Calumet, Inc. (NASDAQ:CLMT) Receives Average Rating of "Hold" from Analysts

Key Points

• Analysts maintain a “Hold” consensus on Calumet, with one sell, four hold and two buy ratings. The average 12-month price target is $48, below the stock’s reported opening price of $51.52.
• Calumet’s shares rose 3.6% and traded near their 52-week high, while the company reported $1.45 billion in quarterly revenue, up 40.8% year over year, but missed earnings expectations with a loss of $1.09 per share.
• Institutional ownership stands at 34.41%, with several funds adding positions, including the California State Teachers’ Retirement System, which increased its stake by more than 3,300% during the second quarter.

Shares of Calumet, Inc. (NASDAQ:CLMT - Get Free Report) have earned a consensus rating of "Hold" from the seven research firms that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $48.00.

Several brokerages recently issued reports on CLMT. The Goldman Sachs Group upped their price objective on shares of Calumet from $40.00 to $45.00 and gave the company a "neutral" rating in a research note on Tuesday, August 18th. Citigroup restated a "buy" rating on shares of Calumet in a research report on Monday, August 10th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Calumet in a report on Friday, August 7th. UBS Group lifted their price objective on Calumet from $26.00 to $47.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 25th. Finally, TD Cowen boosted their price objective on Calumet from $34.00 to $40.00 and gave the stock a "hold" rating in a research note on Wednesday, August 12th.

Calumet Stock Up 3.6%

Shares of CLMT opened at $51.52 on Wednesday. Calumet has a 52-week low of $15.99 and a 52-week high of $51.57. The firm's fifty day moving average is $42.61 and its two-hundred day moving average is $35.72. The stock has a market cap of $4.53 billion, a PE ratio of -33.24 and a beta of 0.72.

Calumet (NASDAQ:CLMT - Get Free Report) last issued its earnings results on Friday, August 7th. The oil and gas company reported ($1.09) EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($1.16). The firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.12 billion. The firm's revenue was up 40.8% on a year-over-year basis. During the same period last year, the business earned ($1.70) EPS. As a group, research analysts anticipate that Calumet will post 0.46 earnings per share for the current year.

Insider Transactions at Calumet

In other Calumet news, Director Daniel J. Sajkowski sold 4,240 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $36.16, for a total value of $153,318.40. Following the sale, the director owned 77,718 shares of the company's stock, valued at $2,810,282.88. This trade represents a 5.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.15% of the stock is owned by corporate insiders.

Institutional Trading of Calumet

Hedge funds have recently added to or reduced their stakes in the stock. California State Teachers Retirement System grew its stake in shares of Calumet by 3,320.8% in the 2nd quarter. California State Teachers Retirement System now owns 2,859,088 shares of the oil and gas company's stock valued at $102,984,000 after purchasing an additional 2,775,509 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new stake in shares of Calumet during the second quarter worth $2,067,000. AXQ Capital LP purchased a new position in Calumet in the 2nd quarter valued at $406,000. Nykredit A S purchased a new position in Calumet in the 2nd quarter valued at $57,000. Finally, Hennessy Advisors Inc. acquired a new position in Calumet in the 2nd quarter valued at $10,201,000. 34.41% of the stock is owned by institutional investors and hedge funds.

About Calumet

Calumet Specialty Products Partners, L.P. NASDAQ: CLMT is an independent provider of high-value, essential product solutions derived from both petroleum and renewable feedstocks. The company operates an integrated network of manufacturing plants, blending terminals and storage facilities across North America, delivering customized products and technical services to industrial, automotive, consumer and agricultural end markets. By leveraging its scale and technical expertise, Calumet tailors supply chain and formulation solutions to meet stringent regulatory and performance requirements.

Calumet's product portfolio includes specialty lubricants and base oils for high-performance applications; process oils and waxes for food-grade, cosmetic and packaging uses; industrial solvents and cleaning solutions; and fuel additives designed to optimize engine performance and emissions.

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