Calumet (NASDAQ:CLMT) Shares Up 4.5% - Here's Why

Key Points

• Calumet shares rose 4.5% to $47.82, reaching an intraday high of $48.02, though trading volume was 92% below the average session volume.
• Analyst sentiment remains mixed, with two Buy, four Hold and one Sell ratings. The consensus rating is Hold, with a target price of $48.00.
• Calumet reported quarterly revenue of $1.45 billion, up 40.8% year over year, but its $1.09 loss per share missed analysts’ estimate of $0.07 earnings per share.

Calumet, Inc. (NASDAQ:CLMT - Get Free Report) shares traded up 4.5% on Friday . The stock traded as high as $48.02 and last traded at $47.82. Approximately 101,139 shares changed hands during trading, a decline of 92% from the average session volume of 1,205,244 shares. The stock had previously closed at $45.77.

Analysts Set New Price Targets

Several brokerages have commented on CLMT. Citigroup reiterated a "buy" rating on shares of Calumet in a research note on Monday, August 10th. Weiss Ratings restated a "sell (d-)" rating on shares of Calumet in a report on Friday, August 7th. The Goldman Sachs Group increased their target price on Calumet from $40.00 to $45.00 and gave the company a "neutral" rating in a research report on Tuesday, August 18th. UBS Group increased their price objective on shares of Calumet from $26.00 to $47.00 and gave the company a "neutral" rating in a research report on Tuesday. Finally, TD Cowen raised their price target on Calumet from $34.00 to $40.00 and gave the stock a "hold" rating in a research report on Wednesday, August 12th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Calumet presently has a consensus rating of "Hold" and a consensus target price of $48.00.

Calumet Stock Performance

The stock has a fifty day moving average of $41.60 and a 200-day moving average of $35.21. The company has a market cap of $4.20 billion, a PE ratio of -30.85 and a beta of 0.71.

Calumet (NASDAQ:CLMT - Get Free Report) last released its 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 during the quarter, compared to analyst estimates of $1.12 billion. The firm's revenue for the quarter was up 40.8% on a year-over-year basis. During the same quarter last year, the firm posted ($1.70) EPS. As a group, equities analysts anticipate that Calumet, Inc. will post 0.46 EPS for the current fiscal year.

Insiders Place Their Bets

In other Calumet news, Director Daniel J. Sajkowski sold 4,240 shares of the company's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $36.16, for a total value of $153,318.40. Following the transaction, the director directly owned 77,718 shares in the company, valued at $2,810,282.88. This represents a 5.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.15% of the stock is owned by insiders.

Institutional Investors Weigh In On Calumet

Several hedge funds have recently modified their holdings of the business. California State Teachers Retirement System raised its stake in Calumet by 3,320.8% in the second quarter. California State Teachers Retirement System now owns 2,859,088 shares of the oil and gas company's stock worth $102,984,000 after buying an additional 2,775,509 shares in the last quarter. Concurrent Investment Advisors LLC bought a new position in shares of Calumet in the 2nd quarter worth $2,067,000. AXQ Capital LP purchased a new stake in shares of Calumet during the 2nd quarter worth $406,000. Nykredit A S purchased a new position in Calumet in the second quarter valued at about $57,000. Finally, Hennessy Advisors Inc. purchased a new position in Calumet in the second quarter valued at about $10,201,000. Hedge funds and other institutional investors own 34.41% of the company's stock.

Calumet Company Profile

Calumet Specialty Products Partners, L.P. NASDAQ: CLMT is an independent provider of high-value, essential product solutions derived from both petroleum and renewable feedstocks. The company operates an integrated network of manufacturing plants, blending terminals and storage facilities across North America, delivering customized products and technical services to industrial, automotive, consumer and agricultural end markets. By leveraging its scale and technical expertise, Calumet tailors supply chain and formulation solutions to meet stringent regulatory and performance requirements.

Calumet's product portfolio includes specialty lubricants and base oils for high-performance applications; process oils and waxes for food-grade, cosmetic and packaging uses; industrial solvents and cleaning solutions; and fuel additives designed to optimize engine performance and emissions.

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