Clean Energy Fuels (NASDAQ:CLNE) Shares Gap Down to $2.43

Shares of Clean Energy Fuels Corp. (NASDAQ:CLNE) gapped down before the market opened on Friday . The stock had previously closed at $2.43, but opened at $2.37. Clean Energy Fuels shares last traded at $2.36, with a volume of 95,206 shares traded.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CLNE. Raymond James decreased their price target on shares of Clean Energy Fuels from $6.00 to $5.00 and set a “strong-buy” rating for the company in a research report on Wednesday, April 3rd. StockNews.com upgraded Clean Energy Fuels to a “sell” rating in a research note on Monday, May 13th. Scotiabank reduced their price objective on Clean Energy Fuels from $6.00 to $5.00 and set a “sector outperform” rating on the stock in a research note on Thursday, April 11th. Finally, Piper Sandler reduced their price objective on Clean Energy Fuels from $7.00 to $4.00 and set an “overweight” rating on the stock in a research note on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Clean Energy Fuels has a consensus rating of “Moderate Buy” and a consensus target price of $5.60.

Clean Energy Fuels Price Performance

The company has a quick ratio of 2.80, a current ratio of 3.14 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $533.59 million, a P/E ratio of -6.74 and a beta of 2.15. The business has a 50 day simple moving average of $2.64 and a 200-day simple moving average of $2.85.

Clean Energy Fuels (NASDAQ:CLNE) last posted its earnings results on Thursday, May 9th. The utilities provider reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.05. The company had revenue of $103.71 million for the quarter, compared to analysts’ expectations of $106.63 million. Clean Energy Fuels had a negative return on equity of 11.09% and a negative net margin of 19.98%. Analysts predict that Clean Energy Fuels Corp. will post -0.44 EPS for the current fiscal year.

Institutional Investors Weigh In On Clean Energy Fuels

Hedge funds have recently added to or reduced their stakes in the stock. Sunbelt Securities Inc. raised its stake in shares of Clean Energy Fuels by 1,052.6% during the third quarter. Sunbelt Securities Inc. now owns 10,950 shares of the utilities provider’s stock valued at $42,000 after purchasing an additional 10,000 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Clean Energy Fuels by 288.2% during the fourth quarter. SG Americas Securities LLC now owns 70,715 shares of the utilities provider’s stock valued at $271,000 after purchasing an additional 52,498 shares in the last quarter. Raymond James & Associates bought a new stake in shares of Clean Energy Fuels during the fourth quarter valued at about $230,000. Raymond James Financial Services Advisors Inc. raised its stake in shares of Clean Energy Fuels by 19.9% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 29,680 shares of the utilities provider’s stock valued at $114,000 after purchasing an additional 4,930 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in Clean Energy Fuels during the fourth quarter worth about $1,566,000. 49.94% of the stock is currently owned by institutional investors.

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.