Calumet (NASDAQ:CLMT) Hits New 1-Year High - What's Next?

Key Points

• Calumet shares reached a new 52-week high, trading as high as $59.87 before closing near $58.12. The stock’s market capitalization is approximately $5.11 billion.
• Analyst sentiment remains mixed: the consensus rating is “Hold” with an average price target of $51.75, although HC Wainwright raised its target to $75 and maintained a Buy rating.
• Calumet’s latest quarter showed 40.8% year-over-year revenue growth to $1.45 billion, but the company reported an adjusted loss of $1.09 per share, missing estimates by $1.16.

Shares of Calumet, Inc. (NASDAQ:CLMT - Get Free Report) hit a new 52-week high during trading on Tuesday . The stock traded as high as $59.87 and last traded at $58.12, with a volume of 1480962 shares changing hands. The stock had previously closed at $59.00.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Citigroup reaffirmed a "buy" rating on shares of Calumet in a research report on Monday, August 10th. HC Wainwright boosted their target price on Calumet from $60.00 to $75.00 and gave the stock a "buy" rating in a research note on Wednesday, September 2nd. TD Cowen upped their price target on Calumet from $34.00 to $40.00 and gave the stock a "hold" rating in a report on Wednesday, August 12th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Calumet in a research report on Friday, August 7th. Finally, UBS Group lifted their price objective on Calumet from $26.00 to $47.00 and gave the company a "neutral" rating in a research note on Tuesday, August 25th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $51.75.

Calumet Price Performance

The business's 50 day moving average is $48.00 and its 200 day moving average is $38.43. The stock has a market cap of $5.11 billion, a price-to-earnings ratio of -37.50 and a beta of 0.72.

Calumet (NASDAQ:CLMT - Get Free Report) last posted its quarterly earnings results on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share 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 the consensus estimate of $1.12 billion. Calumet's quarterly revenue was up 40.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.70) EPS. As a group, analysts forecast that Calumet, Inc. will post 0.76 earnings per share for the current year.

Insider Buying and Selling at Calumet

In related news, Director Daniel Sajkowski sold 4,240 shares of the business's stock in a transaction that occurred on Wednesday, July 1st. The stock was 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 $2,810,282.88. The trade was a 5.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.15% of the company's stock.

Institutional Trading of Calumet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company lifted its position in shares of Calumet by 1.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,852 shares of the oil and gas company's stock worth $1,075,000 after buying an additional 468 shares during the last quarter. BlueCrest Capital Management Ltd grew its position in shares of Calumet by 33.3% in the 2nd quarter. BlueCrest Capital Management Ltd now owns 80,000 shares of the oil and gas company's stock valued at $2,882,000 after buying an additional 20,000 shares during the last quarter. Nykredit A S purchased a new position in shares of Calumet in the 2nd quarter valued at $57,000. Concurrent Investment Advisors LLC acquired a new stake in Calumet during the 2nd quarter worth $2,067,000. Finally, AXQ Capital LP acquired a new stake in Calumet during the 2nd quarter worth $406,000. Institutional investors and hedge funds own 34.41% of the company's stock.

Calumet Company Profile

Calumet, formally Calumet Specialty Products Partners, L.P., is a producer of specialty hydrocarbon products and renewable fuels. The company supplies products used in transportation, industrial, commercial and consumer applications, with an emphasis on products that are tailored to specific performance requirements rather than sold solely as commodity fuels.

Its product portfolio includes lubricating oils and additives, solvents, waxes, asphalt and other specialty products, as well as gasoline, diesel and other fuel products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.