HITE Hedge Asset Management LLC Trims Stake in Clean Energy Fuels Corp. (NASDAQ:CLNE)

HITE Hedge Asset Management LLC lowered its position in Clean Energy Fuels Corp. (NASDAQ:CLNE) by 56.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 475,821 shares of the utilities provider’s stock after selling 608,161 shares during the period. HITE Hedge Asset Management LLC owned approximately 0.21% of Clean Energy Fuels worth $1,270,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Rhumbline Advisers lifted its stake in shares of Clean Energy Fuels by 2.4% during the 2nd quarter. Rhumbline Advisers now owns 292,747 shares of the utilities provider’s stock worth $782,000 after acquiring an additional 6,989 shares during the last quarter. Brown Advisory Inc. lifted its position in shares of Clean Energy Fuels by 24.3% during the fourth quarter. Brown Advisory Inc. now owns 49,736 shares of the utilities provider’s stock worth $190,000 after purchasing an additional 9,736 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in shares of Clean Energy Fuels by 30.6% during the first quarter. CANADA LIFE ASSURANCE Co now owns 44,569 shares of the utilities provider’s stock valued at $119,000 after purchasing an additional 10,437 shares during the period. Tidal Investments LLC bought a new position in shares of Clean Energy Fuels in the first quarter worth about $33,000. Finally, Grassi Investment Management purchased a new position in Clean Energy Fuels in the 1st quarter worth about $36,000. Hedge funds and other institutional investors own 49.94% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on CLNE. StockNews.com raised shares of Clean Energy Fuels to a “sell” rating in a research report on Wednesday, August 14th. Scotiabank raised 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. One analyst has rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Clean Energy Fuels currently has a consensus rating of “Moderate Buy” and an average price target of $5.38.

Clean Energy Fuels Stock Performance

Shares of CLNE stock opened at $3.12 on Wednesday. The firm has a market cap of $696.58 million, a price-to-earnings ratio of -8.91 and a beta of 2.12. Clean Energy Fuels Corp. has a 52-week low of $2.17 and a 52-week high of $4.14. The company has a quick ratio of 2.82, a current ratio of 3.17 and a debt-to-equity ratio of 0.36. The company’s 50 day moving average is $2.91 and its 200 day moving average is $2.68.

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

Clean Energy Fuels 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.