Clean Energy Fuels (NASDAQ:CLNE) Shares Down 17% Following Weak Earnings

Clean Energy Fuels Corp. (NASDAQ:CLNE) shares were down 17% on Wednesday following a dissappointing earnings announcement. The company traded as low as $2.25 and last traded at $2.3070. Approximately 1,365,640 shares traded hands during mid-day trading, a decline of 42% from the average daily volume of 2,356,218 shares. The stock had previously closed at $2.78.

The utilities provider reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). Clean Energy Fuels had a negative return on equity of 27.98% and a negative net margin of 48.40%.The firm had revenue of $106.14 million during the quarter, compared to analyst estimates of $100.98 million. During the same quarter in the previous year, the firm posted $0.02 earnings per share. Clean Energy Fuels’s quarterly revenue was up 1.2% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clean Energy Fuels in a research note on Wednesday, October 8th. Jefferies Financial Group cut shares of Clean Energy Fuels from a “buy” rating to a “hold” rating and set a $2.20 target price for the company. in a research note on Friday, August 8th. Finally, UBS Group reiterated a “buy” rating and set a $2.75 target price (up from $2.00) on shares of Clean Energy Fuels in a research note on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $3.59.

Insider Transactions at Clean Energy Fuels

In other Clean Energy Fuels news, SVP Barclay Corbus sold 105,300 shares of the business’s stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $2.63, for a total value of $276,939.00. Following the sale, the senior vice president owned 1,061,248 shares of the company’s stock, valued at $2,791,082.24. The trade was a 9.03% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 4.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Clean Energy Fuels

Institutional investors and hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC increased its holdings in Clean Energy Fuels by 1,419,900.0% in the 2nd quarter. NewEdge Advisors LLC now owns 14,200 shares of the utilities provider’s stock valued at $28,000 after buying an additional 14,199 shares during the period. PNC Financial Services Group Inc. increased its holdings in Clean Energy Fuels by 140.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 14,971 shares of the utilities provider’s stock valued at $29,000 after buying an additional 8,738 shares during the period. BNP Paribas Financial Markets increased its holdings in Clean Energy Fuels by 54.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 14,844 shares of the utilities provider’s stock valued at $29,000 after buying an additional 5,254 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in Clean Energy Fuels in the 3rd quarter valued at $31,000. Finally, Aigen Investment Management LP bought a new stake in Clean Energy Fuels in the 1st quarter valued at $36,000. Institutional investors own 49.94% of the company’s stock.

Clean Energy Fuels Price Performance

The stock has a market cap of $507.65 million, a P/E ratio of -2.56 and a beta of 2.70. The company has a current ratio of 2.83, a quick ratio of 2.51 and a debt-to-equity ratio of 0.47. The company’s fifty day simple moving average is $2.69 and its 200-day simple moving average is $2.22.

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.