Calumet (NASDAQ:CLMT) Stock Price Down 8.1% After Earnings Miss

Key Points

• Calumet's share price dropped 8.1% to $13.21 following a disappointing earnings report, where it reported a loss of ($1.70) EPS compared to analyst estimates of ($0.44).
• Despite generating $1.03 billion in revenue for the quarter, a 9.4% decline year-over-year, the figure still exceeded analyst expectations of $982.88 million.
• Analysts have mixed ratings for Calumet, with four buy ratings, two hold ratings, and one sell rating, leading to a consensus target price of $18.50.

Calumet, Inc. (NASDAQ:CLMT - Get Free Report) traded down 8.1% during mid-day trading on Monday after the company announced weaker than expected quarterly earnings. The stock traded as low as $13.88 and last traded at $13.21. 43,136 shares traded hands during trading, a decline of 96% from the average session volume of 1,221,649 shares. The stock had previously closed at $14.37.

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 business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $982.88 million. During the same period in the prior year, the company posted ($0.48) earnings per share. Calumet's quarterly revenue was down 9.4% compared to the same quarter last year.

Analyst Upgrades and Downgrades

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

Insider Activity at Calumet

In other news, Director Jennifer Straumins sold 100,000 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $13.17, for a total value of $1,317,000.00. Following the sale, the director owned 1,084,589 shares of the company's stock, 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 document filed with the SEC, which is available at the SEC website. Also, SVP Gregory J. Morical sold 25,123 shares of the business's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $16.69, for a total value of $419,302.87. Following the transaction, the senior vice president directly owned 39,415 shares of the company's stock, valued at $657,836.35. The trade was a 38.93% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 275,123 shares of company stock worth $4,113,303. Insiders own 4.07% of the company's stock.

Institutional Trading of Calumet

A number of institutional investors have recently made changes to their positions in CLMT. Amalgamated Bank bought a new stake in shares of Calumet in the second quarter worth about $37,000. University of Texas Texas AM Investment Management Co. raised its position in shares of Calumet by 109.4% in 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 purchasing an additional 1,750 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new stake in Calumet in the 2nd quarter worth $111,000. Premier Path Wealth Partners LLC increased its holdings in Calumet by 11.4% in 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 acquiring an additional 1,320 shares in the last quarter. Finally, SP Asset Management LLC acquired a new stake in shares of Calumet in the second quarter valued at approximately $205,000. Hedge funds and other institutional investors own 34.41% of the company's stock.

Calumet Stock Performance

The stock has a market cap of $1.17 billion, a price-to-earnings ratio of -2.61 and a beta of 0.91. The firm's 50-day moving average price is $15.72 and its two-hundred day moving average price is $13.93.

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.