Concurrent Investment Advisors LLC Invests $2.07 Million in Calumet, Inc. $CLMT

Key Points

• Concurrent Investment Advisors acquired 57,380 Calumet shares worth approximately $2.07 million, representing about 0.07% of the company. Institutional investors collectively own 34.41% of Calumet.
• Calumet’s shares opened at $53.91, near their 52-week high of $54.69, while the company reported a quarterly loss of $1.09 per share despite revenue rising 40.8% year over year to $1.45 billion.
• Analyst sentiment remains mixed, with a consensus rating of Hold and an average price target of $51.75; price targets range from $40 to $75.

Concurrent Investment Advisors LLC bought a new stake in shares of Calumet, Inc. (NASDAQ:CLMT - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 57,380 shares of the oil and gas company's stock, valued at approximately $2,067,000. Concurrent Investment Advisors LLC owned about 0.07% of Calumet as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of CLMT. Renaissance Technologies LLC bought a new position in Calumet during the first quarter valued at $14,066,000. Two Seas Capital LP purchased a new stake in shares of Calumet in the second quarter valued at $238,442,000. BlackRock Inc. lifted its holdings in shares of 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 bought a new stake in shares of Calumet in the 2nd quarter worth about $8,120,000. Finally, Bank of America Corp DE boosted its stake in shares of 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 worth $41,419,000 after purchasing an additional 454,985 shares during the period. Hedge funds and other institutional investors own 34.41% of the company's stock.

Calumet Price Performance

NASDAQ:CLMT opened at $53.91 on Wednesday. Calumet, Inc. has a 1-year low of $17.08 and a 1-year high of $54.69. The company has a 50-day moving average of $44.46 and a 200 day moving average of $36.60. The firm has a market cap of $4.74 billion, a PE ratio of -34.78 and a beta of 0.72.

Calumet (NASDAQ:CLMT - Get Free Report) last posted its earnings results on Friday, August 7th. The oil and gas company reported ($1.09) EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($1.16). The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same quarter last year, the business earned ($1.70) earnings per share. The business's revenue for the quarter was up 40.8% on a year-over-year basis. Sell-side analysts anticipate that Calumet, Inc. will post 0.48 EPS for the current fiscal year.

Analysts Set New Price Targets

CLMT has been the topic of several analyst reports. HC Wainwright upped their price target on shares of Calumet from $60.00 to $75.00 and gave the company a "buy" rating in a report on Wednesday, September 2nd. UBS Group raised 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. TD Cowen boosted their target price on Calumet from $34.00 to $40.00 and gave the company a "hold" rating in a research report on Wednesday, August 12th. Weiss Ratings restated a "sell (d-)" rating on shares of Calumet in a research report on Friday, August 7th. Finally, The Goldman Sachs Group upped their target price on Calumet from $40.00 to $45.00 and gave the company a "neutral" rating in a research note on Tuesday, August 18th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $51.75.

Insider Activity

In related 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 transaction, the director directly 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 this link. Corporate insiders own 3.15% of the company's stock.

About Calumet

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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