Jefferies Downgrades Clean Energy Fuels Corp. (CLNE) from 'Buy' to 'Hold'

With a forward-price-to-earnings multiple under 15x and significant hedge fund interest, Clean Energy Fuels Corp. (NASDAQ:CLNE) secures a spot on our list of the 10 Overlooked Energy Stocks to Buy Now.

On August 15, 2025, Jefferies downgraded Clean Energy Fuels Corp. (NASDAQ:CLNE) from ‘Buy’ to ‘Hold’, revising its price target to $2.20. The analyst update follows the company’s stronger-than-expected Q2 results. Clean Energy posted EBITDA that beat estimates by 58%, recording $17.5 million. The company’s EBITDA beat Jefferies’ own forecast by 68%, thanks to its higher volumes. At the end of the quarter, the company also raised its full-year EBITDA guidance from $50-$55 million to $60-$65 million, driven by improved operational results.

Despite the strong quarter, Jefferies attributed its stance to the company’s cautious outlook on the X15N engine ramp-up, which is a critical growth driver. The investment firm believes the company will remain range-bound in the short term, as Clean Energy Fuels Corp. (NASDAQ:CLNE) slowly ramps up its renewable natural gas production.

Clean Energy Fuels Corp. (NASDAQ:CLNE) serves vehicle fleets and related fueling stations in the U.S. and Canada with its natural gas fuels. It is included in our list of the Overlooked Stocks.

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Disclosure: None.