Stocks: Clean Energy Fuels Corp (CLNE) Lifted to “Strong-Buy” at Zacks Investment Research

Stocks: Clean Energy Fuels Corp (CLNE) Lifted to “Strong-Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Clean Energy Fuels Corp (NASDAQ:CLNE) from a hold rating to a strong-buy rating in a research report released on Tuesday morning. The firm currently has $3.00 target price on the utilities provider’s stock.

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. “

Shares of Clean Energy Fuels Corp (NASDAQ:CLNE) remained flat at $2.59 during trading on Tuesday. The company had a trading volume of 97,045 shares. The firm’s 50-day moving average price is $2.49 and its 200 day moving average price is $2.94. The company has a market cap of $389.78 million, a price-to-earnings ratio of 7.46 and a beta of 2.38. Clean Energy Fuels Corp has a 52 week low of $2.35 and a 52 week high of $4.80.

Clean Energy Fuels Corp (NASDAQ:CLNE) last announced its quarterly earnings results on Thursday, May 4th. The utilities provider reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.53. The firm had revenue of $89.50 million for the quarter, compared to analysts’ expectations of $94.27 million. Clean Energy Fuels Corp had a negative net margin of 13.87% and a negative return on equity of 0.85%. Clean Energy Fuels Corp’s revenue was down 6.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.05 earnings per share. On average, equities analysts predict that Clean Energy Fuels Corp will post ($0.56) EPS for the current fiscal year.

In other Clean Energy Fuels Corp news, CEO Andrew J. Littlefair purchased 40,000 shares of Clean Energy Fuels Corp stock in a transaction on Thursday, March 9th. The shares were purchased at an average cost of $2.49 per share, with a total value of $99,600.00. Following the completion of the transaction, the chief executive officer now directly owns 1,067,624 shares in the company, valued at approximately $2,658,383.76. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 26.69% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC boosted its position in shares of Clean Energy Fuels Corp by 40.6% in the fourth quarter. Renaissance Technologies LLC now owns 4,571,378 shares of the utilities provider’s stock worth $13,074,000 after buying an additional 1,321,100 shares during the period. State Street Corp boosted its position in shares of 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 boosted its position in shares of 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. Systematic Financial Management LP acquired a new position in shares of Clean Energy Fuels Corp during the first quarter worth $1,525,000. Finally, Teachers Advisors LLC boosted its position in shares of 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. 33.15% of the stock is currently owned by hedge funds and other institutional investors.

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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