Calumet (NASDAQ:CLMT) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Calumet from “hold” to “strong buy,” though the broader analyst consensus remains “hold” with an average price target of $51.75.
• Calumet shares were up 0.4% at $56.26, near their 12-month high of $59.87, with the stock’s market capitalization reaching approximately $4.95 billion.
• The company reported a quarterly revenue increase of 40.8% to $1.45 billion, but missed earnings expectations, posting a loss of $1.09 per share versus the projected $0.07 profit.

Calumet (NASDAQ:CLMT - Get Free Report) was upgraded by stock analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Monday, Zacks reports.

Other research analysts also recently issued research reports about the company. TD Cowen raised their price target on Calumet from $34.00 to $40.00 and gave the stock a "hold" rating in a research note on Wednesday, August 12th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Calumet in a research report on Friday, August 7th. HC Wainwright increased their price target on shares of Calumet from $60.00 to $75.00 and gave the stock a "buy" rating in a research note on Wednesday, September 2nd. The Goldman Sachs Group raised their price objective on shares of Calumet from $40.00 to $45.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 18th. Finally, UBS Group lifted their price objective on shares of Calumet from $26.00 to $47.00 and gave the company a "neutral" rating in a research note on Tuesday, August 25th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Calumet presently has a consensus rating of "Hold" and a consensus target price of $51.75.

Calumet Trading Up 0.4%

Shares of Calumet stock opened at $56.26 on Monday. The company has a fifty day simple moving average of $50.71 and a 200-day simple moving average of $40.38. Calumet has a 12-month low of $17.42 and a 12-month high of $59.87. The stock has a market cap of $4.95 billion, a price-to-earnings ratio of -36.30 and a beta of 0.78.

Calumet (NASDAQ:CLMT - Get Free Report) last announced its quarterly earnings results on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share for the quarter, missing analysts' consensus estimates of $0.07 by ($1.16). The company had revenue of $1.45 billion for the quarter, compared to analysts' expectations of $1.12 billion. Calumet's revenue was up 40.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.70) earnings per share. On average, analysts forecast that Calumet will post 0.76 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Islay Capital Management LLC purchased a new position in Calumet in the 4th quarter valued at approximately $25,000. Nykredit A S purchased a new stake in Calumet during the second quarter worth $57,000. Global Retirement Partners LLC acquired a new stake in Calumet in the second quarter valued at $61,000. KBC Group NV purchased a new position in shares of Calumet in the first quarter valued at $69,000. Finally, Quantbot Technologies LP purchased a new position in shares of Calumet in the second quarter valued at $89,000. 34.41% of the stock is owned by hedge funds and other institutional investors.

Calumet Company Profile

Calumet, Inc NASDAQ: CLMT is a specialty products and renewable fuels company headquartered in Indianapolis, Indiana. The company develops, produces and markets a range of products derived from crude oil and renewable feedstocks for industrial, commercial and consumer applications.

Its specialty products portfolio includes lubricants, solvents, waxes, asphalt and other hydrocarbon-based products, as well as products used in manufacturing, transportation, infrastructure and consumer goods.

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