FY2029 Earnings Forecast for Calumet Issued By HC Wainwright

Key Points

• HC Wainwright has lowered its FY2029 earnings per share (EPS) estimate for Calumet, Inc. from $2.49 to $2.22, while the consensus estimate for the current full-year earnings stands at ($3.02) per share.
• Calumet's recent earnings report showed a quarterly EPS of ($1.70), significantly missing analysts' estimates of ($0.44), despite a revenue of $1.03 billion, which was above expectations.
• The stock has received mixed ratings, with one sell, two hold, and four buy ratings, leading to a consensus rating of "Hold" and a target price of $18.50.

Calumet, Inc. (NASDAQ:CLMT - Free Report) - Stock analysts at HC Wainwright reduced their FY2029 EPS estimates for Calumet in a research note issued to investors on Monday, August 11th. HC Wainwright analyst A. Dayal now anticipates that the oil and gas company will post earnings of $2.22 per share for the year, down from their prior estimate of $2.49. The consensus estimate for Calumet's current full-year earnings is ($3.02) per share.

Calumet (NASDAQ:CLMT - Get Free Report) last announced its earnings results on Friday, August 8th. The oil and gas company reported ($1.70) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.44) by ($1.26). The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $982.88 million. The company's revenue for the quarter was down 9.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.48) earnings per share.

Several other equities research analysts have also issued reports on CLMT. Wells Fargo & Company lowered their price target on shares of Calumet from $23.00 to $21.00 and set an "overweight" rating on the stock in a report on Wednesday, May 14th. The Goldman Sachs Group reduced their target price on shares of Calumet from $16.00 to $14.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Finally, Bank of America started coverage on shares of Calumet in a research note on Tuesday, May 13th. They issued a "buy" rating and a $15.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $18.50.

Calumet Price Performance

Shares of Calumet stock opened at $13.27 on Tuesday. The firm has a market capitalization of $1.14 billion, a PE ratio of -2.54 and a beta of 0.91. The company's fifty day moving average price is $15.67 and its two-hundred day moving average price is $13.96. Calumet has a 52-week low of $7.68 and a 52-week high of $25.29.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CLMT. Goldman Sachs Group Inc. boosted its stake in shares of Calumet by 33.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 465,269 shares of the oil and gas company's stock valued at $5,900,000 after purchasing an additional 116,777 shares during the last quarter. Adams Asset Advisors LLC raised its position in shares of Calumet by 0.9% in the 2nd 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. Caldwell Sutter Capital Inc. raised its position in shares of Calumet by 29.9% in the 2nd 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. Wasserstein Debt Opportunities Management L.P. raised its position in shares of Calumet by 3.2% in the 2nd quarter. Wasserstein Debt Opportunities Management L.P. now owns 5,817,012 shares of the oil and gas company's stock valued at $91,647,000 after acquiring an additional 180,197 shares during the period. Finally, O Keefe Stevens Advisory Inc. raised its position in shares of Calumet by 12.1% in the 2nd quarter. O Keefe Stevens Advisory Inc. now owns 26,817 shares of the oil and gas company's stock valued at $423,000 after acquiring an additional 2,903 shares during the period. Institutional investors own 34.41% of the company's stock.

Insider Transactions at Calumet

In other Calumet news, Director Jennifer Straumins sold 100,000 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $16.23, for a total transaction of $1,623,000.00. Following the sale, the director owned 934,589 shares of the company's stock, valued at $15,168,379.47. This represents a 9.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Gregory J. Morical sold 25,123 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $16.69, for a total transaction of $419,302.87. Following the sale, the senior vice president directly owned 39,415 shares in the company, valued at approximately $657,836.35. This represents a 38.93% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 275,123 shares of company stock worth $4,113,303. Insiders own 4.07% of the company's stock.

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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