Calumet (NASDAQ:CLMT) Stock Price Up 3.8% - What's Next?

Key Points

• Calumet, Inc. shares rose by 3.8% on Wednesday, trading as high as $20.05, but experienced a decline in trading volume, with only 225,384 shares traded compared to the average of over 1.1 million.
• Analyst reports varied, with Goldman Sachs raising its price target to $20.00 and a "buy" rating, while Weiss Ratings issued a "sell" rating, and Zacks Research downgraded Calumet to a "strong sell".
• In its latest quarterly earnings, Calumet reported a loss of ($1.70) earnings per share, missing the consensus estimates by ($1.26), despite revenues exceeding expectations at $1.03 billion.

Calumet, Inc. (NASDAQ:CLMT - Get Free Report)'s share price rose 3.8% during trading on Wednesday . The company traded as high as $20.05 and last traded at $19.38. Approximately 225,384 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 1,118,982 shares. The stock had previously closed at $18.67.

Analysts Set New Price Targets

CLMT has been the topic of a number of analyst reports. The Goldman Sachs Group lifted their price target on Calumet from $15.00 to $20.00 and gave the stock a "buy" rating in a research note on Wednesday. Weiss Ratings reissued a "sell (e+)" rating on shares of Calumet in a research note on Wednesday, October 8th. Zacks Research cut Calumet from a "hold" rating to a "strong sell" rating in a research note on Tuesday, October 7th. Finally, UBS Group boosted their target price on Calumet from $12.00 to $13.25 and gave the company a "neutral" rating in a research note on Tuesday, August 12th. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $19.71.

Calumet Trading Up 3.3%

The stock has a 50 day simple moving average of $17.31 and a 200-day simple moving average of $15.02. The firm has a market capitalization of $1.67 billion, a P/E ratio of -3.69 and a beta of 0.98.

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Amalgamated Bank purchased a new position in shares of Calumet during the 2nd quarter valued at about $37,000. University of Texas Texas AM Investment Management Co. lifted its position in shares of 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 buying an additional 1,750 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new position in shares of Calumet during the 2nd quarter valued at about $111,000. Premier Path Wealth Partners LLC lifted its position in shares of Calumet by 11.4% during the 2nd 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 in the last quarter. Finally, SP Asset Management LLC purchased a new position in shares of Calumet during the 2nd quarter valued at about $205,000. 34.41% of the stock is 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.

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