Empowered Funds LLC Invests $2.33 Million in Clean Energy Fuels Corp. $CLNE

Key Points

• Empowered Funds LLC purchased 1.14 million shares of Clean Energy Fuels worth approximately $2.33 million, representing about 0.52% of the company. Institutional investors collectively own nearly 50% of CLNE.
• Analyst sentiment is mixed, with ratings ranging from “strong buy” to “sell.” The consensus rating is Hold, with an average price target of $2.38.
• CLNE shares opened at $1.72, near the lower end of their 52-week range of $1.54 to $3.11. The company matched quarterly EPS expectations at a loss of $0.01 but reported revenue below estimates, despite 3.7% year-over-year growth.

Empowered Funds LLC bought a new position in Clean Energy Fuels Corp. (NASDAQ:CLNE - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,139,097 shares of the utilities provider's stock, valued at approximately $2,335,000. Empowered Funds LLC owned about 0.52% of Clean Energy Fuels as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Clean Energy Fuels by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 11,402,549 shares of the utilities provider's stock worth $29,419,000 after buying an additional 341,333 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Clean Energy Fuels by 6.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,621,596 shares of the utilities provider's stock worth $5,505,000 after buying an additional 163,720 shares during the period. SIR Capital Management L.P. boosted its holdings in shares of Clean Energy Fuels by 17.2% in the fourth quarter. SIR Capital Management L.P. now owns 2,103,095 shares of the utilities provider's stock worth $4,416,000 after buying an additional 308,300 shares during the period. J. Derek Lewis & Associates Inc. purchased a new position in shares of Clean Energy Fuels in the fourth quarter worth approximately $3,915,000. Finally, Bridgeway Capital Management LLC raised its holdings in shares of Clean Energy Fuels by 29.5% during the fourth quarter. Bridgeway Capital Management LLC now owns 1,605,637 shares of the utilities provider's stock valued at $3,372,000 after acquiring an additional 365,647 shares during the period. Institutional investors and hedge funds own 49.94% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Clean Energy Fuels in a research report on Friday, July 17th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $1.90 target price on shares of Clean Energy Fuels in a research report on Friday, August 14th. UBS Group downgraded Clean Energy Fuels from a "buy" rating to a "hold" rating and set a $2.75 price target on the stock. in a report on Friday, July 17th. Finally, Raymond James Financial reissued a "strong-buy" rating and issued a $2.50 price objective on shares of Clean Energy Fuels in a research note on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $2.38.

Clean Energy Fuels Stock Performance

Shares of CLNE opened at $1.72 on Thursday. The company has a market capitalization of $378.80 million, a PE ratio of -3.91 and a beta of 1.82. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.15 and a current ratio of 2.48. The company's 50 day moving average price is $1.90 and its 200 day moving average price is $2.11. Clean Energy Fuels Corp. has a 52 week low of $1.54 and a 52 week high of $3.11.

Clean Energy Fuels (NASDAQ:CLNE - Get Free Report) last released its earnings results on Thursday, August 6th. The utilities provider reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.01). The company had revenue of $106.36 million during the quarter, compared to the consensus estimate of $111.27 million. Clean Energy Fuels had a negative net margin of 21.27% and a negative return on equity of 16.52%. The company's revenue was up 3.7% on a year-over-year basis. Research analysts expect that Clean Energy Fuels Corp. will post -0.3 EPS for the current fiscal year.

Clean Energy Fuels Profile

Clean Energy Fuels Corp., founded in 1997 and headquartered in Newport Beach, California, is a leading provider of natural gas and renewable natural gas (RNG) fuel for the transportation sector. The company operates a network of more than 500 fueling stations across the United States and Canada, supplying compressed natural gas (CNG), liquefied natural gas (LNG) and RNG derived from organic waste streams. Clean Energy serves a diverse customer base that includes commercial trucking fleets, public transit agencies, refuse haulers and municipal vehicle operators.

In addition to fuel supply, Clean Energy offers turnkey station design, construction and ongoing maintenance services, as well as fueling hardware and project management.

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