Clean Energy Fuels (NASDAQ:CLNE) Stock Price Breaks Above 50 Day Moving Average – Here’s What Happened

Clean Energy Fuels Corp. (NASDAQ:CLNE) passed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $1.56 and traded as high as $1.98. Clean Energy Fuels shares last traded at $1.91, with a volume of 7,298,265 shares trading hands.

Trending Headlines about Clean Energy Fuels

Here are the key news stories impacting Clean Energy Fuels this week:

• Positive Sentiment: CLNE reported $0.03 per share in adjusted earnings, ahead of estimates calling for a loss, and revenue of $112.2 million, above consensus of about $105.4 million. Revenue rose from $106.1 million a year earlier. Zacks earnings coverage
• Positive Sentiment: The company sold 66.8 million gallons of renewable natural gas (RNG) in the quarter. Its GAAP net loss narrowed to $5.7 million, or $0.03 per share, from $23.8 million, or $0.11 per share, a year earlier—evidence of improved results, although not yet GAAP profitability. Company earnings release
• Negative Sentiment: Despite the improvement, CLNE still posted a GAAP loss. The persistence of losses may temper investor enthusiasm if the company does not continue to improve profitability. Q3 results coverage

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CLNE shares. UBS Group downgraded Clean Energy Fuels from a “buy” rating to a “hold” rating and set a $2.75 target price for the company. in a report on Friday, July 17th. Jefferies Financial Group raised Clean Energy Fuels to a “hold” rating in a research note on Tuesday, September 29th. 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. Finally, Weiss Ratings raised shares of Clean Energy Fuels from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $2.38.

Clean Energy Fuels Price Performance

The company has a 50-day moving average price of $1.56 and a 200-day moving average price of $2.00. 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 firm has a market capitalization of $420.64 million, a P/E ratio of -5.31 and a beta of 1.87.

Clean Energy Fuels (NASDAQ:CLNE) last posted its quarterly earnings results on Thursday, November 5th. The utilities provider reported $0.03 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.05. The firm had revenue of $112.18 million during the quarter, compared to analysts’ expectations of $105.38 million. Clean Energy Fuels had a negative return on equity of 16.52% and a negative net margin of 21.27%. On average, sell-side analysts predict that Clean Energy Fuels Corp. will post -0.30 earnings per share for the current year.

Institutional Investors Weigh In On Clean Energy Fuels

Institutional investors have recently added to or reduced their stakes in the business. State Street Corp grew its position in Clean Energy Fuels by 9.1% in the second quarter. State Street Corp now owns 6,374,675 shares of the utilities provider’s stock valued at $13,068,000 after acquiring an additional 533,331 shares in the last quarter. SIR Capital Management L.P. bought a new stake in shares of Clean Energy Fuels in the 2nd quarter valued at $4,311,000. Arrowstreet Capital Limited Partnership purchased a new position in Clean Energy Fuels during the first quarter worth about $3,160,000. Empowered Funds LLC lifted its position in Clean Energy Fuels by 7.0% during the first quarter. Empowered Funds LLC now owns 1,075,824 shares of the utilities provider’s stock valued at $2,668,000 after purchasing an additional 70,187 shares during the period. Finally, Renaissance Technologies LLC grew its position in shares of Clean Energy Fuels by 10.5% during the 1st quarter. Renaissance Technologies LLC now owns 1,033,295 shares of the utilities provider’s stock worth $2,563,000 after buying an additional 97,900 shares in the last quarter. Institutional investors and hedge funds own 49.94% of the company’s stock.

Clean Energy Fuels Company Profile

Clean Energy Fuels Corp. (NASDAQ: CLNE) provides fueling solutions for medium- and heavy-duty vehicle fleets in North America. The company develops, owns and operates natural gas fueling stations and supplies transportation fuel to customers such as refuse and recycling companies, transit agencies, trucking operators, airports and other commercial fleets.

Its offerings include compressed natural gas (CNG), liquefied natural gas (LNG) and renewable natural gas (RNG). Clean Energy also provides station construction, operation and maintenance services, fleet fueling support, and related infrastructure solutions.