Clean Energy Fuels Surges on Chesapeake Investment, Upgrade
Clean Energy Fuels Corp. (CLNE), the largest U.S. provider of natural gas fuel for transportation, jumped in early New York after Chesapeake Energy Corp. (CHK) announced plans to buy $150 million of its convertible bonds and an analyst upgraded the shares.
Clean Energy rose $1.58, or 12 percent, to $14.70 at 9:13 a.m. in Nasdaq Stock Market trading. Before today, the shares had declined 13 percent in the past year.
Chesapeake, the most active U.S. natural gas driller, yesterday said it would purchase Clean Energy’s bonds over three years, part of its plan to create a $1 billion fund to invest in companies that develop natural gas for transportation.
Clean Energy today was raised to “outperform” from “market perform” by Northland Securities analyst Eric Stine with a 12-month price target of $17 a share.
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