Clean Energy Fuels stock rating downgraded by Jefferies on X15N ramp concerns

Investing.com - Clean Energy Fuels (NASDAQ:CLNE), currently trading at $2.38 with a market capitalization of $528 million, was downgraded from Buy to Hold by Jefferies on Friday, with the firm setting a price target of $2.20. According to InvestingPro data, the stock has shown significant volatility, falling over 40% in the past six months despite maintaining a current ratio of 2.82.

The downgrade comes despite Clean Energy Fuels reporting EBITDA of $17.5 million, which exceeded consensus expectations by 58% and Jefferies estimates by 68%, driven by strong volumes that were partially offset by normalized pricing compared to the first quarter. InvestingPro analysis reveals that while the company maintains strong liquidity, analysts don’t expect profitability this year, with an EPS forecast of -$0.17 for 2025. Get access to 8 more key ProTips and comprehensive analysis in the Pro Research Report.

In response to the strong performance, management raised its EBITDA guidance to $60-$65 million from the previous range of $50-$55 million, reflecting improved operational results.

Jefferies cited management’s cautious tone regarding the X15N ramp as a key factor in the downgrade, noting this could potentially delay an important growth driver for the company.

The firm indicated it expects Clean Energy Fuels stock to remain at current levels in the near term as the company continues its slow ramp-up in renewable natural gas (RNG) production.

In other recent news, Clean Energy Fuels Corp reported its second-quarter 2025 earnings, surpassing revenue expectations with a total of $102.6 million, compared to the forecasted $94.09 million. This resulted in a revenue surprise of 9.04%. Additionally, the company’s earnings per share (EPS) reached $0.01, exceeding the anticipated -$0.06, marking a significant surprise of -116.67%. These results reflect a strong performance for the quarter. The company’s financial outcomes have been a focal point for investors and analysts alike. The earnings call highlighted the company’s ability to outperform projections. No recent analyst upgrades or downgrades were noted. Clean Energy Fuels continues to be a subject of interest in the investment community.

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