Clean Energy Shares Up 8.2% on Raymond James's Second Upgrade in Six Months

By Sabela Ojea

Shares of Clean Energy Fuels climbed Tuesday after Raymond James again upgraded its recommendation on the company and set up a target price of $6.

At 11:41 a.m. ET, shares were up 8.2% at $3.89. The stock has, however, dropped 26% since the year started, and 36% in the past 12 months.

The investment banking company raised the renewables company to strong buy from outperform following April's outperform upgrade from a prior market performance rating.

"The company is that much closer to ramping up production of dairy-based renewable natural gas on an in-house basis and the U.S. Treasury is that much closer to unveiling the details of the brand-new Section 45Z [clean fuel production] credit," analysts said.

The Section 45Z should provide a massive boost to the profitability of renewable natural gas projects, analysts added.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

October 03, 2023 12:16 ET (16:16 GMT)

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