Calumet (NASDAQ:CLMT) Trading 4.7% Higher - Still a Buy?

Key Points

• Calumet, Inc. shares rose by 4.7%, trading at $18.33, although the trading volume was significantly lower than average, with only 68,715 shares exchanged.
• Analysts have a consensus price target of $18.71 for Calumet, with UBS Group recently raising its price objective from $12.00 to $13.25, indicating a moderate buy sentiment.
• In its latest earnings report, Calumet reported a loss of ($1.70) per share, missing estimates, alongside a revenue decline of 9.4% year-over-year despite exceeding revenue expectations.

Calumet, Inc. (NASDAQ:CLMT - Get Free Report) traded up 4.7% on Tuesday . The company traded as high as $18.23 and last traded at $18.33. 68,715 shares traded hands during trading, a decline of 94% from the average session volume of 1,168,491 shares. The stock had previously closed at $17.51.

Wall Street Analysts Forecast Growth

Separately, UBS Group lifted their price objective on shares of Calumet from $12.00 to $13.25 and gave the company a "neutral" rating in a research note on Tuesday, August 12th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $18.71.

Calumet Stock Up 4.0%

The firm's 50-day simple moving average is $15.97 and its 200 day simple moving average is $13.92. The stock has a market capitalization of $1.58 billion, a P/E ratio of -3.49 and a beta of 0.97.

Calumet (NASDAQ:CLMT - Get Free Report) last issued its quarterly earnings results on Friday, August 8th. 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 company had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $982.88 million. The company's quarterly revenue was down 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.48) earnings per share. As a group, equities analysts anticipate that Calumet, Inc. will post -3.02 EPS for the current fiscal year.

Institutional Trading of Calumet

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Premier Path Wealth Partners LLC raised its holdings in 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 worth $202,000 after buying an additional 1,320 shares during the period. University of Texas Texas AM Investment Management Co. raised 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 worth $53,000 after buying an additional 1,750 shares during the period. Amalgamated Bank acquired a new stake in Calumet during the 2nd quarter worth about $37,000. O Keefe Stevens Advisory Inc. raised its holdings in Calumet by 12.1% during the 2nd quarter. O Keefe Stevens Advisory Inc. now owns 26,817 shares of the oil and gas company's stock worth $423,000 after buying an additional 2,903 shares during the period. Finally, California State Teachers Retirement System grew its stake in Calumet by 7.3% during the 2nd quarter. California State Teachers Retirement System now owns 63,529 shares of the oil and gas company's stock valued at $1,001,000 after acquiring an additional 4,304 shares in the last quarter. Institutional investors and hedge funds own 34.41% of the company's stock.

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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