Calumet (NASDAQ:CLMT) Releases Earnings Results, Misses Expectations By $1.26 EPS

Key Points

• Calumet (NASDAQ:CLMT) reported an earnings per share (EPS) of ($1.70) for the quarter, significantly missing analysts' expectations of ($0.44) by ($1.26).
• The company generated $1.03 billion in revenue for the quarter, exceeding expectations of $982.88 million, but experienced a 9.4% decline year-over-year.
• Recent insider transactions show that Director Jennifer Straumins sold 100,000 shares at $13.17, while senior vice president Gregory J. Morical sold 25,123 shares at $16.69, marking a notable decrease in their ownership.

Calumet (NASDAQ:CLMT - Get Free Report) posted its quarterly earnings results on Friday. The oil and gas company reported ($1.70) EPS for the quarter, missing the consensus estimate of ($0.44) by ($1.26), Zacks reports. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $982.88 million. Calumet'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 company earned ($0.48) earnings per share.

Calumet Stock Performance

Calumet stock traded up $0.13 during midday trading on Wednesday, hitting $14.27. 52,394 shares of the company's stock were exchanged, compared to its average volume of 1,223,811. Calumet has a 12 month low of $7.68 and a 12 month high of $25.29. The firm has a 50-day moving average of $15.69 and a two-hundred day moving average of $13.96. The company has a market cap of $1.23 billion, a PE ratio of -2.72 and a beta of 0.91.

Analyst Upgrades and Downgrades

CLMT has been the topic of several recent analyst reports. Bank of America initiated coverage on shares of Calumet in a research note on Tuesday, May 13th. They issued a "buy" rating and a $15.00 price target on the stock. The Goldman Sachs Group reduced their price target on shares of Calumet from $16.00 to $14.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. UBS Group set a $13.25 price target on shares of Calumet and gave the stock a "neutral" rating in a research note on Tuesday. Finally, Wells Fargo & Company reduced their price target on shares of Calumet from $23.00 to $21.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 14th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $18.71.

Insider Activity

In other Calumet news, SVP Gregory J. Morical sold 25,123 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $16.69, for a total transaction of $419,302.87. Following the transaction, the senior vice president directly owned 39,415 shares in the company, valued at $657,836.35. This represents a 38.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jennifer Straumins sold 100,000 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $13.17, for a total transaction of $1,317,000.00. Following the transaction, the director owned 1,084,589 shares in the company, valued at approximately $14,284,037.13. The trade was a 8.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 275,123 shares of company stock worth $4,113,303. 4.07% of the stock is owned by company insiders.

Institutional Trading of Calumet

A hedge fund recently raised its stake in Calumet stock. Legal & General Group Plc grew its position in Calumet, Inc. (NASDAQ:CLMT - Free Report) by 36.6% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 72,143 shares of the oil and gas company's stock after buying an additional 19,322 shares during the period. Legal & General Group Plc owned 0.08% of Calumet worth $1,137,000 at the end of the most recent quarter. 34.41% of the stock is currently owned by institutional investors and hedge funds.

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.