Wasserstein Debt Opportunities Management L.P. Has $91.65 Million Position in Calumet, Inc. $CLMT

Key Points

• Wasserstein Debt Opportunities Management L.P. increased its stake in Calumet, Inc. by 3.2% during the second quarter, now owning approximately 6.75% of the company, valued at $91.65 million.
• Calumet reported a quarterly loss of ($1.70) EPS, falling short of analysts' expectations, with $1.03 billion in revenue, down 9.4% year-over-year.
• UBS upgraded Calumet's price target from $12.00 to $13.25, maintaining a "neutral" rating, while analysts currently have a consensus rating of "Moderate Buy".

Wasserstein Debt Opportunities Management L.P. grew its holdings in Calumet, Inc. (NASDAQ:CLMT - Free Report) by 3.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,817,012 shares of the oil and gas company's stock after acquiring an additional 180,197 shares during the quarter. Calumet accounts for 100.0% of Wasserstein Debt Opportunities Management L.P.'s portfolio, making the stock its largest holding. Wasserstein Debt Opportunities Management L.P. owned approximately 6.75% of Calumet worth $91,647,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Caldwell Sutter Capital Inc. boosted its position in shares of Calumet by 29.9% in the second quarter. Caldwell Sutter Capital Inc. now owns 19,483 shares of the oil and gas company's stock valued at $307,000 after acquiring an additional 4,483 shares during the period. Adams Asset Advisors LLC boosted its position in shares of Calumet by 0.9% in the second quarter. Adams Asset Advisors LLC now owns 5,406,271 shares of the oil and gas company's stock valued at $85,176,000 after acquiring an additional 49,948 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in shares of Calumet by 33.5% in the first quarter. Goldman Sachs Group Inc. now owns 465,269 shares of the oil and gas company's stock valued at $5,900,000 after acquiring an additional 116,777 shares during the period. 34.41% of the stock is owned by institutional investors.

Calumet Price Performance

Calumet stock opened at $18.44 on Friday. The stock has a fifty day moving average price of $16.52 and a two-hundred day moving average price of $14.47. Calumet, Inc. has a 52-week low of $7.68 and a 52-week high of $25.29. The firm has a market capitalization of $1.60 billion, a P/E ratio of -3.53 and a beta of 0.98.

Calumet (NASDAQ:CLMT - Get Free Report) last released its quarterly earnings data on Friday, August 8th. The oil and gas company reported ($1.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($1.26). The business had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $982.88 million. During the same period in the prior year, the company earned ($0.48) EPS. Calumet's quarterly revenue was down 9.4% on a year-over-year basis. On average, equities research analysts predict that Calumet, Inc. will post -3.02 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, UBS Group increased their price objective on Calumet from $12.00 to $13.25 and gave the company a "neutral" rating in a research report on Tuesday, August 12th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Calumet currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.71.

Calumet Company Profile

Calumet, Inc engages in the manufacturing, formulating, and marketing of a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. It operates through the following segments: Specialty Products & Solutions, Performance Brands, Montana/Renewables, and Corporate.

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