Calumet (NASDAQ:CLMT) Shares Down 4.6% - Here's What Happened

Key Points

• Calumet shares fell 4.6% to approximately $49.78, with trading volume down 91% from the average daily level.
• Analyst views remain mixed: the consensus rating is “Hold” with an average price target of $54.75, while targets range from $40 to $75.
• Calumet’s latest quarterly results missed earnings expectations, reporting a $1.09 per-share loss versus the anticipated $0.07 profit, although revenue rose 40.8% year over year to $1.45 billion.

Calumet, Inc. (NASDAQ:CLMT - Get Free Report) shares traded down 4.6% on Tuesday. The company traded as low as $50.01 and last traded at $49.7750. Approximately 117,088 shares traded hands during trading, a decline of 91% from the average daily volume of 1,264,562 shares. The stock had previously closed at $52.17.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $57.00 target price on shares of Calumet in a report on Wednesday, October 21st. HC Wainwright upped their price objective on Calumet from $60.00 to $75.00 and gave the stock a "buy" rating in a research note on Wednesday, September 2nd. Citigroup reiterated a "buy" rating on shares of Calumet in a research report on Monday, August 10th. Zacks Research raised Calumet from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 5th. Finally, TD Cowen boosted 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. One 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 stock. According to data from MarketBeat, Calumet currently has a consensus rating of "Hold" and an average target price of $54.75.

Calumet Price Performance

The stock's 50-day moving average is $53.72 and its two-hundred day moving average is $37.80. The stock has a market cap of $4.41 billion, a P/E ratio of -32.34, a price-to-earnings-growth ratio of 0.79 and a beta of 0.78.

Calumet (NASDAQ:CLMT - Get Free Report) last announced its quarterly earnings results on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($1.16). The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the prior year, the company posted ($1.70) EPS. The business's revenue was up 40.8% compared to the same quarter last year. On average, analysts anticipate that Calumet, Inc. will post 1.28 EPS for the current fiscal year.

Institutional Trading of Calumet

Hedge funds have recently modified their holdings of the company. Sterling Capital Management LLC raised its position in shares of Calumet by 282.2% during the 3rd quarter. Sterling Capital Management LLC now owns 2,045 shares of the oil and gas company's stock valued at $107,000 after buying an additional 1,510 shares in the last quarter. O Keefe Stevens Advisory Inc. increased its stake in Calumet by 5.0% in the 3rd quarter. O Keefe Stevens Advisory Inc. now owns 30,435 shares of the oil and gas company's stock worth $1,594,000 after buying an additional 1,460 shares during the period. GAMMA Investing LLC raised its stake in shares of Calumet by 63.3% during the third quarter. GAMMA Investing LLC now owns 926 shares of the oil and gas company's stock valued at $49,000 after acquiring an additional 359 shares in the last quarter. Farther Finance Advisors LLC raised its position in Calumet by 8,950.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 905 shares of the oil and gas company's stock valued at $47,000 after purchasing an additional 895 shares in the last quarter. Finally, Valeo Financial Advisors LLC lifted its stake in Calumet by 2.0% in the third quarter. Valeo Financial Advisors LLC now owns 38,613 shares of the oil and gas company's stock worth $2,023,000 after acquiring an additional 760 shares during the period. 34.41% of the stock is owned by hedge funds and other institutional investors.

Calumet Company Profile

Calumet, formerly known as Calumet Specialty Products Partners, L.P., is a manufacturer of specialty hydrocarbon products and renewable fuels. The company refines crude oil and other feedstocks into products used in industrial, transportation, commercial and consumer applications.

Its specialty product portfolio includes base oils, lubricants, waxes, solvents, asphalt and other highly engineered hydrocarbon products. Calumet also produces fuels and renewable fuels, including renewable diesel and sustainable aviation fuel-related products through its renewable fuels operations.

Founded in 1916, the company serves customers across the United States and supplies products to a range of industries, including automotive, energy, manufacturing, infrastructure and aviation.

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