Calumet (NASDAQ:CLMT) Shares Up 7.2% - Still a Buy?

Key Points

• Calumet shares rose 7.2% to $52.85, although trading volume was 68% below the average daily level.
• Analyst views remain mixed: HC Wainwright raised its price target to $75 and Zacks upgraded the stock to “strong buy,” while Goldman Sachs maintained “neutral” and Weiss Ratings kept a “sell” rating. The consensus is “Hold,” with a $54.75 target.
• Calumet missed quarterly earnings expectations, reporting a $1.09 loss per share versus an expected $0.07 profit, but revenue increased 40.8% year over year to $1.45 billion.

Calumet, Inc. (NASDAQ:CLMT - Get Free Report)'s stock price rose 7.2% on Monday. The company traded as high as $52.54 and last traded at $52.85. Approximately 398,605 shares were traded during trading, a decline of 68% from the average session volume of 1,262,832 shares. The stock had previously closed at $49.31.

Wall Street Analysts Forecast Growth

CLMT has been the subject of a number of recent analyst reports. HC Wainwright boosted 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. Zacks Research raised Calumet from a "hold" rating to a "strong-buy" rating in a report on Monday, October 5th. The Goldman Sachs Group reissued a "neutral" rating and set a $57.00 price target on shares of Calumet in a report on Wednesday. TD Cowen increased their price objective on shares of Calumet from $34.00 to $40.00 and gave the stock a "hold" rating in a research report on Wednesday, August 12th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Calumet in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $54.75.

Calumet Stock Up 6.9%

The firm has a market cap of $4.63 billion, a price-to-earnings ratio of -33.88, a price-to-earnings-growth ratio of 0.79 and a beta of 0.78. The stock's 50 day moving average is $53.74 and its 200 day moving average is $42.53.

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

Hedge Funds Weigh In On Calumet

Several institutional investors have recently bought and sold shares of CLMT. Farther Finance Advisors LLC lifted 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 purchasing an additional 895 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Calumet by 63.3% in the 3rd quarter. GAMMA Investing LLC now owns 926 shares of the oil and gas company's stock valued at $49,000 after purchasing an additional 359 shares during the last quarter. Nykredit A S bought a new position in Calumet in the 2nd quarter valued at approximately $57,000. Global Retirement Partners LLC bought a new position in shares of Calumet during the second quarter valued at $61,000. Finally, KBC Group NV acquired a new stake in shares of Calumet in the 1st quarter valued at about $69,000. Institutional investors own 34.41% of the company's stock.

About Calumet

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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