Clean Energy Fuels (NASDAQ:CLNE) Trading 14.5% Higher Following Strong Earnings

Key Points

• Clean Energy Fuels Corp. shares surged 14.5% following a quarterly earnings report that beat expectations, reporting earnings per share of (0.01) compared to a consensus estimate of (0.07).
• The company's revenue increased by 4.8% year-over-year, totaling $102.61 million, exceeding analyst predictions.
• Analyst sentiment is mixed with a consensus rating of "Moderate Buy" and price targets ranging from $2.00 to $5.00, reflecting varying confidence in the stock's future performance.

Clean Energy Fuels Corp. (NASDAQ:CLNE - Get Free Report) rose 14.5% during mid-day trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $2.55 and last traded at $2.34. Approximately 2,462,679 shares changed hands during mid-day trading, a decline of 8% from the average daily volume of 2,670,916 shares. The stock had previously closed at $2.04.

The utilities provider reported ($0.01) earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.06. Clean Energy Fuels had a negative return on equity of 27.98% and a negative net margin of 48.40%. The company had revenue of $102.61 million for the quarter, compared to the consensus estimate of $94.73 million. During the same period in the previous year, the business earned $0.01 earnings per share. The company's quarterly revenue was up 4.8% on a year-over-year basis.

Analysts Set New Price Targets

A number of research analysts have issued reports on CLNE shares. Lake Street Capital cut their price objective on Clean Energy Fuels from $22.00 to $5.00 and set a "buy" rating for the company in a report on Friday, May 9th. Jefferies Financial Group downgraded shares of Clean Energy Fuels from a "buy" rating to a "hold" rating and set a $2.20 target price on the stock. in a research note on Friday. Finally, UBS Group restated a "buy" rating and issued a $2.75 target price (up previously from $2.00) on shares of Clean Energy Fuels in a research note on Tuesday. One research analyst has rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $3.59.

Institutional Trading of Clean Energy Fuels

Several large investors have recently made changes to their positions in the business. Global Alpha Capital Management Ltd. raised its holdings in shares of Clean Energy Fuels by 31.9% in the first quarter. Global Alpha Capital Management Ltd. now owns 9,750,076 shares of the utilities provider's stock valued at $15,113,000 after buying an additional 2,357,600 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Clean Energy Fuels in the 1st quarter valued at about $1,113,000. Coppell Advisory Solutions LLC raised its stake in shares of Clean Energy Fuels by 1,635.8% in the fourth quarter. Coppell Advisory Solutions LLC now owns 734,640 shares of the utilities provider's stock worth $1,829,000 after acquiring an additional 692,318 shares during the last quarter. Nuveen LLC acquired a new position in shares of Clean Energy Fuels during the first quarter worth approximately $1,005,000. Finally, GMT Capital Corp lifted its position in shares of Clean Energy Fuels by 211.3% during the first quarter. GMT Capital Corp now owns 767,758 shares of the utilities provider's stock worth $1,190,000 after purchasing an additional 521,089 shares in the last quarter. Institutional investors own 49.94% of the company's stock.

Clean Energy Fuels Price Performance

The company has a debt-to-equity ratio of 0.47, a current ratio of 2.83 and a quick ratio of 2.51. The firm has a market capitalization of $504.37 million, a P/E ratio of -2.56 and a beta of 2.65. The company's 50 day moving average price is $2.02 and its 200 day moving average price is $2.02.

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.