Calumet (NASDAQ:CLMT) Shares Gap Up on Analyst Upgrade

Key Points

• HC Wainwright upgraded Calumet, raising its price target from $33 to $60 with a buy rating, driving a premarket gap up and sending shares to about $36.20 on nearly 1 million shares traded.
• Analyst views remain mixed: the consensus rating is a "Hold" with a $30.17 target (four buys, three holds, one sell), despite other recent target changes from firms like Goldman Sachs, TD Cowen and UBS.
• Fundamentals showed improvement: Calumet beat Q4 EPS estimates (loss of $0.43 vs. -$0.67 expected) and reported $1.04 billion in revenue (up 9.4% year-over-year); the company has a $3.08 billion market cap and a negative P/E.

Calumet, Inc. (NASDAQ:CLMT - Get Free Report)'s share price gapped up before the market opened on Monday after HC Wainwright raised their price target on the stock from $33.00 to $60.00. The stock had previously closed at $32.06, but opened at $33.83. HC Wainwright currently has a buy rating on the stock. Calumet shares last traded at $36.1950, with a volume of 999,939 shares traded.

Several other equities research analysts have also recently weighed in on the stock. TD Cowen increased their price objective on shares of Calumet from $19.00 to $25.00 and gave the stock a "hold" rating in a research report on Thursday, March 5th. UBS Group restated a "neutral" rating and issued a $26.00 target price on shares of Calumet in a report on Friday, February 13th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Calumet in a research report on Monday, December 29th. The Goldman Sachs Group increased their price target on Calumet from $24.00 to $34.00 and gave the stock a "buy" rating in a report on Thursday, March 12th. Finally, Wall Street Zen lowered Calumet from a "buy" rating to a "hold" rating in a research report on Sunday, December 14th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Calumet has a consensus rating of "Hold" and a consensus price target of $30.17.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Covestor Ltd grew its holdings in Calumet by 29.1% in the fourth quarter. Covestor Ltd now owns 2,180 shares of the oil and gas company's stock worth $43,000 after purchasing an additional 492 shares during the period. O Keefe Stevens Advisory Inc. raised its holdings in shares of Calumet by 2.2% during the third quarter. O Keefe Stevens Advisory Inc. now owns 27,416 shares of the oil and gas company's stock valued at $500,000 after purchasing an additional 599 shares during the period. ProShare Advisors LLC boosted its position in shares of Calumet by 6.9% during the 4th quarter. ProShare Advisors LLC now owns 12,613 shares of the oil and gas company's stock worth $251,000 after purchasing an additional 817 shares in the last quarter. Aster Capital Management DIFC Ltd boosted its position in shares of Calumet by 294.7% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,646 shares of the oil and gas company's stock worth $33,000 after purchasing an additional 1,229 shares in the last quarter. Finally, Islay Capital Management LLC acquired a new stake in shares of Calumet in the 4th quarter valued at about $25,000. 34.41% of the stock is owned by institutional investors.

Calumet Stock Performance

The company has a 50 day moving average price of $26.76 and a 200 day moving average price of $21.87. The company has a market capitalization of $3.08 billion, a price-to-earnings ratio of -91.74 and a beta of 1.18.

Calumet (NASDAQ:CLMT - Get Free Report) last posted its quarterly earnings results on Friday, February 27th. The oil and gas company reported ($0.43) earnings per share for the quarter, topping analysts' consensus estimates of ($0.67) by $0.24. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.04 billion. The firm's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the company posted ($0.47) earnings per share. Research analysts forecast that Calumet, Inc. will post -3.02 EPS for the current year.

Calumet Company Profile

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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