Scotiabank Downgrades OPAL Fuels (NASDAQ:OPAL) to Sector Perform

OPAL Fuels (NASDAQ:OPAL) was downgraded by stock analysts at Scotiabank from a “sector outperform” rating to a “sector perform” rating in a research report issued on Tuesday, Marketbeat.com reports. They currently have a $5.00 price target on the stock, down from their previous price target of $8.00. Scotiabank’s price objective would indicate a potential upside of 41.64% from the company’s current price.

Other research analysts have also recently issued reports about the company. B. Riley reissued a “buy” rating and set a $10.00 target price on shares of OPAL Fuels in a research note on Friday, June 7th. UBS Group decreased their price target on shares of OPAL Fuels from $8.00 to $7.50 and set a “buy” rating for the company in a research note on Friday, August 9th. Finally, The Goldman Sachs Group dropped their price objective on shares of OPAL Fuels from $4.50 to $3.90 and set a “sell” rating on the stock in a research report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.90.

OPAL Fuels Stock Performance

NASDAQ:OPAL opened at $3.53 on Tuesday. The company has a 50 day moving average price of $3.88 and a 200 day moving average price of $4.45. OPAL Fuels has a fifty-two week low of $3.41 and a fifty-two week high of $8.46. The stock has a market capitalization of $608.86 million, a P/E ratio of 4.71 and a beta of 0.50.

OPAL Fuels (NASDAQ:OPAL) last released its earnings results on Wednesday, August 7th. The company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.01. The company had revenue of $70.95 million during the quarter, compared to the consensus estimate of $80.68 million. OPAL Fuels had a negative return on equity of 2.14% and a net margin of 2.50%. Research analysts forecast that OPAL Fuels will post 0.57 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Marshall Wace LLP purchased a new stake in OPAL Fuels during the 2nd quarter valued at approximately $389,000. SIR Capital Management L.P. lifted its holdings in shares of OPAL Fuels by 76.3% during the second quarter. SIR Capital Management L.P. now owns 388,049 shares of the company’s stock worth $1,587,000 after purchasing an additional 167,940 shares during the period. Levin Capital Strategies L.P. purchased a new position in OPAL Fuels in the 1st quarter valued at $136,000. Vanguard Group Inc. raised its position in OPAL Fuels by 5.4% during the 1st quarter. Vanguard Group Inc. now owns 1,674,624 shares of the company’s stock worth $8,407,000 after buying an additional 86,531 shares during the last quarter. Finally, Grizzlyrock Capital LLC purchased a new position in OPAL Fuels during the 4th quarter worth $4,611,000. 12.16% of the stock is currently owned by institutional investors and hedge funds.

OPAL Fuels Company Profile

OPAL Fuels Inc, together with its subsidiaries, engages in the production and distribution of renewable natural gas for use as a vehicle fuel for heavy and medium-duty trucking fleets. It also designs, develops, constructs, operates, and services fueling stations for trucking fleets that use natural gas to displace diesel as transportation fuel.