12 Best Oil and Gas Penny Stocks to Invest in Now

4. Clean Energy Fuels Corp. (NASDAQ:CLNE)

Number of Hedge Fund Holders: 25

Share Price as of April 16: $1.37

Clean Energy Fuels Corp. (NASDAQ:CLNE) supplies renewable and conventional natural gas for heavy-duty fleets across the U.S. and Canada. It provides compressed natural gas (CNG), liquefied natural gas (LNG), and renewable natural gas (RNG) for refuse, transit, and freight operations. Meanwhile, the company also manages fueling infrastructure and RNG production projects, additionally monetizing environmental credits and supporting dairy waste RNG projects.

Q4 ending December 31, 2024, Clean Energy Fuels Corp. (NASDAQ:CLNE) showed strong performance with $109 million in revenue and $24 million in adjusted EBITDA. Whereas RNG sales reached 62 million gallons (up 9% year-over-year), with full-year volume at 237 million gallons, a rise of 5%. The company finished the year with $217 million in unrestricted cash and $303 million in long-term debt. Although its 2025 EBITDA guidance of $50-55 million falls below 2024’s $77 million due to the expired Alternative Fuel Tax Credit.

Despite exiting LNG equipment at 55 Pilot Flying J locations, Clean Energy Fuels Corp. (NASDAQ:CLNE) is expanding RNG investments. Six facilities are now running, set to produce 4-6 million gallons in 2025, while two more projects will start this year. Additionally, four more are under construction through Maas Energy, targeting completion in 2026. Meanwhile, Clean Energy is investing $104 million in upstream RNG infrastructure.

Clean Energy Fuels Corp. (NASDAQ:CLNE) sees growth potential with the Cummins X15N natural gas engine, attracting interest from over 25 fleets. It projects 246 million gallons of RNG sales in 2025, driven by growing transit and cargo use. Moreover, performance could improve if regulatory support returns through AFTC extension or Section 45Z credits.

With growing RNG infrastructure and its position in the clean fuel transition, Clean Energy Fuels Corp. (NASDAQ:CLNE) ranks among the best oil and gas penny stocks.