Calumet (NASDAQ:CLMT) Shares Gap Down on Disappointing Earnings

Key Points

• Big earnings miss and share drop: Calumet reported EPS of ($3.64) versus a ($0.57) consensus (a $3.07 miss) while revenue was $1.03 billion (+3.6% YoY), and the stock gapped down—opening at $32.53 from a $34.61 close and falling about 6.1%.
• Mixed analyst view with a Hold consensus: The street average rating is "Hold" with a consensus price target of $30.50, amid divergent notes (e.g., HC Wainwright raising its target to $60 while Goldman cut to Neutral).
• Insider and institutional activity: A director sold 3,310 shares (insiders own 4.07% of the stock) and institutional investors hold about 34.41% of the company.

Calumet, Inc. (NASDAQ:CLMT - Get Free Report)'s stock price gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $34.61, but opened at $32.53. Calumet shares last traded at $32.1880, with a volume of 298,339 shares.

The oil and gas company reported ($3.64) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($3.07). The business had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $1 billion. During the same quarter in the previous year, the company earned ($1.87) earnings per share. Calumet's revenue for the quarter was up 3.6% compared to the same quarter last year.

Analyst Ratings Changes

CLMT has been the topic of several analyst reports. TD Cowen increased their target price on Calumet from $19.00 to $25.00 and gave the stock a "hold" rating in a research report on Thursday, March 5th. UBS Group reissued a "neutral" rating and issued a $26.00 price target on shares of Calumet in a research note on Friday, February 13th. The Goldman Sachs Group cut Calumet from a "buy" rating to a "neutral" rating and set a $36.00 price target for the company. in a research note on Friday, April 24th. Finally, HC Wainwright increased their price target on Calumet from $33.00 to $60.00 and gave the stock a "buy" rating in a research note on Monday, March 30th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Calumet presently has an average rating of "Hold" and a consensus price target of $30.50.

Insider Buying and Selling at Calumet

In other news, Director Daniel J. Sajkowski sold 3,310 shares of the business's stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $34.46, for a total transaction of $114,062.60. Following the sale, the director directly owned 81,958 shares of the company's stock, valued at $2,824,272.68. The trade was a 3.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.07% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Calumet

A number of institutional investors and hedge funds have recently modified their holdings of CLMT. Islay Capital Management LLC acquired a new stake in shares of Calumet during the fourth quarter worth $25,000. Aster Capital Management DIFC Ltd grew its holdings in shares of Calumet by 294.7% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,646 shares of the oil and gas company's stock valued at $33,000 after buying an additional 1,229 shares in the last quarter. Global Retirement Partners LLC purchased a new position in shares of Calumet during the fourth quarter valued at $34,000. Covestor Ltd boosted its position in Calumet by 29.1% during the fourth quarter. Covestor Ltd now owns 2,180 shares of the oil and gas company's stock valued at $43,000 after purchasing an additional 492 shares during the last quarter. Finally, State of Alaska Department of Revenue acquired a new stake in Calumet during the third quarter valued at $56,000. 34.41% of the stock is owned by institutional investors and hedge funds.

Calumet Stock Down 6.1%

The stock has a market cap of $2.82 billion, a price-to-earnings ratio of -82.45 and a beta of 0.72. The business has a 50-day moving average of $31.43 and a 200-day moving average of $24.72.

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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