Calumet (NASDAQ:CLMT) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Calumet from “hold” to “buy.” Despite the upgrade, analyst sentiment overall remains “hold,” with two Buy, four Hold, and one Sell rating and a consensus price target of $54.75.
• Calumet reported quarterly earnings of $2.91 per share, beating the $1.63 consensus estimate; revenue of $1.68 billion also exceeded forecasts and rose 56.1% year over year.
• Analyst views and targets varied: HC Wainwright raised its target to $75 and maintained Buy, while TD Cowen raised its target to $40 but maintained Hold.

Calumet (NASDAQ:CLMT - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Saturday, Wall Street Zen reports.

Other analysts have also issued research reports about the company. TD Cowen increased their price objective on Calumet from $34.00 to $40.00 and gave the company a "hold" rating in a research note on Wednesday, August 12th. HC Wainwright lifted their price objective on Calumet from $60.00 to $75.00 and gave the stock a "buy" rating in a research report on Wednesday, September 2nd. Citigroup reissued a "buy" rating on shares of Calumet in a research note on Monday, August 10th. The Goldman Sachs Group restated a "neutral" rating and issued a $57.00 target price on shares of Calumet in a report on Wednesday, October 21st. Finally, Zacks Research lowered shares of Calumet from a "strong-buy" rating to a "hold" rating in a report on Tuesday, November 3rd. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Calumet presently has a consensus rating of "Hold" and a consensus price target of $54.75.

Calumet Stock Performance

CLMT stock opened at $34.30 on Friday. The stock's 50 day moving average price is $51.86 and its 200 day moving average price is $39.34. The firm has a market cap of $3.02 billion, a P/E ratio of -15.24, a PEG ratio of 0.24 and a beta of 0.65. Calumet has a 1 year low of $17.85 and a 1 year high of $59.87.

Calumet (NASDAQ:CLMT - Get Free Report) last released its quarterly earnings results on Friday, November 6th. The oil and gas company reported $2.91 earnings per share for the quarter, topping the consensus estimate of $1.63 by $1.28. Calumet had a negative return on equity of 32.93% and a negative net margin of 3.73%. The company had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter last year, the business posted $3.61 earnings per share. Calumet's revenue was up 56.1% compared to the same quarter last year. On average, research analysts predict that Calumet will post 3.09 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CLMT. Farther Finance Advisors LLC boosted its holdings in shares of Calumet by 8,950.0% during the third quarter. Farther Finance Advisors LLC now owns 905 shares of the oil and gas company's stock worth $47,000 after purchasing an additional 895 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Calumet by 63.3% in the third quarter. GAMMA Investing LLC now owns 926 shares of the oil and gas company's stock valued at $49,000 after purchasing an additional 359 shares during the period. Nykredit A S purchased a new stake in shares of Calumet in the second quarter valued at $57,000. Global Retirement Partners LLC purchased a new stake in shares of Calumet in the second quarter valued at $61,000. Finally, KBC Group NV acquired a new position in Calumet in the first quarter valued at $69,000. 34.41% of the stock is currently owned by institutional investors and hedge funds.

About Calumet

Calumet, Inc. is a U.S.-based producer of specialty hydrocarbon products, renewable fuels and conventional fuels. Its products serve customers in industries such as manufacturing, transportation, energy and consumer goods. The company's specialty products include lubricating oils, solvents, waxes, petrolatums and asphalt. It also produces gasoline, diesel and other fuels, and through its Montana Renewables business makes lower-carbon fuels, including sustainable aviation fuel and renewable diesel.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.