HITE Hedge Asset Management LLC Grows Stock Holdings in Clean Energy Fuels Corp. (NASDAQ:CLNE)

HITE Hedge Asset Management LLC lifted its position in Clean Energy Fuels Corp. (NASDAQ:CLNE) by 26.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 603,533 shares of the utilities provider’s stock after purchasing an additional 127,712 shares during the quarter. HITE Hedge Asset Management LLC’s holdings in Clean Energy Fuels were worth $1,877,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of CLNE. Eastern Bank purchased a new position in shares of Clean Energy Fuels during the 3rd quarter worth about $31,000. Tidal Investments LLC acquired a new stake in Clean Energy Fuels during the 1st quarter worth about $33,000. DRW Securities LLC acquired a new stake in shares of Clean Energy Fuels during the 2nd quarter valued at about $38,000. Algert Global LLC bought a new position in Clean Energy Fuels in the 2nd quarter worth approximately $45,000. Finally, Point72 Asia Singapore Pte. Ltd. grew its position in Clean Energy Fuels by 235.2% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 18,427 shares of the utilities provider’s stock valued at $57,000 after acquiring an additional 12,929 shares during the period. Hedge funds and other institutional investors own 49.94% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CLNE. StockNews.com upgraded Clean Energy Fuels from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Scotiabank increased their target price on shares of Clean Energy Fuels from $5.00 to $6.00 and gave the company a “sector outperform” rating in a research report on Tuesday, September 3rd. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Clean Energy Fuels has a consensus rating of “Buy” and an average target price of $5.38.

Clean Energy Fuels Price Performance

NASDAQ CLNE opened at $3.02 on Tuesday. The company has a quick ratio of 2.74, a current ratio of 3.06 and a debt-to-equity ratio of 0.36. The firm’s fifty day moving average price is $2.93 and its two-hundred day moving average price is $2.84. Clean Energy Fuels Corp. has a 1 year low of $2.17 and a 1 year high of $4.13.

Clean Energy Fuels (NASDAQ:CLNE) last posted its earnings results on Wednesday, November 6th. The utilities provider reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.04. The firm had revenue of $104.90 million during the quarter, compared to analyst estimates of $100.64 million. Clean Energy Fuels had a negative net margin of 17.32% and a negative return on equity of 7.59%. The business’s revenue was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.12) EPS. Equities research analysts expect that Clean Energy Fuels Corp. will post -0.33 earnings per share for the current year.

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.