Top 10 Oil and Gas Stocks To Buy According to Analysts

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

Average Analyst Price Target: $5.38

Upside Potential: 99.81%

Number of Hedge Fund Holders as of Q3: 22

Clean Energy Fuels Corp. (NASDAQ:CLNE) is a leading provider of low-carbon fuel solutions for transportation, specializing in renewable natural gas (RNG) while also offering compressed natural gas (CNG) and liquefied natural gas for medium and heavy-duty vehicles. The company operates across the United States and Canada, playing a key role in advancing clean energy in the transportation sector.

For the third quarter of 2024, Clean Energy Fuels Corp. (NASDAQ:CLNE) reported strong financial and operational performance. Revenue increased to $104.9 million, up from $95.6 million in Q3 2023, while net loss narrowed to $18.2 million from $25.8 million. Adjusted EBITDA rose significantly to $21.3 million, compared to $14.2 million a year earlier, showcasing the company’s enhanced operational efficiency. The company also achieved a 5.1% year-over-year increase in RNG sales, totaling 59.6 million gallons, and continued its growth trajectory through new projects and partnerships, including a new RNG facility and additional CNG fueling stations.

Earlier this year, Clean Energy Fuels Corp. (NASDAQ:CLNE) completed the construction of a third production train at its LNG plant in Boron, California. This expansion increased the plant’s production capacity by 50%, enabling it to produce up to 270,000 gallons of LNG daily. Already the largest facility of its kind in the Southwest U.S., the enhanced capacity positions the company to meet the rising demand for cleaner-burning LNG from industries striving to decarbonize, such as city transit systems and maritime shipping.