Calumet (NASDAQ:CLMT) Given New $40.00 Price Target at TD Cowen

Key Points

• TD Cowen raised Calumet’s price target to $40 from $34 but maintained a “hold” rating, implying 13.12% downside from the prior close. Analysts’ consensus remains “Hold,” with an average target of $41.50.
• Calumet reported a quarterly loss of $1.09 per share, missing expectations for $0.07 EPS, although revenue rose 40.8% year over year to $1.45 billion and exceeded estimates.
• Shares opened at $46.04, near the company’s 52-week high of $47.40. Insiders recently sold shares, while institutional investors own 34.41% of the stock.

Calumet (NASDAQ:CLMT - Get Free Report) had its price objective boosted by stock analysts at TD Cowen from $34.00 to $40.00 in a research note issued to investors on Wednesday. The brokerage currently has a "hold" rating on the oil and gas company's stock. TD Cowen's price target would suggest a potential downside of 13.12% from the stock's previous close.

CLMT has been the subject of several other reports. Weiss Ratings restated a "sell (d-)" rating on shares of Calumet in a research note on Friday. Citigroup reissued a "buy" rating on shares of Calumet in a report on Monday. Finally, The Goldman Sachs Group boosted their target price on shares of Calumet from $36.00 to $40.00 and gave the company a "neutral" rating in a research report on Thursday, July 30th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $41.50.

Calumet Stock Up 1.3%

Shares of NASDAQ:CLMT opened at $46.04 on Wednesday. Calumet has a 52-week low of $12.94 and a 52-week high of $47.40. The stock has a market cap of $4.01 billion, a price-to-earnings ratio of -29.70 and a beta of 0.71. The business has a 50-day moving average price of $38.37 and a 200-day moving average price of $33.07.

Calumet (NASDAQ:CLMT - Get Free Report) last issued its earnings results on Friday, August 7th. The oil and gas company reported ($1.09) EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($1.16). The company had revenue of $1.45 billion during the quarter, compared to analysts' expectations of $1.12 billion. During the same quarter in the prior year, the company posted ($1.70) EPS. The firm's revenue was up 40.8% compared to the same quarter last year. As a group, equities analysts anticipate that Calumet will post -0.13 EPS for the current fiscal year.

Insider Activity at Calumet

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Islay Capital Management LLC purchased a new position in shares of Calumet in the 4th quarter valued at about $25,000. Aster Capital Management DIFC Ltd boosted its position in Calumet by 294.7% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,646 shares of the oil and gas company's stock worth $33,000 after purchasing an additional 1,229 shares in the last quarter. Global Retirement Partners LLC acquired a new stake in Calumet in the fourth quarter valued at approximately $34,000. Covestor Ltd grew its holdings in Calumet by 29.1% in the fourth 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 period. Finally, Advisory Services Network LLC purchased a new stake in shares of Calumet in the third quarter valued at approximately $59,000. Institutional investors and hedge funds own 34.41% of the company's stock.

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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