Two Seas Capital LP Buys New Shares in Calumet, Inc. $CLMT

Key Points

• Two Seas Capital acquired 6.62 million Calumet shares worth approximately $238.4 million, representing about 7.6% of the company and 4.7% of the fund’s portfolio.
• Analysts maintain a mixed outlook, with two Buy, four Hold, and one Sell rating; the consensus rating is Hold with an average price target of $42.75.
• Calumet’s shares opened at $49.01 after rising 1.5%, while its latest quarterly loss of $1.09 per share missed estimates despite revenue increasing 40.8% year over year to $1.45 billion.

Two Seas Capital LP bought a new position in shares of Calumet, Inc. (NASDAQ:CLMT - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 6,619,708 shares of the oil and gas company's stock, valued at approximately $238,442,000. Calumet makes up approximately 4.7% of Two Seas Capital LP's portfolio, making the stock its 3rd largest position. Two Seas Capital LP owned about 7.60% of Calumet as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of CLMT. Legal & General Group Plc grew its stake in Calumet by 36.6% in the second quarter. Legal & General Group Plc now owns 72,143 shares of the oil and gas company's stock valued at $1,137,000 after purchasing an additional 19,322 shares in the last quarter. New York State Common Retirement Fund acquired a new position in shares of Calumet during the 2nd quarter worth approximately $343,000. Quantbot Technologies LP bought a new stake in shares of Calumet during the 2nd quarter worth approximately $241,000. Invesco Ltd. raised its stake in shares of Calumet by 514.8% during the 2nd quarter. Invesco Ltd. now owns 94,642 shares of the oil and gas company's stock worth $1,491,000 after purchasing an additional 79,247 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Calumet by 199.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 34,551 shares of the oil and gas company's stock worth $544,000 after purchasing an additional 23,031 shares in the last quarter. 34.41% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CLMT shares. The Goldman Sachs Group raised 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. Citigroup reaffirmed a "buy" rating on shares of Calumet in a research report on Monday, August 10th. TD Cowen increased their price target 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. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Calumet in a research note on Friday, August 7th. Two research analysts have 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, Calumet currently has an average rating of "Hold" and an average target price of $42.75.

Calumet Trading Up 1.5%

CLMT opened at $49.01 on Friday. The stock's fifty day simple moving average is $40.49 and its 200 day simple moving average is $34.50. Calumet, Inc. has a 1-year low of $14.84 and a 1-year high of $51.50. The stock has a market cap of $4.31 billion, a PE ratio of -31.62 and a beta of 0.71.

Calumet (NASDAQ:CLMT - Get Free Report) last released its quarterly earnings data 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 analysts' expectations of $1.12 billion. During the same period last year, the business posted ($1.70) earnings per share. Calumet's revenue for the quarter was up 40.8% on a year-over-year basis. Equities analysts forecast that Calumet, Inc. will post 0.46 earnings per share for the current year.

Insider Activity

In other news, Director Daniel J. Sajkowski sold 4,240 shares of the firm's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $36.16, for a total transaction of $153,318.40. Following the completion of the sale, the director owned 77,718 shares in the company, valued at approximately $2,810,282.88. This trade represents a 5.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 3.15% of the company's stock.

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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