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Clean Energy Fuels stock pulls back after disclosing largest shareholder sold more shares

Shares of Clean Energy Fuels Corp.
CLNE,
-15.59%

tumbled 17.8% in afternoon trading Thursday, after the provider of environmentally friendly fuel for the transportation industry disclosed that its largest shareholder reduced its stake by another 1.25 million shares, after selling about 4.06 million shares over the previous five weeks. The stock’s trading volume swelled to 51.2 million shares, compared with the full-day average of about 13.9 million shares. The disclosure of share sales comes after the stock shot up 31.5% on Wednesday to bring the month-to-date gain to 64.4%. In a 13D/A filing with the Securities and Exchange Commission late Wednesday, TotalEnergy SE said it beneficially owned 53.44 million Clean Energy shares, or 26.7% of the shares outstanding, after selling a total of 1,249,813 shares at a weighted average price of $10.1139 to raise $12.64 million over the previous two days. On Monday, after adjusting for a clerical error disclosed by TotalEnergy SE, TotalEnergy said it beneficially owned 54.69 million shares, or 27.4% of the shares outstanding, after selling 4,061,291 shares at a weighted average price of $8.5852, from April 28 to June 4, to raise $34.87 million. The stock has hiked up 36.1% year to date, while the S&P 500
SPX,
+0.47%

has gained 12.9%. (This updates an earlier report in which TotalEnergy disclosed a “clerical error” in the number of shares it said it owned in the June 7 filing.)

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