Calumet, Inc. (NASDAQ:CLMT) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Calumet, Inc. has a consensus rating of "Moderate Buy" from six research firms, with four analysts recommending a buy and two suggesting a hold.
• The average 12-month price target for Calumet stock is $18.71, with current shares opening at $15.95.
• In its latest earnings report, Calumet missed the EPS estimate by $1.26, reporting a loss of ($1.70) per share despite exceeding revenue expectations.

Shares of Calumet, Inc. (NASDAQ:CLMT - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the six brokerages that are covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $18.7083.

A number of brokerages have recently commented on CLMT. Wells Fargo & Company reduced their price target on shares of Calumet from $23.00 to $21.00 and set an "overweight" rating for the company in a research note on Wednesday, May 14th. The Goldman Sachs Group cut their target price on shares of Calumet from $16.00 to $14.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. UBS Group boosted their target price on shares of Calumet from $12.00 to $13.25 and gave the company a "neutral" rating in a research report on Tuesday, August 12th. Finally, Bank of America began coverage on shares of Calumet in a research report on Tuesday, May 13th. They set a "buy" rating and a $15.00 target price for the company.

Calumet Stock Performance

Shares of CLMT stock traded up $0.15 during trading hours on Friday, reaching $16.33. The company had a trading volume of 459,638 shares, compared to its average volume of 976,505. The business has a fifty day moving average price of $15.70 and a 200-day moving average price of $13.82. Calumet has a one year low of $7.68 and a one year high of $25.29. The firm has a market cap of $1.42 billion, a PE ratio of -3.13 and a beta of 0.91.

Calumet (NASDAQ:CLMT - Get Free Report) last announced its quarterly earnings results on Friday, August 8th. The oil and gas company reported ($1.70) EPS for the quarter, missing analysts' consensus estimates of ($0.44) by ($1.26). The firm had revenue of $1.03 billion for the quarter, compared to analysts' expectations of $982.88 million. During the same period in the previous year, the company earned ($0.48) EPS. The firm's revenue for the quarter was down 9.4% on a year-over-year basis. Equities research analysts forecast that Calumet will post -3.02 EPS for the current year.

Insider Activity at Calumet

In other Calumet news, SVP Gregory J. Morical sold 25,123 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $16.69, for a total value of $419,302.87. Following the completion of the transaction, the senior vice president directly owned 39,415 shares in the company, valued at $657,836.35. This represents a 38.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jennifer Straumins sold 100,000 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $16.23, for a total transaction of $1,623,000.00. Following the completion of the transaction, the director owned 934,589 shares of the company's stock, valued at approximately $15,168,379.47. The trade was a 9.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 275,123 shares of company stock valued at $4,113,303 over the last 90 days. 4.07% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Calumet

Hedge funds have recently modified their holdings of the company. Premier Path Wealth Partners LLC raised its stake in Calumet by 11.4% during the second quarter. Premier Path Wealth Partners LLC now owns 12,853 shares of the oil and gas company's stock valued at $202,000 after purchasing an additional 1,320 shares in the last quarter. University of Texas Texas AM Investment Management Co. raised its stake in Calumet by 109.4% during the second quarter. University of Texas Texas AM Investment Management Co. now owns 3,350 shares of the oil and gas company's stock valued at $53,000 after purchasing an additional 1,750 shares in the last quarter. Amalgamated Bank purchased a new stake in Calumet during the second quarter valued at $37,000. O Keefe Stevens Advisory Inc. raised its stake in 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 valued at $423,000 after purchasing an additional 2,903 shares in the last quarter. Finally, California State Teachers Retirement System raised its stake in Calumet by 7.3% during the second quarter. California State Teachers Retirement System now owns 63,529 shares of the oil and gas company's stock valued at $1,001,000 after purchasing an additional 4,304 shares in the last quarter. 34.41% of the stock is currently owned by institutional investors.

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.