Calumet, Inc. (NASDAQ:CLMT) Receives Consensus Recommendation of "Hold" from Brokerages

Key Points

• Calumet has a consensus “Hold” rating from seven brokerages: four holds, two buys and one sell. The average 12-month price target is $51.75, below the stock’s reported $53.65 price.
• Recent analyst actions were mixed, with Citigroup reaffirming a buy rating while TD Cowen, UBS and Goldman Sachs maintained neutral or hold views and raised their price targets.
• Calumet reported quarterly revenue of $1.45 billion, up 40.8% year over year, but posted an adjusted loss of $1.09 per share, missing the $0.07 consensus estimate by $1.16.

Calumet, Inc. (NASDAQ:CLMT - Get Free Report) has earned an average rating of "Hold" from the seven brokerages that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $51.75.

A number of research firms have recently commented on CLMT. Citigroup reaffirmed a "buy" rating on shares of Calumet in a research report on Monday, August 10th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Calumet in a research report on Friday, August 7th. TD Cowen increased their target price on Calumet from $34.00 to $40.00 and gave the stock a "hold" rating in a research note on Wednesday, August 12th. UBS Group increased their target price on Calumet from $26.00 to $47.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 25th. Finally, The Goldman Sachs Group raised their target price on shares of Calumet from $40.00 to $45.00 and gave the stock a "neutral" rating in a report on Tuesday, August 18th.

Insider Activity

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

Hedge Funds Weigh In On Calumet

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State Street Corp raised its stake in shares of Calumet by 12.7% in the 2nd quarter. State Street Corp now owns 3,471,065 shares of the oil and gas company's stock valued at $125,028,000 after purchasing an additional 390,906 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Calumet by 1.6% during the second quarter. The Manufacturers Life Insurance Company now owns 29,852 shares of the oil and gas company's stock worth $1,075,000 after buying an additional 468 shares during the period. BlueCrest Capital Management Ltd grew its holdings in shares of Calumet by 33.3% during the second quarter. BlueCrest Capital Management Ltd now owns 80,000 shares of the oil and gas company's stock worth $2,882,000 after buying an additional 20,000 shares in the last quarter. Nykredit A S bought a new position in shares of Calumet during the second quarter worth about $57,000. Finally, Concurrent Investment Advisors LLC bought a new position in shares of Calumet during the second quarter worth about $2,067,000. 34.41% of the stock is owned by institutional investors and hedge funds.

Calumet Stock Down 0.4%

CLMT opened at $53.65 on Friday. The stock has a market cap of $4.72 billion, a P/E ratio of -34.61 and a beta of 0.72. Calumet has a 12 month low of $17.42 and a 12 month high of $59.87. The company has a fifty day simple moving average of $49.10 and a 200 day simple moving average of $39.06.

Calumet (NASDAQ:CLMT - Get Free Report) last posted its earnings results on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($1.16). The business had revenue of $1.45 billion during the quarter, compared to analysts' expectations of $1.12 billion. During the same quarter in the previous year, the company posted ($1.70) EPS. The company's quarterly revenue was up 40.8% on a year-over-year basis. On average, equities research analysts expect that Calumet will post 0.76 earnings per share for the current fiscal year.

Calumet Company Profile

Calumet, formally Calumet Specialty Products Partners, L.P., is a producer of specialty hydrocarbon products and renewable fuels. The company supplies products used in transportation, industrial, commercial and consumer applications, with an emphasis on products that are tailored to specific performance requirements rather than sold solely as commodity fuels.

Its product portfolio includes lubricating oils and additives, solvents, waxes, asphalt and other specialty products, as well as gasoline, diesel and other fuel products.

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