Calumet (NASDAQ:CLMT) Stock Passes Above 200 Day Moving Average After Earnings Miss

Key Points

• Calumet's stock price has risen above its 200-day moving average following a quarterly earnings report that revealed an EPS miss of ($1.70) against expectations of ($0.44).
• Despite missing earnings estimates, Calumet reported revenue of $1.03 billion, exceeding analyst forecasts of $982.88 million but down 9.4% year-over-year.
• Wall Street analysts show diverse opinions on Calumet with price target adjustments; Wells Fargo cut its target from $23 to $21, while Bank of America set a buy rating with a target of $15.00.

Calumet, Inc. (NASDAQ:CLMT - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Friday following a stronger than expected earnings report. The stock has a two hundred day moving average of $14.01 and traded as high as $15.38. Calumet shares last traded at $14.37, with a volume of 1,172,108 shares traded.

The oil and gas company reported ($1.70) earnings per share for the quarter, missing analysts' consensus estimates of ($0.44) by ($1.26). The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $982.88 million. During the same quarter last year, the firm earned ($0.48) EPS. The firm's quarterly revenue was down 9.4% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CLMT shares. Wells Fargo & Company reduced their target price on Calumet from $23.00 to $21.00 and set an "overweight" rating on the stock in a report on Wednesday, May 14th. The Goldman Sachs Group dropped their price target on Calumet from $16.00 to $14.00 and set a "buy" rating on the stock in a research report on Wednesday, April 30th. Finally, Bank of America started coverage on Calumet in a research report on Tuesday, May 13th. They issued a "buy" rating and a $15.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, Calumet currently has an average rating of "Hold" and a consensus price target of $18.50.

Insider Buying and Selling at Calumet

In related news, SVP Gregory J. Morical sold 25,123 shares of the business's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $16.69, for a total transaction of $419,302.87. Following the completion of the transaction, the senior vice president owned 39,415 shares in the company, valued at approximately $657,836.35. The trade was a 38.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jennifer Straumins sold 100,000 shares of the business's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $13.17, for a total transaction of $1,317,000.00. Following the transaction, the director owned 1,084,589 shares of the company's stock, valued at approximately $14,284,037.13. The trade was a 8.44% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 275,123 shares of company stock valued at $4,113,303. Insiders own 4.07% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Premier Path Wealth Partners LLC boosted its position in Calumet by 11.4% during the second quarter. Premier Path Wealth Partners LLC now owns 12,853 shares of the oil and gas company's stock worth $202,000 after acquiring an additional 1,320 shares during the last quarter. University of Texas Texas AM Investment Management Co. raised its stake in Calumet by 109.4% during the second quarter. University of Texas Texas AM Investment Management Co. now owns 3,350 shares of the oil and gas company's stock worth $53,000 after purchasing an additional 1,750 shares during the period. Amalgamated Bank purchased a new position in Calumet during the second quarter worth approximately $37,000. O Keefe Stevens Advisory Inc. raised its stake in Calumet by 12.1% during the second quarter. O Keefe Stevens Advisory Inc. now owns 26,817 shares of the oil and gas company's stock worth $423,000 after purchasing an additional 2,903 shares during the period. Finally, Caldwell Sutter Capital Inc. raised its stake in Calumet by 29.9% during the second quarter. Caldwell Sutter Capital Inc. now owns 19,483 shares of the oil and gas company's stock worth $307,000 after purchasing an additional 4,483 shares during the period. 34.41% of the stock is currently owned by institutional investors and hedge funds.

Calumet Stock Down 3.6%

The company has a market cap of $1.24 billion, a PE ratio of -3.59 and a beta of 0.91. The stock's 50 day simple moving average is $15.67 and its two-hundred day simple moving average is $14.01.

About Calumet

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.

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