Calumet (NASDAQ:CLMT) Sets New 52-Week High - Here's Why

Key Points

• Calumet shares reached a new 52-week high, trading as high as $41.60 and ending the session up 3.9%. The move came with heavy volume of more than 553,000 shares.
• Analyst sentiment is mixed but cautious overall. HC Wainwright raised its target to $60 and kept a buy rating, while Goldman Sachs cut its view to neutral; MarketBeat says the stock currently has an average rating of Hold with a $36.75 price target.
• Recent earnings were weak despite revenue growth. Calumet posted a quarterly loss of $3.64 per share, far worse than expectations, even as revenue rose 3.6% year over year to $1.03 billion.

Shares of Calumet, Inc. (NASDAQ:CLMT - Get Free Report) hit a new 52-week high on Thursday . The company traded as high as $41.60 and last traded at $41.6030, with a volume of 553702 shares trading hands. The stock had previously closed at $40.01.

Wall Street Analyst Weigh In

A number of brokerages have commented on CLMT. HC Wainwright boosted their target price on shares of Calumet from $33.00 to $60.00 and gave the stock a "buy" rating in a report on Monday, March 30th. TD Cowen reaffirmed a "hold" rating on shares of Calumet in a research report on Wednesday, June 3rd. Weiss Ratings raised shares of Calumet from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, May 11th. Finally, The Goldman Sachs Group downgraded shares of Calumet from a "buy" rating to a "neutral" rating and set a $36.00 target price for the company. in a research note on Friday, April 24th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Calumet presently has an average rating of "Hold" and an average price target of $36.75.

Calumet Trading Up 3.9%

The company's 50-day moving average is $34.84 and its 200 day moving average is $30.04. The stock has a market capitalization of $3.62 billion, a PE ratio of -19.15 and a beta of 0.72.

Calumet (NASDAQ:CLMT - Get Free Report) last released its earnings results on Friday, May 8th. The oil and gas company reported ($3.64) earnings per share for the quarter, missing the consensus estimate of ($0.33) by ($3.31). The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the previous year, the company posted ($1.87) earnings per share. The company's revenue was up 3.6% compared to the same quarter last year. Sell-side analysts forecast that Calumet, Inc. will post -0.13 EPS for the current fiscal year.

Insider Buying and Selling at Calumet

In related news, Director Daniel J. Sajkowski sold 4,240 shares of the firm's stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $36.16, for a total value of $153,318.40. Following the completion of 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Group Heritage sold 626,998 shares of Calumet stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $32.54, for a total value of $20,402,514.92. Following the sale, the insider directly 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 position. The SEC filing for this sale provides additional information. 4.07% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Calumet

Hedge funds and other institutional investors have recently bought and sold shares of the business. Legal & General Group Plc lifted its stake in Calumet by 36.6% during the 2nd quarter. Legal & General Group Plc now owns 72,143 shares of the oil and gas company's stock valued at $1,137,000 after acquiring an additional 19,322 shares during the period. New York State Common Retirement Fund acquired a new stake in shares of Calumet in the second quarter worth $343,000. Quantbot Technologies LP acquired a new stake in shares of Calumet in the second quarter worth $241,000. Invesco Ltd. raised its holdings in shares of Calumet by 514.8% during the second quarter. Invesco Ltd. now owns 94,642 shares of the oil and gas company's stock worth $1,491,000 after purchasing an additional 79,247 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in Calumet by 199.9% during the second quarter. The Manufacturers Life Insurance Company now owns 34,551 shares of the oil and gas company's stock valued at $544,000 after purchasing an additional 23,031 shares during the period. 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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