Calumet (NASDAQ:CLMT) Reaches New 52-Week High - Time to Buy?

Key Points

• Calumet shares reached a new 52-week high of $58.72, trading about 1.4% higher, with the stock well above its 50-day and 200-day moving averages.
• Analyst sentiment remains mixed: two analysts rate the stock a Buy, four rate it Hold and one rates it Sell. The consensus price target is $51.75, though HC Wainwright raised its target to $75.
• 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 expectations for a $0.07 profit.

Calumet, Inc. (NASDAQ:CLMT - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $58.72 and last traded at $58.67, with a volume of 360600 shares traded. The stock had previously closed at $57.55.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CLMT shares. The Goldman Sachs Group upped their target price on Calumet from $40.00 to $45.00 and gave the company a "neutral" rating in a report on Tuesday, August 18th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Calumet in a report on Friday, August 7th. TD Cowen lifted their price target on Calumet from $34.00 to $40.00 and gave the company a "hold" rating in a research report on Wednesday, August 12th. HC Wainwright raised 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. Finally, UBS Group upped their price target on shares of Calumet from $26.00 to $47.00 and gave the stock a "neutral" rating in a report on Tuesday, August 25th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $51.75.

Calumet Trading Up 1.4%

The company has a market cap of $5.13 billion, a P/E ratio of -37.61 and a beta of 0.72. The company's fifty day moving average is $46.46 and its 200 day moving average is $37.57.

Calumet (NASDAQ:CLMT - Get Free Report) last issued its earnings results on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($1.16). The company had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.12 billion. Calumet's revenue for the quarter was up 40.8% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.70) EPS. Analysts anticipate that Calumet, Inc. will post 0.48 EPS for the current year.

Insider Buying and Selling

In other news, Director Daniel Sajkowski sold 4,240 shares of Calumet stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $36.16, for a total value of $153,318.40. Following the sale, the director directly owned 77,718 shares in the company, valued at approximately $2,810,282.88. This trade represents a 5.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.15% of the stock is owned by insiders.

Institutional Trading of Calumet

Several large investors have recently bought and sold shares of the company. Two Seas Capital LP bought a new stake in shares of Calumet during the second quarter valued at approximately $238,442,000. BlackRock Inc. lifted its holdings 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 purchasing an additional 253,578 shares during the last quarter. Bank of America Corp DE boosted its holdings in Calumet by 65.1% in 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 acquiring an additional 454,985 shares in the last quarter. Renaissance Technologies LLC bought a new position in Calumet in the 1st quarter worth about $14,066,000. Finally, UBS Group AG lifted its stake in shares of Calumet by 90.0% in the fourth quarter. UBS Group AG now owns 358,628 shares of the oil and gas company's stock worth $7,126,000 after buying an additional 169,900 shares in the last quarter. 34.41% of the stock is owned by institutional investors.

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.

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