BlueCrest Capital Management Ltd Buys 20,000 Shares of Calumet, Inc. $CLMT

Key Points

• BlueCrest Capital Management increased its Calumet stake by 33.3% in the second quarter, buying 20,000 additional shares to own 80,000 shares valued at approximately $2.88 million.
• Institutional ownership remains significant at 34.41%, with BlackRock, Bank of America and other investors also increasing or initiating positions in Calumet.
• Analyst sentiment is mixed, resulting in a consensus “Hold” rating and average price target of $51.75. Calumet recently missed quarterly earnings expectations despite revenue rising 40.8% year over year.

BlueCrest Capital Management Ltd lifted its stake in shares of Calumet, Inc. (NASDAQ:CLMT - Free Report) by 33.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 80,000 shares of the oil and gas company's stock after purchasing an additional 20,000 shares during the period. BlueCrest Capital Management Ltd owned 0.09% of Calumet worth $2,882,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. Renaissance Technologies LLC purchased a new stake in Calumet in the first quarter worth $14,066,000. Two Seas Capital LP bought a new position in shares of Calumet during the 2nd quarter worth $238,442,000. BlackRock Inc. increased its holdings in Calumet by 5.1% in the 2nd quarter. BlackRock Inc. now owns 5,234,106 shares of the oil and gas company's stock worth $188,532,000 after acquiring an additional 253,578 shares during the last quarter. Jupiter Topco LLC purchased a new stake in Calumet in the 2nd quarter worth about $8,120,000. Finally, Bank of America Corp DE raised its stake 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 acquiring an additional 454,985 shares during the period. Hedge funds and other institutional investors own 34.41% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. UBS Group boosted their target price on shares of Calumet from $26.00 to $47.00 and gave the company a "neutral" rating in a report on Tuesday, August 25th. TD Cowen lifted their price target on Calumet from $34.00 to $40.00 and gave the company a "hold" rating in a research report on Wednesday, August 12th. HC Wainwright boosted their price objective on Calumet from $60.00 to $75.00 and gave the company a "buy" rating in a research note on Wednesday, September 2nd. Weiss Ratings reissued a "sell (d-)" rating on shares of Calumet in a report on Friday, August 7th. Finally, Citigroup restated a "buy" rating on shares of Calumet in a research note on Monday, August 10th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $51.75.

Insiders Place Their Bets

In other Calumet news, Director Daniel Sajkowski sold 4,240 shares of Calumet stock in a transaction that occurred 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 directly owned 77,718 shares in the company, valued at $2,810,282.88. The trade was a 5.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.15% of the stock is owned by corporate insiders.

Calumet Stock Up 3.3%

Calumet stock opened at $55.69 on Thursday. The stock has a market cap of $4.90 billion, a price-to-earnings ratio of -35.93 and a beta of 0.72. The business has a 50-day simple moving average of $44.85 and a 200 day simple moving average of $36.79. Calumet, Inc. has a 52 week low of $17.08 and a 52 week high of $56.09.

Calumet (NASDAQ:CLMT - Get Free Report) last released its quarterly 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 prior year, the firm posted ($1.70) earnings per share. The firm's quarterly revenue was up 40.8% on a year-over-year basis. On average, research analysts anticipate that Calumet, Inc. will post 0.48 earnings per share for the current year.

Calumet Company Profile

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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