OPAL Fuels Inc. Class A (OPAL)

Over the past six months, OPAL Fuels' stock price has experienced fluctuations. As of May 28, 2025, the stock saw an 11.51% decrease over six months, though it had increased by 6.70% in the month leading up to March 28, 2026. Key events impacting the stock include the company's financial and operating results. For the fourth quarter and full year ended December 31, 2025, OPAL Fuels reported increased RNG production and benefited from 45Z tax credits. However, declining environmental credit prices, specifically a 22% drop in D3 RIN prices, significantly impacted adjusted EBITDA, masking the operational growth. The expiration of the ISCC pathway in November 2024 also represented a loss of over $10 million in adjusted EBITDA compared to 2024. In March 2026, OPAL Fuels announced the closing of a new $180 million preferred stock facility with an affiliate of its majority shareholder, Fortistar. This financing was used to redeem existing preferred units and is intended to support future growth and infrastructure investments.

OPAL Fuels' financial results are subject to seasonality and fluctuations in commodity prices, which impact both its Renewable Natural Gas and Renewable Power segments. Additionally, the trucking and logistics sector experienced "macro softness" during 2025, which affected the Fuel Station Services segment, although market fundamentals showed improvement entering 2026.

OPAL Fuels, Inc. is a renewable energy company specializing in the production and distribution of renewable natural gas (RNG) for use as vehicle fuel, primarily for heavy and medium-duty trucking fleets across the United States. The company operates within the Energy sector, specifically in the Oil & Gas, Energy Production, and Gas Utilities industries. OPAL Fuels' business model is vertically integrated, focusing on a waste-to-energy approach. They capture harmful methane emissions, purify them, and convert them into low-carbon intensity RNG. Beyond RNG production, OPAL Fuels also engages in the generation and sale of renewable power to utilities and the sale of environmental attributes associated with RNG and renewable power. The company designs, develops, constructs, operates, and services fueling stations for trucking fleets that utilize natural gas, and is also involved in the design, development, and construction of hydrogen fueling stations.

OPAL Fuels maintains a significant presence throughout the United States, with over 350 facilities nationwide. The company entered into five new fuel station services agreements to support customer hauling operations in Canada, with these stations expected to be operational by the fourth quarter of 2025.

OPAL Fuels is recognized as a leader in the capture and conversion of biogas into low-carbon intensity RNG and renewable power, playing a pivotal role in decarbonizing heavy-duty trucking and other industrial sectors. The company emphasizes its "operational excellence" and "strong relationships" with feedstock providers, equipment vendors, and fuel off-takers. Despite consistent top-line growth and operational successes, the company's stock performance has been "weighed down by broader de-SPAC sentiment, market skepticism, low margins, and the Capex-heavy nature of the industry."

OPAL Fuels Inc. has a notable institutional ownership presence, with 88 institutional owners and shareholders holding a total of 17,606,760 shares as of March 27, 2026. Major institutional owners include Invesco Ltd., Ares Management Llc, Electron Capital Partners, LLC, Invesco WilderHill Clean Energy ETF (PBW), Vanguard Group Inc, BlackRock, Inc., Yaupon Capital Management LP, UBS Group AG, Geode Capital Management, Llc, and Rockefeller Capital Management L.P. Fortistar is identified as the company's majority shareholder.