Calumet (NASDAQ:CLMT) Stock Dropped to Hold by Zacks Research

Key Points

• Zacks Research downgraded Calumet from “strong buy” to “hold.” Analyst sentiment is mixed, but MarketBeat’s consensus rating is “hold,” with a $54.75 average price target.
• Calumet reported a quarterly loss of $1.09 per share, missing the $0.07-per-share consensus estimate, despite revenue of $1.45 billion beating expectations and rising 40.8% year over year.
• Shares opened at $43.60 and have traded between $17.85 and $59.87 over the past 12 months.

Calumet (NASDAQ:CLMT - Get Free Report) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Tuesday, Zacks reports.

Other research analysts also recently issued reports about the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Calumet in a research report on Friday, August 7th. UBS Group boosted their price objective on shares of Calumet from $26.00 to $47.00 and gave the company a "neutral" rating in a research report on Tuesday, August 25th. Citigroup reiterated a "buy" rating on shares of Calumet in a research note on Monday, August 10th. TD Cowen raised their target price on shares of Calumet from $34.00 to $40.00 and gave the stock a "hold" rating in a report on Wednesday, August 12th. Finally, HC Wainwright lifted their target price on Calumet from $60.00 to $75.00 and gave the company a "buy" rating in a research note on Wednesday, September 2nd. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Calumet has a consensus rating of "Hold" and a consensus price target of $54.75.

Calumet Price Performance

Shares of CLMT opened at $43.60 on Tuesday. The business's fifty day moving average price is $53.63 and its 200 day moving average price is $38.78. Calumet has a 12-month low of $17.85 and a 12-month high of $59.87. The stock has a market capitalization of $3.83 billion, a PE ratio of -28.13, a price-to-earnings-growth ratio of 0.76 and a beta of 0.65.

Calumet (NASDAQ:CLMT - Get Free Report) last released its quarterly earnings data on Friday, August 7th. The oil and gas company reported ($1.09) EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($1.16). The business had revenue of $1.45 billion for the quarter, compared to analysts' expectations of $1.12 billion. During the same period in the previous year, the company posted ($1.70) earnings per share. Calumet's revenue for the quarter was up 40.8% compared to the same quarter last year. As a group, research analysts anticipate that Calumet will post 1.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Calumet

Several large investors have recently added to or reduced their stakes in the stock. Optimist Retirement Group LLC bought a new stake in Calumet in the 3rd quarter valued at about $443,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Calumet during the 3rd quarter valued at about $210,000. Sterling Capital Management LLC grew its position in Calumet by 282.2% in the 3rd quarter. Sterling Capital Management LLC now owns 2,045 shares of the oil and gas company's stock worth $107,000 after purchasing an additional 1,510 shares during the last quarter. O Keefe Stevens Advisory Inc. grew its position in Calumet by 5.0% in the 3rd quarter. O Keefe Stevens Advisory Inc. now owns 30,435 shares of the oil and gas company's stock worth $1,594,000 after purchasing an additional 1,460 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Calumet by 63.3% in the 3rd quarter. GAMMA Investing LLC now owns 926 shares of the oil and gas company's stock worth $49,000 after purchasing an additional 359 shares during the last quarter. 34.41% of the stock is owned by institutional investors and hedge funds.

About Calumet

Calumet, formerly known as Calumet Specialty Products Partners, L.P., is a manufacturer of specialty hydrocarbon products and renewable fuels. The company refines crude oil and other feedstocks into products used in industrial, transportation, commercial and consumer applications.

Its specialty product portfolio includes base oils, lubricants, waxes, solvents, asphalt and other highly engineered hydrocarbon products. Calumet also produces fuels and renewable fuels, including renewable diesel and sustainable aviation fuel-related products through its renewable fuels operations.

Founded in 1916, the company serves customers across the United States and supplies products to a range of industries, including automotive, energy, manufacturing, infrastructure and aviation.

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