Linscomb Wealth Inc. Sells 30,000 Shares of Calumet, Inc. $CLMT

Key Points

• Linscomb Wealth Inc. cut its Calumet stake by 53.7% in the fourth quarter, selling 30,000 shares and leaving it with 25,889 shares valued at about $514,000.
• Calumet’s latest quarterly results showed a much wider-than-expected loss, with EPS of -$3.64 versus analysts’ estimate of -$0.33, even as revenue came in slightly above expectations at $1.03 billion.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $36.75, while recent insider selling included a large share sale by major shareholder Group Heritage.

Linscomb Wealth Inc. reduced its stake in shares of Calumet, Inc. (NASDAQ:CLMT - Free Report) by 53.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,889 shares of the oil and gas company's stock after selling 30,000 shares during the quarter. Linscomb Wealth Inc.'s holdings in Calumet were worth $514,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CLMT. Global Retirement Partners LLC bought a new position in shares of Calumet during the fourth quarter valued at approximately $34,000. Covestor Ltd grew its stake in shares of Calumet by 29.1% during the fourth quarter. Covestor Ltd now owns 2,180 shares of the oil and gas company's stock valued at $43,000 after buying an additional 492 shares during the last quarter. CWM LLC grew its stake in shares of Calumet by 149,900.0% during the fourth quarter. CWM LLC now owns 3,000 shares of the oil and gas company's stock valued at $60,000 after buying an additional 2,998 shares during the last quarter. Advisory Services Network LLC bought a new position in shares of Calumet during the third quarter valued at approximately $59,000. Finally, Russell Investments Group Ltd. grew its stake in shares of Calumet by 1,287.0% during the third quarter. Russell Investments Group Ltd. now owns 6,172 shares of the oil and gas company's stock valued at $113,000 after buying an additional 5,727 shares during the last quarter. 34.41% of the stock is owned by institutional investors.

Calumet Stock Performance

Shares of NASDAQ CLMT opened at $35.47 on Friday. The firm has a market capitalization of $3.09 billion, a price-to-earnings ratio of -16.42 and a beta of 0.72. The stock has a 50 day moving average price of $32.72 and a 200 day moving average price of $26.18. Calumet, Inc. has a 52-week low of $12.70 and a 52-week high of $36.94.

Calumet (NASDAQ:CLMT - Get Free Report) last announced its quarterly earnings results on Friday, May 8th. The oil and gas company reported ($3.64) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.33) by ($3.31). The company had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $1 billion. The business's revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period last year, the firm earned ($1.87) EPS. Analysts forecast that Calumet, Inc. will post -0.31 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CLMT shares. UBS Group reaffirmed a "neutral" rating and set a $26.00 target price on shares of Calumet in a research note on Friday, February 13th. TD Cowen upped their target price on Calumet from $19.00 to $25.00 and gave the company a "hold" rating in a research note on Thursday, March 5th. HC Wainwright upped their target price on Calumet from $33.00 to $60.00 and gave the company a "buy" rating in a research note on Monday, March 30th. Weiss Ratings raised Calumet from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, May 11th. Finally, The Goldman Sachs Group cut Calumet from a "buy" rating to a "neutral" rating and set a $36.00 target price on the stock. in a research note on Friday, April 24th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $36.75.

Insider Buying and Selling

In related news, major shareholder Group Heritage sold 626,998 shares of the business's stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $32.54, for a total value of $20,402,514.92. Following the completion of the sale, the insider owned 12,980,211 shares in the company, valued at approximately $422,376,065.94. The trade was a 4.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel J. Sajkowski sold 3,310 shares of the business's stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $34.46, for a total value of $114,062.60. Following the completion of the sale, the director owned 81,958 shares of the company's stock, valued at $2,824,272.68. The trade was a 3.88% decrease in their position. The disclosure for this sale is available in the SEC filing. 4.07% of the stock is currently owned by insiders.

Calumet 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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