Calumet (NASDAQ:CLMT) Lowered to "Strong Sell" Rating by Zacks Research

Key Points

• Calumet (NASDAQ:CLMT) was downgraded by Zacks Research from a "hold" to a "strong sell" rating, reflecting negative sentiment among analysts.
• The company's earnings report showed a significant miss with a loss of ($1.70) EPS, compared to a consensus estimate of ($0.44), alongside a year-over-year revenue decline of 9.4%.
• Despite the downgrade, UBS Group raised its price target for Calumet from $12.00 to $13.25, while the stock maintains an average rating of "hold" with a consensus price target of $18.71.

Calumet (NASDAQ:CLMT - Get Free Report) was downgraded by analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued on Tuesday,Zacks.com reports.

CLMT has been the subject of a number of other reports. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Calumet in a research report on Wednesday. UBS Group boosted their price target on Calumet from $12.00 to $13.25 and gave the stock a "neutral" rating in a research report on Tuesday, August 12th. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $18.71.

Calumet Stock Performance

NASDAQ CLMT traded down $0.37 on Tuesday, hitting $18.18. 36,534 shares of the stock were exchanged, compared to its average volume of 1,144,273. Calumet has a 52-week low of $7.68 and a 52-week high of $25.29. The firm has a market capitalization of $1.58 billion, a P/E ratio of -3.48 and a beta of 0.98. The stock has a fifty day moving average price of $16.67 and a two-hundred day moving average price of $14.62.

Calumet (NASDAQ:CLMT - Get Free Report) last released its earnings results on Friday, August 8th. The oil and gas company reported ($1.70) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business earned ($0.48) EPS. The company's revenue was down 9.4% on a year-over-year basis. Sell-side analysts expect that Calumet will post -3.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Calumet

Hedge funds have recently bought and sold shares of the business. Adams Asset Advisors LLC boosted its position in 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 worth $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% during 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 in the last quarter. Wasserstein Debt Opportunities Management L.P. boosted its position in Calumet by 3.2% during the second quarter. Wasserstein Debt Opportunities Management L.P. now owns 5,817,012 shares of the oil and gas company's stock worth $91,647,000 after purchasing an additional 180,197 shares in the last quarter. Caldwell Sutter Capital Inc. raised its holdings in shares of Calumet by 29.9% during the second quarter. Caldwell Sutter Capital Inc. now owns 19,483 shares of the oil and gas company's stock valued at $307,000 after acquiring an additional 4,483 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Calumet during the second quarter valued at approximately $245,000. Hedge funds and other institutional investors own 34.41% of the company's stock.

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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