Calumet, Inc. (NASDAQ:CLMT) Receives $18.71 Average Price Target from Brokerages

Key Points

• Analysts have given Calumet, Inc. a "Moderate Buy" rating, with an average price target of $18.71 based on recommendations from six research firms.
• Calumet reported an earnings per share of ($1.70) for its latest quarter, missing expectations but generating $1.03 billion in revenue, which exceeded estimates.
• Several institutional investors significantly increased their stakes in Calumet during the second quarter, with BNP Paribas boosting their position by 18,512.3%, indicating growing confidence in the stock.

Calumet, Inc. (NASDAQ:CLMT - Get Free Report) has received a consensus rating of "Moderate Buy" from the six ratings firms that are presently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $18.7083.

Separately, UBS Group upped their price target on Calumet from $12.00 to $13.25 and gave the company a "neutral" rating in a report on Tuesday, August 12th.

Calumet Trading Down 0.4%

Calumet stock traded down $0.07 during mid-day trading on Wednesday, hitting $18.51. The company had a trading volume of 1,733,858 shares, compared to its average volume of 872,394. The stock's 50 day moving average price is $16.16 and its two-hundred day moving average price is $14.06. Calumet has a 12 month low of $7.68 and a 12 month high of $25.29. The company has a market capitalization of $1.61 billion, a PE ratio of -3.55 and a beta of 0.97.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Adams Asset Advisors LLC lifted its holdings 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 valued at $85,176,000 after purchasing an additional 49,948 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Calumet by 33.5% in 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 last quarter. Caldwell Sutter Capital Inc. boosted its position in Calumet by 29.9% in 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 last quarter. Police & Firemen s Retirement System of New Jersey purchased a new position in Calumet in the second quarter worth about $245,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Calumet in the second quarter worth about $408,000. 34.41% of the stock is 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.