Clean Energy Fuels Corp. (NASDAQ: CLNE) is a natural gas company that offers alternative fuel services for commercial vehicle fleets in the U.S. and Canada. The company provides natural gas and liquified natural gas through a network of fueling stations. Natural gas is cleaner than gasoline and diesel, making it ideal for fleet operators looking to reduce their carbon footprints. It can be seen as a transition fuel as the electric and hydrogen vehicle markets mature.
Oil prices have been relatively low over the last year, due to a decrease in demand during the Coronavirus Pandemic. However, prices are now increasing, and some analysts see oil approaching $100 per barrel before the end of this year. For Clean Energy Fuels Corp., this is good news. Higher oil and gasoline prices can lead to an increased demand for natural gas fuels.
Analysts are confident that rising oil prices will benefit this stock, and there’s currently an average target price of $21.50, suggesting a strong upside over today’s price. For patient investors, the return could be even stronger, with the highest analyst estimate predicting a price of $27.00 on this stock. For its bargain price today and potential upside, this is an alternative stock to watch.
- 1 Year Price Growth: 13%
- YTD Price Growth: 07%
- 3 Month Price Growth: 79%
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