Clean Energy Fuels is a supplier of natural gas as an alternative fuel across North America and designs, builds, finances, and operates fueling stations and supplies compressed natural gas and liquefied natural gas. The company serves approximately 275 fleet customers operating 14,000 natural gas vehicles in public transit, refuse hauling, airports, taxis, seaports, and regional trucking markets. As of December 31, 2007, Clean Energy Fuels Corp. owned and operated 170 natural gas fueling stations in Arizona, California, Colorado, Maryland, Massachusetts, Nevada, New Mexico, New York, Texas, Washington, Georgia, Wyoming, and Canada.
Clean Energy Fuel was founded by billionaire T. Boone Pickens, who has made much of his fortune investing in energy markets. Investors should note the company’s shares suffered on Wednesday after California voters struck down a proposition that offered tax rebates to buyers of more fuel-efficient cars. California-based Clean Energy has maintained that the ballot initiative’s failure will not hurt its long-term prospects. The company has hedged its natural gas bets by also being a significant player in the wind power industry. Wind power represents another area of keen interest for Pickens, as well.
Clean Energy has yet to be profitable, though it is expected to turn in the black in 2009, earning 28 cents a share. Two analysts have issued recommendations on Clean Energy shares this year and both have been “buys.” Insiders own 48 percent of Clean Energy shares, with Pickens being the largest shareholder. Eighty six institutions own another 25 percent. Mutual fund owners include iShares, Kalmar and Vanguard.
Shares of Clean Energy closed at $7.25 on Wednesday and have traded between $6.62 and $19.95 over the past 52 weeks. The average one-year price target for the shares is $13.50. Clean Energy has a market value of $321 million. Competitors include Chesapeake Energy, Exxon Mobil, British Petroleum and Exterran Holdings.
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