Analyst Dushyant Ailani of Jefferies maintained a Buy rating on Clean Energy Fuels (CLNE – Research Report), with a price target of $4.00.
Dushyant Ailani has given his Buy rating due to a combination of factors, including the company’s recent performance and strategic partnerships. In the first quarter of 2024, Clean Energy Fuels Corp. reported EBITDA figures that exceeded consensus estimates by approximately 9%, which indicates a strong financial standing. Additionally, the company has entered into a promising new partnership with Maas Energy, aimed at constructing renewable natural gas (RNG) digesters throughout the United States. This move is seen as a positive step towards expansion and growth in the renewable energy sector.
Despite a setback with the Chapter 11 filing by one of the Idaho dairies involved in the 50/50 joint venture with BP, Clean Energy Fuels has maintained its full-year guidance. The solid first-quarter performance is believed to mitigate risks associated with the company’s ability to achieve its declared targets. Ailani’s outlook suggests that the strategic actions Clean Energy Fuels is taking, coupled with its resilient financial results, present a compelling case for investment, which underpins the Buy rating.
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Clean Energy Fuels (CLNE) Company Description:
Clean Energy Fuels Corp. engages in the provision of natural gas as an alternative fuel for vehicle fleets in the United States and Canada. It also build and operate compressed natural gas (CNG) and liquefied natural gas (LNG) vehicle fueling stations; manufacture CNG and LNG equipment and technologies; and deliver more CNG and LNG vehicle fuel. The company was founded by T. Boone Pickens and Andrew J. Littlefair in 1996 and is headquartered in Newport Beach, CA.
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