Clean Energy Fuels (NASDAQ:CLNE) Shares Up 14.5% After 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.

Shares of Clean Energy Fuels Corp. (NASDAQ:CLNE - Get Free Report) rose 14.5% during mid-day trading on Friday following a better than expected earnings announcement. The stock traded as high as $2.55 and last traded at $2.34. Approximately 2,462,679 shares were traded during 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 (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.06. The firm had revenue of $102.61 million for the quarter, compared to the consensus estimate of $94.73 million. Clean Energy Fuels had a negative net margin of 47.99% and a negative return on equity of 26.37%. The company's revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.01 earnings per share.

Analyst Ratings Changes

CLNE has been the subject of several recent research reports. Lake Street Capital reduced their target price on shares of Clean Energy Fuels from $22.00 to $5.00 and set a "buy" rating for the company in a report on Friday, May 9th. UBS Group set a $2.00 price objective on Clean Energy Fuels and gave the company a "buy" rating in a research note on Sunday, April 13th. Scotiabank lowered their target price on Clean Energy Fuels from $6.00 to $4.00 and set a "sector outperform" rating on the stock in a research note on Friday, April 11th. Finally, Jefferies Financial Group cut Clean Energy Fuels from a "buy" rating to a "hold" rating in a research report on Friday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $3.75.

Institutional Investors Weigh In On Clean Energy Fuels

Several hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its holdings in shares of Clean Energy Fuels by 1.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,498,040 shares of the utilities provider's stock worth $23,840,000 after purchasing an additional 124,031 shares during the last quarter. Deutsche Bank AG lifted its holdings in Clean Energy Fuels by 226.2% in the fourth quarter. Deutsche Bank AG now owns 366,085 shares of the utilities provider's stock valued at $919,000 after acquiring an additional 253,842 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Clean Energy Fuels during the 1st quarter valued at approximately $51,000. D. E. Shaw & Co. Inc. raised its stake in shares of Clean Energy Fuels by 56.9% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,241,708 shares of the utilities provider's stock worth $3,117,000 after buying an additional 450,143 shares during the last quarter. Finally, GSA Capital Partners LLP grew its position in shares of Clean Energy Fuels by 293.9% in the first quarter. GSA Capital Partners LLP now owns 541,145 shares of the utilities provider's stock valued at $839,000 after purchasing an additional 403,747 shares during the last quarter. 49.94% of the stock is owned by hedge funds and other institutional investors.

Clean Energy Fuels Stock Up 17.4%

The company has a market cap of $529.25 million, a PE ratio of -2.72 and a beta of 2.65. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.82 and a quick ratio of 2.50. The firm has a 50-day simple moving average of $2.00 and a two-hundred day simple moving average of $2.04.

About Clean Energy Fuels

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.

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