Corporate insiders own 26.69% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. State Street Corp raised its position in Clean Energy Fuels Corp. by 38.4% in the fourth quarter. State Street Corp now owns 3,968,696 shares of the utilities provider’s stock worth $11,344,000 after buying an additional 1,100,253 shares during the period. Dimensional Fund Advisors LP raised its position in Clean Energy Fuels Corp. by 35.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,904,211 shares of the utilities provider’s stock worth $11,166,000 after buying an additional 1,030,510 shares during the period. Metropolitan Life Insurance Co. NY raised its position in Clean Energy Fuels Corp. by 0.3% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 73,674 shares of the utilities provider’s stock worth $211,000 after buying an additional 222 shares during the period. AQR Capital Management LLC purchased a new position in Clean Energy Fuels Corp. during the fourth quarter worth approximately $182,000. Finally, Teachers Advisors LLC raised its position in Clean Energy Fuels Corp. by 118.4% in the fourth quarter. Teachers Advisors LLC now owns 806,326 shares of the utilities provider’s stock worth $2,306,000 after buying an additional 437,148 shares during the period. Institutional investors own 33.38% of the company’s stock.
About Clean Energy Fuels Corp.
Clean Energy Fuels Corp. (Clean Energy) is a provider of natural gas as an alternative fuel for vehicle fleets in the United States and Canada. The Company is engaged in supplying compressed natural gas (CNG), liquefied natural gas (LNG) and renewable natural gas (RNG) for light, medium and heavy-duty vehicles, and providing operation and maintenance (O&M) services for natural gas fueling stations.
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