100,000 Calumet, Inc. $CLMT Shares Sold by Adams Asset Advisors LLC

Key Points

• Adams Asset Advisors reduced its Calumet stake by 100,000 shares, or 5%. The firm still owned 1.91 million shares worth approximately $99.8 million, representing 2.17% of Calumet and 9.2% of its portfolio.
• Calumet shares rose 2.6% to $57.75, near the company’s 52-week high of $59.87. Despite revenue increasing 40.8% year over year to $1.45 billion, the company reported a quarterly loss of $1.09 per share, missing analyst expectations.
• Institutional investors own 34.41% of Calumet, with BlackRock and State Street among the major holders. Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $51.75, although HC Wainwright raised its target to $75 and maintained a “Buy” rating.

Adams Asset Advisors LLC lessened its holdings in Calumet, Inc. (NASDAQ:CLMT - Free Report) by 5.0% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,906,206 shares of the oil and gas company's stock after selling 100,000 shares during the quarter. Calumet makes up 9.2% of Adams Asset Advisors LLC's holdings, making the stock its 3rd largest holding. Adams Asset Advisors LLC owned about 2.17% of Calumet worth $99,847,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of CLMT. Two Seas Capital LP purchased a new stake in shares of Calumet during the second quarter valued at $238,442,000. BlackRock Inc. lifted its holdings in Calumet by 5.1% during the 2nd quarter. BlackRock Inc. now owns 5,234,106 shares of the oil and gas company's stock valued at $188,532,000 after buying an additional 253,578 shares in the last quarter. State Street Corp boosted its position in 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 buying an additional 390,906 shares during the period. Bank of America Corp DE boosted its position in Calumet by 65.1% in the 1st quarter. Bank of America Corp DE now owns 1,153,744 shares of the oil and gas company's stock valued at $41,419,000 after buying an additional 454,985 shares during the period. Finally, Renaissance Technologies LLC bought a new position in Calumet in the 1st quarter worth about $14,066,000. Hedge funds and other institutional investors own 34.41% of the company's stock.

Calumet Trading Up 2.6%

Shares of CLMT traded up $1.46 during trading hours on Thursday, hitting $57.75. The company had a trading volume of 1,390,740 shares, compared to its average volume of 1,252,393. The company has a market capitalization of $5.08 billion, a PE ratio of -37.26 and a beta of 0.78. Calumet, Inc. has a one year low of $17.42 and a one year high of $59.87. The company's fifty day moving average price is $50.99 and its two-hundred day moving average price is $40.58.

Calumet (NASDAQ:CLMT - Get Free Report) last issued its quarterly earnings data on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share for the quarter, missing analysts' consensus estimates of $0.07 by ($1.16). The company had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the prior year, the firm posted ($1.70) earnings per share. Calumet's quarterly revenue was up 40.8% compared to the same quarter last year. Analysts forecast that Calumet, Inc. will post 0.76 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CLMT shares. Zacks Research raised shares of Calumet from a "hold" rating to a "strong-buy" rating in a research note on Monday. TD Cowen upped their target price on Calumet from $34.00 to $40.00 and gave the stock a "hold" rating in a report on Wednesday, August 12th. UBS Group upped their price objective on shares of Calumet from $26.00 to $47.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 25th. HC Wainwright increased their target price on shares of Calumet from $60.00 to $75.00 and gave the stock a "buy" rating in a report on Wednesday, September 2nd. Finally, Citigroup reissued a "buy" rating on shares of Calumet in a research report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $51.75.

Calumet Company Profile

Calumet, Inc NASDAQ: CLMT is a specialty products and renewable fuels company headquartered in Indianapolis, Indiana. The company develops, produces and markets a range of products derived from crude oil and renewable feedstocks for industrial, commercial and consumer applications.

Its specialty products portfolio includes lubricants, solvents, waxes, asphalt and other hydrocarbon-based products, as well as products used in manufacturing, transportation, infrastructure and consumer goods.

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