Calumet (NASDAQ:CLMT) Hits New 12-Month High - Still a Buy?

Key Points

• Calumet shares hit a new 52-week high of $51.57, trading well above their 50-day and 200-day moving averages. The stock has a $4.53 billion market capitalization, but a negative price-to-earnings ratio.
• Analyst sentiment remains mixed: two analysts rate CLMT a Buy, four recommend Hold, and one rates it Sell. The consensus rating is Hold, with an average price target of $48, below the recent trading price.
• Calumet’s latest quarter showed revenue rising 40.8% year over year to $1.45 billion, but the company reported an adjusted loss of $1.09 per share versus expectations for $0.07 in earnings. Institutional investors own 34.41% of the stock, while an insider recently reduced his position by 5.17%.

Calumet, Inc. (NASDAQ:CLMT - Get Free Report)'s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $51.57 and last traded at $51.52, with a volume of 2014355 shares trading hands. The stock had previously closed at $49.73.

Analyst Ratings Changes

Several brokerages have weighed in on CLMT. The Goldman Sachs Group raised their price target on Calumet from $40.00 to $45.00 and gave the stock a "neutral" rating in a report on Tuesday, August 18th. Citigroup reaffirmed a "buy" rating on shares of Calumet in a research report on Monday, August 10th. UBS Group lifted their target price on shares of Calumet from $26.00 to $47.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 25th. TD Cowen boosted their target price on shares of Calumet from $34.00 to $40.00 and gave the stock a "hold" rating in a research report on Wednesday, August 12th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Calumet in a report on Friday, August 7th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $48.00.

Calumet Price Performance

The business has a fifty day moving average price of $42.24 and a two-hundred day moving average price of $35.54. The firm has a market capitalization of $4.53 billion, a price-to-earnings ratio of -33.24 and a beta of 0.71.

Calumet (NASDAQ:CLMT - Get Free Report) last announced its quarterly earnings data on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($1.16). The firm had revenue of $1.45 billion during the quarter, compared to analysts' expectations of $1.12 billion. The firm's revenue was up 40.8% on a year-over-year basis. During the same period last year, the firm posted ($1.70) EPS. On average, research analysts predict that Calumet, Inc. will post 0.46 earnings per share for the current year.

Insider Transactions at Calumet

In other Calumet news, Director Daniel J. Sajkowski sold 4,240 shares of the firm's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $36.16, for a total transaction of $153,318.40. Following the completion of the transaction, the director directly owned 77,718 shares of the company's stock, valued at approximately $2,810,282.88. This trade represents a 5.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 3.15% of the company's stock.

Institutional Trading of Calumet

Several large investors have recently made changes to their positions in CLMT. Renaissance Technologies LLC acquired a new position in Calumet during the first quarter valued at $14,066,000. Two Seas Capital LP purchased a new stake in Calumet in the second quarter valued at $238,442,000. BlackRock Inc. grew its position in Calumet by 5.1% during the 2nd quarter. BlackRock Inc. now owns 5,234,106 shares of the oil and gas company's stock worth $188,532,000 after purchasing an additional 253,578 shares during the period. Jupiter Topco LLC acquired a new stake in Calumet during the 2nd quarter worth about $8,120,000. Finally, Bank of America Corp DE raised its stake in shares of Calumet by 65.1% during the 1st quarter. Bank of America Corp DE now owns 1,153,744 shares of the oil and gas company's stock valued at $41,419,000 after buying an additional 454,985 shares during the last quarter. 34.41% of the stock is owned by hedge funds and other institutional investors.

About Calumet

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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