Calumet (NASDAQ:CLMT) Stock Price Up 10.3% - Here's What Happened

Calumet, Inc. (NASDAQ:CLMT - Get Free Report) was up 10.3% on Monday . The stock traded as high as $16.92 and last traded at $16.68. Approximately 742,120 shares traded hands during trading, a decline of 22% from the average daily volume of 953,859 shares. The stock had previously closed at $15.13.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on CLMT shares. TD Cowen lowered Calumet from a "buy" rating to a "hold" rating and lowered their price objective for the company from $26.00 to $16.00 in a research note on Tuesday, March 4th. UBS Group upgraded Calumet from a "sell" rating to a "neutral" rating and decreased their price target for the company from $15.00 to $12.00 in a report on Monday, March 17th. Bank of America began coverage on Calumet in a research report on Tuesday, May 13th. They issued a "buy" rating and a $15.00 price target for the company. Wells Fargo & Company cut their price objective on shares of Calumet from $23.00 to $21.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 14th. Finally, The Goldman Sachs Group reduced their target price on shares of Calumet from $16.00 to $14.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $18.50.

Calumet Trading Down 2.7%

The stock has a 50 day moving average of $12.65 and a 200-day moving average of $15.21. The stock has a market capitalization of $1.42 billion, a P/E ratio of -4.11 and a beta of 0.91.

Calumet (NASDAQ:CLMT - Get Free Report) last issued its earnings results on Friday, May 9th. The oil and gas company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.41) by ($0.62). The firm had revenue of $993.90 million for the quarter, compared to analysts' expectations of $899.62 million. The company's revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the prior year, the company earned ($0.51) earnings per share. Research analysts anticipate that Calumet, Inc. will post -3.02 EPS for the current year.

Insider Buying and Selling at Calumet

In other news, Director Jennifer Straumins sold 100,000 shares of the firm'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 transaction of $1,317,000.00. Following the transaction, the director now directly owns 1,084,589 shares of the company's stock, valued at approximately $14,284,037.13. This trade represents a 8.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Stephen P. Mawer sold 3,655 shares of the business's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $12.88, for a total value of $47,076.40. Following the completion of the sale, the director now owns 287,307 shares of the company's stock, valued at $3,700,514.16. The trade was a 1.26% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 282,433 shares of company stock valued at $4,194,334 in the last three months. Company insiders own 4.07% of the company's stock.

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.