Calumet (NASDAQ:CLMT) Share Price Passes Above 200-Day Moving Average - What's Next?

Key Points

• Calumet shares have crossed above their 200-day moving average, trading recently at $17.77, which raises questions about whether it is time to sell.
• The company reported a loss of $1.70 EPS for the last quarter, missing estimates, while revenues fell by 9.4% year-over-year.
• Analyst ratings vary, with a consensus target price of $18.71 and four analysts rating the stock as a Buy, indicating potential growth despite recent losses.

Calumet, Inc. (NASDAQ:CLMT - Get Free Report)'s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $13.86 and traded as high as $18.15. Calumet shares last traded at $17.77, with a volume of 830,069 shares trading hands.

Analysts Set New Price Targets

Separately, UBS Group lifted their price target on Calumet from $12.00 to $13.25 and gave the stock a "neutral" rating in a report on Tuesday, August 12th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $18.71.

Calumet Stock Performance

The firm's 50-day moving average price is $15.97 and its two-hundred day moving average price is $13.92. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of -3.35 and a beta of 0.97.

Calumet (NASDAQ:CLMT - Get Free Report) last announced its quarterly earnings results on Friday, August 8th. The oil and gas company reported ($1.70) earnings per share 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. The company's revenue was down 9.4% on a year-over-year basis. During the same quarter last year, the firm posted ($0.48) earnings per share. As a group, sell-side analysts expect that Calumet, Inc. will post -3.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Calumet

A number of hedge funds have recently modified their holdings of the business. Wasserstein Debt Opportunities Management L.P. grew its holdings in shares of Calumet by 3.2% during the 2nd 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 during the period. Adams Asset Advisors LLC grew its holdings in shares of Calumet by 0.9% during the 2nd 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 during the period. Two Seas Capital LP grew its holdings in shares of Calumet by 56.9% during the 2nd quarter. Two Seas Capital LP now owns 4,497,609 shares of the oil and gas company's stock worth $70,860,000 after purchasing an additional 1,631,098 shares during the period. Geode Capital Management LLC grew its holdings in shares of Calumet by 112.4% during the 2nd quarter. Geode Capital Management LLC now owns 1,704,670 shares of the oil and gas company's stock worth $26,860,000 after purchasing an additional 901,933 shares during the period. Finally, Bank of America Corp DE grew its holdings in shares of Calumet by 3.4% during the 2nd quarter. Bank of America Corp DE now owns 609,307 shares of the oil and gas company's stock worth $9,600,000 after purchasing an additional 20,110 shares during the period. 34.41% of the stock is currently owned by hedge funds and other institutional investors.

Calumet Company Profile

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.