Calumet (NASDAQ:CLMT) Earns Sell (E+) Rating from Weiss Ratings

Key Points

• Calumet's stock has been reaffirmed with a "sell (e+)" rating by Weiss Ratings, indicating a negative outlook from analysts.
• UBS Group raised the price target for Calumet shares from $12.00 to $13.25 and assigned a "neutral" rating, while the overall average rating remains "Hold" with a target price of $18.71.
• Calumet reported a quarterly loss of ($1.70) earnings per share, significantly missing analysts' estimates, while their revenue decreased by 9.4% compared to the previous year.

Calumet (NASDAQ:CLMT - Get Free Report)'s stock had its "sell (e+)" rating reaffirmed by equities research analysts at Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

Separately, UBS Group increased their price target on shares of Calumet from $12.00 to $13.25 and gave the stock a "neutral" rating in a report on Tuesday, August 12th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $18.71.

Calumet Stock Performance

Calumet stock traded up $0.28 during midday trading on Wednesday, reaching $18.55. 511,938 shares of the stock were exchanged, compared to its average volume of 1,150,080. The company's fifty day moving average is $16.62 and its 200-day moving average is $14.60. The firm has a market cap of $1.61 billion, a PE ratio of -3.55 and a beta of 0.98. Calumet has a 52 week low of $7.68 and a 52 week high of $25.29.

Calumet (NASDAQ:CLMT - Get Free Report) last posted its earnings results on Friday, August 8th. The oil and gas company reported ($1.70) earnings per share for the quarter, missing analysts' consensus estimates of ($0.44) by ($1.26). The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $982.88 million. The company's revenue for the quarter was down 9.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.48) earnings per share. On average, sell-side analysts anticipate that Calumet will post -3.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Calumet

Several institutional investors and hedge funds have recently modified their holdings of CLMT. Amalgamated Bank bought a new stake in Calumet during the 2nd quarter valued at about $37,000. University of Texas Texas AM Investment Management Co. increased its stake in Calumet by 109.4% during the 2nd 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. Ameritas Investment Partners Inc. purchased a new stake in shares of Calumet during the 2nd quarter valued at about $111,000. Premier Path Wealth Partners LLC boosted its holdings in shares of Calumet by 11.4% during the 2nd quarter. Premier Path Wealth Partners LLC now owns 12,853 shares of the oil and gas company's stock valued at $202,000 after acquiring an additional 1,320 shares during the last quarter. Finally, SP Asset Management LLC purchased a new stake in shares of Calumet during the 2nd quarter valued at about $205,000. 34.41% of the stock is owned by hedge funds and other 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.

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