NEW YORK (TheStreet) -- Shares of Clean Energy Fuels (CLNE) were spiking 19.58% to $3.48 on heavy trading volume late Wednesday morning after the company posted an unexpected profit for the 2016 second quarter.
After yesterday's closing bell, the Newport Beach, CA-based company said it had earnings of 3 cents per share. Analysts were projecting a loss of 14 cents per share.
Last year, the company reported a loss of 29 cents per share.
Revenue rose 24% to $108 million from last year and was above analysts' estimates of $94 million.
"We believe the increasing attention to the immediate favorable environmental impacts of natural gas and particularly our Redeem renewable natural gas, coupled with growing volumes through customer fleet expansions and increased market penetration, are coming through in our operating results," CEO Andrew Littlefair said in a statement.
Clean Energy is a provider of natural gas as an alternative fuel for vehicle fleets in the U.S. and Canada.
About 10.74 million of the company's shares changed hands so far today vs. its average volume of 1.45 million shares per day.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, generally disappointing historical performance in the stock itself and generally high debt management risk.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.