Calumet, Inc. (NASDAQ:CLMT) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Calumet, Inc. has received an average rating of "Moderate Buy" from six analysts, with a price target of $18.50 for the next twelve months.
• The company reported a quarterly loss of ($1.03) EPS, significantly missing estimates and experiencing a 1.2% decline in revenue year-over-year.
• Insider trading activities saw significant sales, with two executives selling a total of 275,123 shares worth over $4 million in the last three months.

Shares of Calumet, Inc. (NASDAQ:CLMT - Get Free Report) have earned an average recommendation of "Moderate Buy" from the six analysts that are currently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $18.50.

A number of research analysts have issued reports on the company. Bank of America assumed coverage on Calumet in a research report on Tuesday, May 13th. They set a "buy" rating and a $15.00 price target for the company. Wells Fargo & Company reduced their price target on Calumet from $23.00 to $21.00 and set an "overweight" rating for the company in a research report on Wednesday, May 14th. Finally, The Goldman Sachs Group reduced their price target on Calumet from $16.00 to $14.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th.

Calumet Price Performance

NASDAQ:CLMT opened at $16.81 on Tuesday. Calumet has a 12-month low of $7.68 and a 12-month high of $25.29. The firm has a market capitalization of $1.45 billion, a P/E ratio of -4.20 and a beta of 0.93. The business has a 50 day simple moving average of $15.43 and a 200 day simple moving average of $14.15.

Calumet (NASDAQ:CLMT - Get Free Report) last released its quarterly earnings data on Friday, May 9th. The oil and gas company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.41) by ($0.62). The company had revenue of $993.90 million during the quarter, compared to analyst estimates of $899.62 million. During the same period in the prior year, the company earned ($0.51) EPS. Calumet's revenue for the quarter was down 1.2% on a year-over-year basis. Research analysts anticipate that Calumet will post -3.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Gregory J. Morical sold 25,123 shares of the business's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $16.69, for a total value of $419,302.87. Following the sale, the senior vice president owned 39,415 shares of the company's stock, valued at approximately $657,836.35. The trade was a 38.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jennifer Straumins sold 100,000 shares of the business's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $16.23, for a total value of $1,623,000.00. Following the completion of the sale, the director directly owned 934,589 shares in the company, valued at $15,168,379.47. This represents a 9.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 275,123 shares of company stock worth $4,113,303 in the last three months. Company insiders own 4.07% of the company's stock.

Institutional Investors Weigh In On Calumet

Institutional investors and hedge funds have recently modified their holdings of the stock. Caldwell Sutter Capital Inc. raised its position in shares of Calumet by 29.9% during the second quarter. Caldwell Sutter Capital Inc. now owns 19,483 shares of the oil and gas company's stock worth $307,000 after purchasing an additional 4,483 shares during the period. O Keefe Stevens Advisory Inc. raised its position in shares of Calumet by 12.1% during the second quarter. O Keefe Stevens Advisory Inc. now owns 26,817 shares of the oil and gas company's stock worth $423,000 after purchasing an additional 2,903 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Calumet by 33.5% during the first quarter. Goldman Sachs Group Inc. now owns 465,269 shares of the oil and gas company's stock worth $5,900,000 after purchasing an additional 116,777 shares during the period. Adams Asset Advisors LLC raised its position in shares of Calumet by 0.9% during the second quarter. Adams Asset Advisors LLC now owns 5,406,271 shares of the oil and gas company's stock worth $85,176,000 after purchasing an additional 49,948 shares during the period. Finally, Wasserstein Debt Opportunities Management L.P. raised its position in shares of Calumet by 3.2% during the second quarter. Wasserstein Debt Opportunities Management L.P. now owns 5,817,012 shares of the oil and gas company's stock worth $91,647,000 after purchasing an additional 180,197 shares during the period. 34.41% of the stock is owned by institutional investors and hedge funds.

About Calumet

Calumet, Inc engages in the manufacturing, formulating, and marketing of a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. It operates through the following segments: Specialty Products & Solutions, Performance Brands, Montana/Renewables, and Corporate.

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