Clean Energy Fuels (NASDAQ:CLNE) Shares Down 9.8% – Here’s Why

Clean Energy Fuels Corp. (NASDAQ:CLNE)’s share price traded down 9.8% during mid-day trading on Thursday . The company traded as low as $2.82 and last traded at $2.93. 614,884 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 1,570,929 shares. The stock had previously closed at $3.25.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CLNE. Scotiabank boosted their price target on Clean Energy Fuels from $5.00 to $6.00 and gave the company a “sector outperform” rating in a research note on Tuesday, September 3rd. StockNews.com upgraded shares of Clean Energy Fuels to a “sell” rating in a research report on Wednesday, August 14th. One research analyst has rated the stock with a sell rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Clean Energy Fuels presently has an average rating of “Moderate Buy” and an average target price of $5.38.

Clean Energy Fuels Stock Down 1.2 %

The company has a current ratio of 3.17, a quick ratio of 2.82 and a debt-to-equity ratio of 0.36. The company has a fifty day moving average of $2.95 and a 200-day moving average of $2.78.

Clean Energy Fuels (NASDAQ:CLNE) last announced its earnings results on Wednesday, August 7th. The utilities provider reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.05. Clean Energy Fuels had a negative net margin of 19.61% and a negative return on equity of 8.75%. The company had revenue of $97.95 million during the quarter, compared to the consensus estimate of $106.45 million. During the same quarter in the prior year, the company posted ($0.07) earnings per share. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. On average, equities analysts anticipate that Clean Energy Fuels Corp. will post -0.34 EPS for the current year.

Institutional Trading of Clean Energy Fuels

Several hedge funds and other institutional investors have recently modified their holdings of CLNE. Eastern Bank purchased a new position in shares of Clean Energy Fuels during the 3rd quarter valued at $31,000. Tidal Investments LLC bought a new position in Clean Energy Fuels in the first quarter valued at $33,000. DRW Securities LLC purchased a new position in shares of Clean Energy Fuels in the 2nd quarter worth about $38,000. Algert Global LLC bought a new position in Clean Energy Fuels during the second quarter valued at approximately $45,000. Finally, Pinnacle Wealth Planning Services Inc. bought a new stake in Clean Energy Fuels in the first quarter worth $52,000. Institutional investors own 49.94% of the company’s stock.

Clean Energy Fuels Company Profile

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.