Calumet, Inc. $CLMT Shares Acquired by BlackRock Inc.

Key Points

• BlackRock increased its Calumet stake by 5.1% in the second quarter, adding 253,578 shares to hold 5.23 million shares, or 6.01% of the company valued at approximately $188.5 million.
• Institutional ownership remains significant at 34.41%, while several other firms—including Bank of America, Renaissance Technologies, Mariner, Marshall Wace and Goldman Sachs—also adjusted their positions higher.
• Analysts maintain a broadly cautious outlook, with an average “Hold” rating and a $48 target price. Calumet’s latest quarter included revenue growth of 40.8% to $1.45 billion but an adjusted EPS loss of $1.09, missing estimates.

BlackRock Inc. boosted its position in Calumet, Inc. (NASDAQ:CLMT - Free Report) by 5.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,234,106 shares of the oil and gas company's stock after buying an additional 253,578 shares during the quarter. BlackRock Inc. owned 6.01% of Calumet worth $188,532,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its stake in Calumet by 65.1% during 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 last quarter. Renaissance Technologies LLC bought a new position in shares of Calumet during the first quarter worth about $14,066,000. Mariner LLC lifted its position in shares of Calumet by 959.6% during the third quarter. Mariner LLC now owns 369,408 shares of the oil and gas company's stock worth $6,742,000 after purchasing an additional 334,544 shares during the last quarter. Marshall Wace LLP grew its stake in Calumet by 35.8% in the third quarter. Marshall Wace LLP now owns 891,390 shares of the oil and gas company's stock worth $16,268,000 after purchasing an additional 234,766 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in Calumet by 128.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 348,115 shares of the oil and gas company's stock worth $6,917,000 after purchasing an additional 195,627 shares in the last quarter. 34.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Citigroup reiterated a "buy" rating on shares of Calumet in a research report on Monday, August 10th. Weiss Ratings reissued a "sell (d-)" rating on shares of Calumet in a research report on Friday, August 7th. UBS Group raised their price objective on Calumet from $26.00 to $47.00 and gave the stock a "neutral" rating in a research note on Tuesday. The Goldman Sachs Group lifted their price objective on shares of Calumet from $40.00 to $45.00 and gave the stock a "neutral" rating in a report on Tuesday, August 18th. Finally, TD Cowen boosted their target price on shares of Calumet from $34.00 to $40.00 and gave the company a "hold" rating in a research note on Wednesday, August 12th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $48.00.

Insider Transactions at Calumet

In related news, Director Daniel J. Sajkowski sold 4,240 shares of the firm's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $36.16, for a total transaction of $153,318.40. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 3.15% of the company's stock.

Calumet Trading Down 4.2%

NASDAQ:CLMT opened at $45.77 on Friday. The firm has a market capitalization of $4.02 billion, a PE ratio of -29.53 and a beta of 0.71. The stock has a 50 day moving average of $41.60 and a 200-day moving average of $35.21. Calumet, Inc. has a 52 week low of $15.99 and a 52 week high of $51.50.

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 the consensus estimate of $0.07 by ($1.16). The company had revenue of $1.45 billion for 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 firm's revenue was up 40.8% compared to the same quarter last year. As a group, analysts predict that Calumet, Inc. will post 0.46 EPS for the current fiscal 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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