Calumet (NASDAQ:CLMT) Shares Cross Above 200-Day Moving Average - What's Next?

Key Points

• Calumet shares climbed above their 200-day moving average, reaching $58.69 and last trading at $58.24, compared with a 200-day average of $41.76.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $51.75; recent target increases ranged from $40 to $47.
• Calumet’s latest quarter showed revenue rising 40.8% year over year to $1.45 billion, but the company reported a $1.09 per-share loss, missing the $0.07 consensus estimate.

Calumet, Inc. (NASDAQ:CLMT - Get Free Report) shares passed above its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $41.76 and traded as high as $58.69. Calumet shares last traded at $58.24, with a volume of 1,147,211 shares trading hands.

Analyst Ratings Changes

CLMT has been the subject of several research reports. The Goldman Sachs Group boosted their price objective on shares of Calumet from $40.00 to $45.00 and gave the company a "neutral" rating in a research note on Tuesday, August 18th. TD Cowen increased their target price on Calumet from $34.00 to $40.00 and gave the stock a "hold" rating in a research report on Wednesday, August 12th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Calumet in a report on Friday, August 7th. Citigroup reiterated a "buy" rating on shares of Calumet in a report on Monday, August 10th. Finally, UBS Group boosted their price target on Calumet from $26.00 to $47.00 and gave the company a "neutral" rating in a research report on Tuesday, August 25th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Calumet currently has a consensus rating of "Hold" and an average price target of $51.75.

Calumet Price Performance

The firm's 50-day moving average price is $52.82 and its 200-day moving average price is $41.76. The company has a market cap of $5.12 billion, a price-to-earnings ratio of -37.57, a price-to-earnings-growth ratio of 1.54 and a beta of 0.78.

Calumet (NASDAQ:CLMT - Get Free Report) last posted 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 for the quarter, compared to analyst estimates of $1.12 billion. During the same quarter last year, the firm earned ($1.70) EPS. The company's quarterly revenue was up 40.8% on a year-over-year basis. On average, sell-side analysts anticipate that Calumet, Inc. will post 0.76 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC boosted its position in shares of Calumet by 8,950.0% in the third quarter. Farther Finance Advisors LLC now owns 905 shares of the oil and gas company's stock worth $47,000 after buying an additional 895 shares during the period. GAMMA Investing LLC raised its holdings in shares of Calumet by 63.3% during the 3rd quarter. GAMMA Investing LLC now owns 926 shares of the oil and gas company's stock valued at $49,000 after buying an additional 359 shares during the period. Nykredit A S purchased a new stake in shares of Calumet during the 2nd quarter valued at about $57,000. Global Retirement Partners LLC purchased a new stake in shares of Calumet during the 2nd quarter valued at about $61,000. Finally, KBC Group NV acquired a new position in Calumet during the 1st quarter worth approximately $69,000. 34.41% of the stock is owned by hedge funds and other institutional investors.

Calumet Company Profile

Calumet, Inc NASDAQ: CLMT is a specialty products and renewable fuels company headquartered in Indianapolis, Indiana. The company develops, produces and markets a range of products derived from crude oil and renewable feedstocks for industrial, commercial and consumer applications.

Its specialty products portfolio includes lubricants, solvents, waxes, asphalt and other hydrocarbon-based products, as well as products used in manufacturing, transportation, infrastructure and consumer goods.

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