Calumet, Inc. $CLMT Stock Sold by Hennessy Advisors Inc.

Key Points

• Hennessy Advisors reduced its Calumet stake by 8.9% in the third quarter, selling 25,200 shares and retaining 258,000 shares valued at approximately $13.5 million. Institutional investors collectively own 34.41% of the company.
• Calumet’s shares opened at $49.65, compared with a 52-week range of $17.85 to $59.87. The stock’s average analyst rating is “Hold”, with a consensus price target of $54.75.
• The company reported quarterly revenue of $1.45 billion, up 40.8% year over year, but posted an adjusted loss of $1.09 per share, missing analysts’ expectations for earnings of $0.07 per share.

Hennessy Advisors Inc. trimmed its position in Calumet, Inc. (NASDAQ:CLMT - Free Report) by 8.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 258,000 shares of the oil and gas company's stock after selling 25,200 shares during the period. Hennessy Advisors Inc. owned 0.29% of Calumet worth $13,514,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bank of America Corp DE bought a new position in Calumet in the 2nd quarter worth about $35,348,000. The Manufacturers Life Insurance Company bought a new stake in Calumet in the 2nd quarter worth approximately $1,075,000. Two Seas Capital LP purchased a new stake in Calumet during the second quarter valued at $238,442,000. Renaissance Technologies LLC purchased a new stake in shares of Calumet during the 1st quarter valued at about $14,066,000. Finally, BlueCrest Capital Management Ltd increased its holdings in 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 valued at $2,882,000 after buying an additional 20,000 shares during the last quarter. Institutional investors own 34.41% of the company's stock.

Calumet Price Performance

NASDAQ CLMT opened at $49.65 on Monday. The company has a 50 day moving average price of $53.74 and a 200 day moving average price of $38.39. The firm has a market cap of $4.36 billion, a PE ratio of -32.03, a price-to-earnings-growth ratio of 0.79 and a beta of 0.65. Calumet, Inc. has a 52 week low of $17.85 and a 52 week high of $59.87.

Calumet (NASDAQ:CLMT - Get Free Report) last posted 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 firm had revenue of $1.45 billion during the quarter, compared to analysts' expectations of $1.12 billion. Calumet's quarterly revenue was up 40.8% on a year-over-year basis. During the same period last year, the firm earned ($1.70) earnings per share. On average, equities research analysts anticipate that Calumet, Inc. will post 1.28 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently commented on CLMT shares. Citigroup reaffirmed a "buy" rating on shares of Calumet in a research note on Monday, August 10th. Zacks Research upgraded Calumet from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 5th. The Goldman Sachs Group restated a "neutral" rating and issued a $57.00 price target on shares of Calumet in a research report on Wednesday, October 21st. UBS Group raised their price objective on Calumet from $26.00 to $47.00 and gave the company a "neutral" rating in a research note on Tuesday, August 25th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Calumet in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $54.75.

About Calumet

Calumet, formerly known as Calumet Specialty Products Partners, L.P., is a manufacturer of specialty hydrocarbon products and renewable fuels. The company refines crude oil and other feedstocks into products used in industrial, transportation, commercial and consumer applications.

Its specialty product portfolio includes base oils, lubricants, waxes, solvents, asphalt and other highly engineered hydrocarbon products. Calumet also produces fuels and renewable fuels, including renewable diesel and sustainable aviation fuel-related products through its renewable fuels operations.

Founded in 1916, the company serves customers across the United States and supplies products to a range of industries, including automotive, energy, manufacturing, infrastructure and aviation.

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