Calumet, Inc. (NASDAQ:CLMT) Receives Consensus Rating of "Hold" from Brokerages

Key Points

• Analysts give Calumet a consensus “Hold” rating: Of six covering firms, four recommend holding, one recommends selling and one recommends buying. The average 12-month price target is $37.75.
• Calumet missed quarterly earnings expectations: The company reported a loss of $1.09 per share versus the expected $0.07 profit, although revenue rose 40.8% year over year to $1.45 billion.
• Shares and insider ownership declined: CLMT opened at $39.48 after reportedly falling 5.7%, while major shareholder Group Heritage and a director sold shares; insiders own 3.15% of the company.

Calumet, Inc. (NASDAQ:CLMT - Get Free Report) has received a consensus recommendation of "Hold" from the six research firms that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and one has given a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $37.75.

Several research firms recently weighed in on CLMT. Weiss Ratings raised Calumet from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, May 11th. The Goldman Sachs Group boosted their target price on Calumet from $36.00 to $40.00 and gave the stock a "neutral" rating in a research report on Thursday, July 30th. Finally, TD Cowen reissued a "hold" rating on shares of Calumet in a report on Wednesday, June 3rd.

Calumet Trading Down 5.7%

Shares of CLMT opened at $39.48 on Friday. The firm's 50-day moving average is $37.98 and its two-hundred day moving average is $32.63. Calumet has a twelve month low of $12.94 and a twelve month high of $45.20. The firm has a market capitalization of $3.44 billion, a P/E ratio of -18.28 and a beta of 0.71.

Calumet (NASDAQ:CLMT - Get Free Report) last issued its earnings results on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($1.16). The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the previous year, the business posted ($1.70) earnings per share. The company's quarterly revenue was up 40.8% compared to the same quarter last year. Analysts predict that Calumet will post -0.13 EPS for the current year.

Insider Activity

In other Calumet news, major shareholder Group Heritage sold 626,998 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $32.54, for a total transaction of $20,402,514.92. Following the transaction, the insider owned 12,980,211 shares of the company's stock, valued at $422,376,065.94. This represents a 4.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Daniel J. Sajkowski sold 4,240 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $36.16, for a total value of $153,318.40. Following the completion of the transaction, the director directly owned 77,718 shares in the company, valued at $2,810,282.88. This trade represents a 5.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 3.15% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CLMT. Islay Capital Management LLC acquired a new stake in Calumet in the fourth quarter worth $25,000. Aster Capital Management DIFC Ltd increased its holdings in shares of Calumet by 294.7% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,646 shares of the oil and gas company's stock worth $33,000 after acquiring an additional 1,229 shares during the period. Global Retirement Partners LLC bought a new stake in Calumet in the 4th quarter valued at about $34,000. Covestor Ltd lifted its position in Calumet by 29.1% in the 4th quarter. Covestor Ltd now owns 2,180 shares of the oil and gas company's stock valued at $43,000 after purchasing an additional 492 shares during the last quarter. Finally, Advisory Services Network LLC bought a new position in Calumet in the 3rd quarter worth about $59,000. 34.41% of the stock is owned by institutional investors and hedge funds.

About Calumet

Calumet Specialty Products Partners, L.P. NASDAQ: CLMT is an independent provider of high-value, essential product solutions derived from both petroleum and renewable feedstocks. The company operates an integrated network of manufacturing plants, blending terminals and storage facilities across North America, delivering customized products and technical services to industrial, automotive, consumer and agricultural end markets. By leveraging its scale and technical expertise, Calumet tailors supply chain and formulation solutions to meet stringent regulatory and performance requirements.

Calumet's product portfolio includes specialty lubricants and base oils for high-performance applications; process oils and waxes for food-grade, cosmetic and packaging uses; industrial solvents and cleaning solutions; and fuel additives designed to optimize engine performance and emissions.

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