Calumet (NASDAQ:CLMT) Reaches New 1-Year High Following Analyst Upgrade

Key Points

• Calumet shares hit a new 52-week high of $49.38 after Goldman Sachs raised its price target from $40 to $45, though it maintained a neutral rating. The stock later traded near $48.87.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and average price target of $42.75; ratings include two Buys, four Holds and one Sell.
• Calumet reported quarterly revenue of $1.45 billion, up 40.8% year over year, but its $1.09 adjusted loss per share missed expectations for $0.07 in earnings.

Calumet, Inc. (NASDAQ:CLMT - Get Free Report) shares reached a new 52-week high during mid-day trading on Tuesday after The Goldman Sachs Group raised their price target on the stock from $40.00 to $45.00. The Goldman Sachs Group currently has a neutral rating on the stock. Calumet traded as high as $49.38 and last traded at $48.8710, with a volume of 787 shares trading hands. The stock had previously closed at $48.35.

Other equities research analysts have also issued reports about the company. TD Cowen lifted their price target on Calumet from $34.00 to $40.00 and gave the company a "hold" rating in a report on Wednesday, August 12th. Weiss Ratings restated a "sell (d-)" rating on shares of Calumet in a report on Friday, August 7th. Finally, Citigroup reaffirmed a "buy" rating on shares of Calumet in a research report on Monday, August 10th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Calumet has a consensus rating of "Hold" and an average price target of $42.75.

Insider Buying and Selling

In other Calumet news, Director Daniel J. Sajkowski sold 4,240 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $36.16, for a total transaction of $153,318.40. Following the transaction, the director 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. 3.15% of the stock is currently owned by company insiders.

Institutional Trading of Calumet

Several large investors have recently modified their holdings of CLMT. Two Seas Capital LP bought a new position in Calumet in the 2nd quarter worth $238,442,000. Bank of America Corp DE acquired a new position in Calumet during the 2nd quarter worth $35,348,000. Renaissance Technologies LLC bought a new stake in Calumet during the first quarter valued at about $14,066,000. Mariner LLC grew its position in shares of Calumet by 959.6% in the third quarter. Mariner LLC now owns 369,408 shares of the oil and gas company's stock valued at $6,742,000 after purchasing an additional 334,544 shares during the last quarter. Finally, BlackRock Inc. increased its stake in shares of Calumet by 5.1% in the second quarter. BlackRock Inc. now owns 5,234,106 shares of the oil and gas company's stock worth $188,532,000 after purchasing an additional 253,578 shares during the period. 34.41% of the stock is owned by institutional investors.

Calumet Trading Up 1.0%

The firm has a market cap of $4.29 billion, a price-to-earnings ratio of -31.45 and a beta of 0.71. The firm has a 50-day moving average of $39.30 and a two-hundred day moving average of $33.82.

Calumet (NASDAQ:CLMT - Get Free Report) last released 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 during the quarter, compared to analysts' expectations of $1.12 billion. The firm's revenue was up 40.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($1.70) earnings per share. As a group, equities analysts anticipate that Calumet, Inc. will post 0.46 EPS for the current year.

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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