Calumet (NASDAQ:CLMT) Share Price Breaks Below Two Hundred Day Moving Average - Should You Sell?

Key Points

• Calumet shares fell below their 200-day moving average, trading as low as $35.88 and last at $36.06, compared with a 200-day average of $39.07.
• Analyst views are mixed, but the consensus rating is Hold; the average price target is $54.75. Recent calls ranged from a $75 Buy target to a Sell rating.
• Calumet beat quarterly earnings and revenue estimates, reporting EPS of $2.91 versus $1.63 expected and revenue of $1.68 billion, up 56.1% year over year.

Calumet, Inc. (NASDAQ:CLMT - Get Free Report) passed below its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $39.07 and traded as low as $35.88. Calumet shares last traded at $36.06, with a volume of 3,021,712 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CLMT. TD Cowen raised their target price on Calumet from $34.00 to $40.00 and gave the stock a "hold" rating in a research note on Wednesday, August 12th. Citigroup reiterated a "buy" rating on shares of Calumet in a research note on Monday, August 10th. HC Wainwright increased their price objective on Calumet from $60.00 to $75.00 and gave the company a "buy" rating in a report on Wednesday, September 2nd. Weiss Ratings reissued a "sell (d-)" rating on shares of Calumet in a report on Wednesday, November 4th. Finally, Zacks Research cut Calumet from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, November 3rd. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $54.75.

Calumet Price Performance

The company has a market capitalization of $3.17 billion, a price-to-earnings ratio of -16.03, a P/E/G ratio of 0.70 and a beta of 0.65. The stock has a fifty day simple moving average of $53.18 and a 200-day simple moving average of $39.07.

Calumet (NASDAQ:CLMT - Get Free Report) last released its quarterly earnings data on Friday, November 6th. The oil and gas company reported $2.91 EPS for the quarter, topping the consensus estimate of $1.63 by $1.28. The company had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.34 billion. The company's revenue for the quarter was up 56.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.61 EPS. As a group, equities analysts expect that Calumet, Inc. will post 1.28 EPS for the current fiscal year.

Institutional Trading of Calumet

Hedge funds have recently added to or reduced their stakes in the company. AlTi Global Inc. acquired a new stake in Calumet during the third quarter valued at $233,000. Jefferies Financial Group Inc. purchased a new position in Calumet in the third quarter valued at $714,000. O Brien Greene & Co. Inc acquired a new position in shares of Calumet in the third quarter worth about $602,000. Optimist Retirement Group LLC acquired a new position in shares of Calumet in the third quarter worth about $443,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Calumet in the third quarter worth about $210,000. 34.41% of the stock is owned by hedge funds and other institutional investors.

Calumet Company Profile

Calumet, Inc is a U.S.-based producer of specialty hydrocarbon products, renewable fuels and conventional fuels. Its products serve customers in industries such as manufacturing, transportation, energy and consumer goods.

The company's specialty products include lubricating oils, solvents, waxes, petrolatums and asphalt. It also produces gasoline, diesel and other fuels, and through its Montana Renewables business makes lower-carbon fuels, including sustainable aviation fuel and renewable diesel.

Headquartered in Indianapolis, Indiana, Calumet operates manufacturing facilities in the United States and supplies customers across North America and in international markets.

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