Calumet (NASDAQ:CLMT) Hits New 1-Year High - Here's Why

Key Points

• Calumet shares reached a new 52-week high of $54.75, last trading at $54.28, up 1.1%. The stock is well above its 50-day and 200-day moving averages of $44.46 and $36.60, respectively.
• Analyst views remain mixed: HC Wainwright raised its price target to $75 with a buy rating, while Goldman Sachs, UBS and TD Cowen maintained neutral or hold ratings. The consensus rating is “Hold,” with an average price target of $51.75.
• Calumet’s latest quarterly revenue rose 40.8% year over year to $1.45 billion, but the company reported an adjusted loss of $1.09 per share, missing estimates. Institutional investors own 34.41% of the stock, while a company director recently sold 4,240 shares.

Calumet, Inc. (NASDAQ:CLMT - Get Free Report)'s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $54.75 and last traded at $54.2750, with a volume of 38753 shares changing hands. The stock had previously closed at $53.91.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. The Goldman Sachs Group raised their price objective on shares of Calumet from $40.00 to $45.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 18th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Calumet in a report on Friday, August 7th. HC Wainwright increased their price target on shares of Calumet from $60.00 to $75.00 and gave the stock a "buy" rating in a research report on Wednesday, September 2nd. TD Cowen boosted their price objective on shares of Calumet from $34.00 to $40.00 and gave the company a "hold" rating in a research report on Wednesday, August 12th. Finally, UBS Group boosted their price target on shares of Calumet from $26.00 to $47.00 and gave the company a "neutral" rating in a report on Tuesday, August 25th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $51.75.

Calumet Stock Up 1.1%

The company has a 50-day moving average price of $44.46 and a 200-day moving average price of $36.60. The company has a market capitalization of $4.79 billion, a price-to-earnings ratio of -35.19 and a beta of 0.72.

Calumet (NASDAQ:CLMT - Get Free Report) last released its earnings results on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($1.16). The business had revenue of $1.45 billion during the quarter, compared to analysts' expectations of $1.12 billion. During the same quarter in the prior year, the business earned ($1.70) earnings per share. The firm's revenue was up 40.8% on a year-over-year basis. Equities analysts expect that Calumet, Inc. will post 0.48 EPS for the current fiscal year.

Insider Activity

In other news, Director Daniel Sajkowski sold 4,240 shares of the firm's stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $36.16, for a total value of $153,318.40. Following 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 3.15% of the company's stock.

Hedge Funds Weigh In On Calumet

Large investors have recently bought and sold shares of the stock. Two Seas Capital LP bought a new position in shares of Calumet during the 2nd quarter worth about $238,442,000. BlackRock Inc. raised its position in shares of Calumet by 5.1% during the second quarter. BlackRock Inc. now owns 5,234,106 shares of the oil and gas company's stock valued at $188,532,000 after buying an additional 253,578 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Calumet by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 4,703,040 shares of the oil and gas company's stock valued at $93,449,000 after buying an additional 58,376 shares during the period. California State Teachers Retirement System grew its position in Calumet by 3,320.8% during the second quarter. California State Teachers Retirement System now owns 2,859,088 shares of the oil and gas company's stock worth $102,984,000 after buying an additional 2,775,509 shares in the last quarter. Finally, Bank of America Corp DE grew its position in Calumet by 65.1% during the first quarter. Bank of America Corp DE now owns 1,153,744 shares of the oil and gas company's stock worth $41,419,000 after buying an additional 454,985 shares in the last quarter. 34.41% of the stock is currently owned by institutional investors and hedge funds.

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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