Empowered Funds LLC Takes $2.33 Million Position in Clean Energy Fuels Corp. $CLNE

Empowered Funds LLC purchased a new stake in Clean Energy Fuels Corp. (NASDAQ:CLNE) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 1,139,097 shares of the utilities provider’s stock, valued at approximately $2,335,000.

A number of other hedge funds have also recently added to or reduced their stakes in CLNE. Bank of America Corp DE bought a new position in Clean Energy Fuels during the second quarter valued at approximately $479,000. Man Group plc acquired a new position in shares of Clean Energy Fuels during the 2nd quarter worth $108,000. Hsbc Holdings PLC acquired a new position in shares of Clean Energy Fuels during the 2nd quarter worth $104,000. Canada Pension Plan Investment Board bought a new position in shares of Clean Energy Fuels during the 2nd quarter valued at $326,000. Finally, SIR Capital Management L.P. acquired a new stake in shares of Clean Energy Fuels in the 2nd quarter valued at $4,311,000. Institutional investors and hedge funds own 49.94% of the company’s stock.

Clean Energy Fuels Trading Up 6.8%

Clean Energy Fuels stock opened at $1.72 on Thursday. 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 business’s 50-day simple moving average is $1.90 and its 200-day simple moving average is $2.11. The firm has a market capitalization of $378.80 million, a PE ratio of -3.91 and a beta of 1.82. Clean Energy Fuels Corp. has a 52 week low of $1.54 and a 52 week high of $3.11.

Clean Energy Fuels (NASDAQ:CLNE) last announced its earnings results on Thursday, August 6th. The utilities provider reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). Clean Energy Fuels had a negative return on equity of 16.52% and a negative net margin of 21.27%.The firm had revenue of $106.36 million during the quarter, compared to the consensus estimate of $111.27 million. The business’s revenue was up 3.7% on a year-over-year basis. Equities research analysts forecast that Clean Energy Fuels Corp. will post -0.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

CLNE has been the subject of a number of recent research reports. Jefferies Financial Group reiterated a “hold” rating and issued a $1.90 price objective on shares of Clean Energy Fuels in a report on Friday, August 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clean Energy Fuels in a research report on Friday, July 17th. Raymond James Financial reiterated a “strong-buy” rating and set a $2.50 price target on shares of Clean Energy Fuels in a report on Tuesday, August 18th. Finally, UBS Group downgraded shares of Clean Energy Fuels from a “buy” rating to a “hold” rating and set a $2.75 price objective for the company. in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $2.38.

About Clean Energy Fuels

Clean Energy Fuels Corp., founded in 1997 and headquartered in Newport Beach, California, is a leading provider of natural gas and renewable natural gas (RNG) fuel for the transportation sector. The company operates a network of more than 500 fueling stations across the United States and Canada, supplying compressed natural gas (CNG), liquefied natural gas (LNG) and RNG derived from organic waste streams. Clean Energy serves a diverse customer base that includes commercial trucking fleets, public transit agencies, refuse haulers and municipal vehicle operators.

In addition to fuel supply, Clean Energy offers turnkey station design, construction and ongoing maintenance services, as well as fueling hardware and project management.