Hennessy Advisors Inc. Buys New Stake in Calumet, Inc. $CLMT

Key Points

• Hennessy Advisors purchased 283,200 Calumet shares worth approximately $10.2 million, giving it a 0.32% stake. Institutional investors collectively own 34.41% of the company.
• Analyst sentiment remains mixed, with two Buy, four Hold and one Sell rating; the consensus rating is Hold with a $48 price target. CLMT recently opened at $47.75, near its 52-week high of $51.50.
• Calumet reported quarterly revenue of $1.45 billion, up 40.8% year over year, but its adjusted loss of $1.09 per share missed the $0.07 consensus estimate by $1.16.

Hennessy Advisors Inc. purchased a new stake in shares of Calumet, Inc. (NASDAQ:CLMT - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 283,200 shares of the oil and gas company's stock, valued at approximately $10,201,000. Hennessy Advisors Inc. owned 0.32% of Calumet as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also modified their holdings of the company. Two Seas Capital LP bought a new position in Calumet during the second quarter valued at about $238,442,000. BlackRock Inc. raised its position in Calumet by 5.1% in the second 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 in the last quarter. Vanguard Group Inc. lifted its holdings in Calumet by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 4,703,040 shares of the oil and gas company's stock valued at $93,449,000 after acquiring an additional 58,376 shares during the last quarter. Bank of America Corp DE lifted its holdings 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 last quarter. Finally, Marshall Wace LLP boosted its position in shares of Calumet by 35.8% during the 3rd quarter. Marshall Wace LLP now owns 891,390 shares of the oil and gas company's stock valued at $16,268,000 after purchasing an additional 234,766 shares in the last quarter. 34.41% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CLMT has been the subject of several recent research reports. The Goldman Sachs Group increased their target price on shares of Calumet from $40.00 to $45.00 and gave the company a "neutral" rating in a research note on Tuesday, August 18th. Weiss Ratings restated a "sell (d-)" rating on shares of Calumet in a research report on Friday, August 7th. Citigroup reaffirmed a "buy" rating on shares of Calumet in a report on Monday, August 10th. TD Cowen increased their price objective on Calumet from $34.00 to $40.00 and gave the company a "hold" rating in a research report on Wednesday, August 12th. Finally, 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. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Calumet currently has an average rating of "Hold" and a consensus price target of $48.00.

Insider Transactions at Calumet

In other news, Director Daniel J. Sajkowski sold 4,240 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $36.16, for a total value of $153,318.40. Following the completion of the sale, the director owned 77,718 shares in the company, valued at $2,810,282.88. This represents a 5.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.15% of the stock is currently owned by company insiders.

Calumet Price Performance

CLMT stock opened at $47.75 on Friday. Calumet, Inc. has a 52-week low of $15.99 and a 52-week high of $51.50. The company's 50 day simple moving average is $41.91 and its 200-day simple moving average is $35.30. The firm has a market capitalization of $4.20 billion, a P/E ratio of -30.81 and a beta of 0.71.

Calumet (NASDAQ:CLMT - Get Free Report) last issued its quarterly earnings results on Friday, August 7th. The oil and gas company reported ($1.09) EPS 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 analyst estimates of $1.12 billion. During the same period in the previous year, the business posted ($1.70) EPS. The business's quarterly revenue was up 40.8% compared to the same quarter last year. Sell-side 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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