Calumet (NASDAQ:CLMT) Shares Down 4.9% - Should You Sell?

Key Points

• Calumet shares fell 4.9% to approximately $54.91, with trading volume 64% below the average session volume.
• Analyst sentiment remains mixed, resulting in a consensus “Hold” rating and an average price target of $51.75; targets range from $40 to $75.
• Calumet missed quarterly earnings expectations, reporting a loss of $1.09 per share versus estimates for $0.07 in earnings, despite revenue rising 40.8% year over year to $1.45 billion.

Shares of Calumet, Inc. (NASDAQ:CLMT - Get Free Report) dropped 4.9% during trading on Monday. The company traded as low as $55.27 and last traded at $54.9120. 455,667 shares traded hands during trading, a decline of 64% from the average session volume of 1,253,353 shares. The stock had previously closed at $57.75.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CLMT shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Calumet in a research report on Friday, August 7th. 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 report on Tuesday, August 18th. TD Cowen upped their price objective on Calumet from $34.00 to $40.00 and gave the stock a "hold" rating in a research note on Wednesday, August 12th. UBS Group raised their target price on Calumet from $26.00 to $47.00 and gave the stock a "neutral" rating in a report on Tuesday, August 25th. Finally, HC Wainwright raised their target price on Calumet from $60.00 to $75.00 and gave the stock a "buy" rating in a report on Wednesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $51.75.

Calumet Trading Down 5.9%

The company has a market cap of $4.78 billion, a P/E ratio of -35.08, a PEG ratio of 1.54 and a beta of 0.78. The business's 50 day simple moving average is $53.19 and its 200 day simple moving average is $41.92.

Calumet (NASDAQ:CLMT - Get Free Report) last posted its quarterly earnings results on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share 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 analyst estimates of $1.12 billion. Calumet's revenue for the quarter was up 40.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.70) EPS. Sell-side analysts anticipate that Calumet, Inc. will post 0.76 EPS for the current year.

Institutional Investors Weigh In On Calumet

A number of institutional investors have recently added to or reduced their stakes in CLMT. Two Seas Capital LP purchased a new position in Calumet during the 2nd quarter valued at approximately $238,442,000. Bank of America Corp DE purchased a new stake in shares of Calumet during the 2nd quarter worth approximately $35,348,000. Renaissance Technologies LLC bought a new position in shares of Calumet during the 1st quarter valued at approximately $14,066,000. State Street Corp boosted its position in shares of Calumet by 12.7% during the 2nd quarter. State Street Corp now owns 3,471,065 shares of the oil and gas company's stock valued at $125,028,000 after acquiring an additional 390,906 shares during the last quarter. Finally, Hennessy Advisors Inc. bought a new position in shares of Calumet during the 2nd quarter valued at approximately $10,201,000. 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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