Calumet (NASDAQ:CLMT) Stock Price 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 200-day moving average during trading on Friday after the company announced better than expected quarterly earnings. The stock has a 200-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 trading hands.

The oil and gas company reported ($1.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($1.26). The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $982.88 million. During the same quarter in the prior year, the company earned ($0.48) EPS. The company's revenue was down 9.4% compared to the same quarter last year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Bank of America assumed coverage on Calumet in a research report on Tuesday, May 13th. They set a "buy" rating and a $15.00 price objective for the company. Wells Fargo & Company reduced their price target on shares of Calumet from $23.00 to $21.00 and set an "overweight" rating for the company in a research report on Wednesday, May 14th. UBS Group set a $13.25 price objective on shares of Calumet and gave the stock a "neutral" rating in a research note on Tuesday. Finally, The Goldman Sachs Group cut their target price on shares of Calumet from $16.00 to $14.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $18.71.

Insider Buying and Selling

In other Calumet news, Director Jennifer Straumins sold 100,000 shares of the business's stock in a transaction on Thursday, June 5th. The shares were 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 in the company, valued at $14,284,037.13. The trade was a 8.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Gregory J. Morical sold 25,123 shares of the 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 sale, the senior vice president directly owned 39,415 shares in the company, valued at approximately $657,836.35. This represents a 38.93% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 275,123 shares of company stock valued at $4,113,303 over the last quarter. Corporate insiders own 4.07% of the company's stock.

Institutional Trading of Calumet

Several institutional investors have recently added to or reduced their stakes in the company. Premier Path Wealth Partners LLC grew its stake in shares of 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 valued at $202,000 after buying an additional 1,320 shares during the last quarter. University of Texas Texas AM Investment Management Co. boosted its holdings in Calumet by 109.4% during the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 3,350 shares of the oil and gas company's stock valued at $53,000 after acquiring an additional 1,750 shares during the period. Amalgamated Bank bought a new position in Calumet in the 2nd quarter valued at $37,000. O Keefe Stevens Advisory Inc. grew its holdings in shares of Calumet by 12.1% in 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 last quarter. Finally, Caldwell Sutter Capital Inc. increased its stake in Calumet by 29.9% in the 2nd quarter. Caldwell Sutter Capital Inc. now owns 19,483 shares of the oil and gas company's stock worth $307,000 after buying an additional 4,483 shares during the period. Institutional investors own 34.41% of the company's stock.

Calumet Stock Performance

The company has a market cap of $1.23 billion, a P/E ratio of -2.73 and a beta of 0.91. The business's fifty day moving average is $15.69 and its two-hundred day moving average is $13.96.

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.