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) - Equities research analysts at HC Wainwright decreased their FY2029 earnings per share (EPS) estimates for Calumet in a research report issued to clients and investors on Monday, August 11th. HC Wainwright analyst A. Dayal now forecasts that the oil and gas company will earn $2.22 per share for the year, down from their prior forecast 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 quarterly earnings data on Friday, August 8th. The oil and gas company reported ($1.70) EPS for the quarter, missing analysts' consensus estimates of ($0.44) by ($1.26). The company had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $982.88 million. During the same quarter last year, the firm posted ($0.48) EPS. The business's quarterly revenue was down 9.4% compared to the same quarter last year.

Other equities analysts also recently issued research reports about the company. Wells Fargo & Company reduced their price objective on Calumet from $23.00 to $21.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 14th. Bank of America started coverage on Calumet in a research report on Tuesday, May 13th. They set a "buy" rating and a $15.00 price objective on the stock. UBS Group set a $13.25 price objective on Calumet and gave the stock a "neutral" rating in a research report on Tuesday. Finally, The Goldman Sachs Group lowered their price objective on Calumet from $16.00 to $14.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $18.71.

Calumet Price Performance

Calumet stock traded down $0.15 during trading on Tuesday, reaching $13.60. 773,640 shares of the company were exchanged, compared to its average volume of 790,068. Calumet has a 52-week low of $7.68 and a 52-week high of $25.29. The company has a market capitalization of $1.17 billion, a P/E ratio of -2.61 and a beta of 0.91. The stock's 50 day simple moving average is $15.72 and its two-hundred day simple moving average is $13.93.

Insider Buying and Selling at Calumet

In other news, Director Jennifer Straumins sold 100,000 shares of the firm's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $13.17, for a total transaction of $1,317,000.00. Following the completion of the transaction, the director directly owned 1,084,589 shares in the company, valued at $14,284,037.13. This trade represents a 8.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Gregory J. Morical sold 25,123 shares of the firm's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $16.69, for a total value of $419,302.87. Following the transaction, the senior vice president owned 39,415 shares of the company's stock, valued at approximately $657,836.35. This represents a 38.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 275,123 shares of company stock valued at $4,113,303. Company insiders own 4.07% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Premier Path Wealth Partners LLC boosted its holdings in Calumet by 11.4% in the second quarter. Premier Path Wealth Partners LLC now owns 12,853 shares of the oil and gas company's stock valued at $202,000 after purchasing an additional 1,320 shares during the period. University of Texas Texas AM Investment Management Co. boosted its holdings in Calumet by 109.4% in the second quarter. University of Texas Texas AM Investment Management Co. now owns 3,350 shares of the oil and gas company's stock valued at $53,000 after purchasing an additional 1,750 shares during the period. Amalgamated Bank purchased a new position in Calumet in the second quarter valued at $37,000. O Keefe Stevens Advisory Inc. boosted its holdings in Calumet by 12.1% in the second quarter. O Keefe Stevens Advisory Inc. now owns 26,817 shares of the oil and gas company's stock valued at $423,000 after purchasing an additional 2,903 shares during the period. Finally, California State Teachers Retirement System boosted its holdings in Calumet by 7.3% in the second quarter. California State Teachers Retirement System now owns 63,529 shares of the oil and gas company's stock valued at $1,001,000 after purchasing an additional 4,304 shares during the period. 34.41% of the stock is currently owned by hedge funds and other institutional investors.

About Calumet

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.