Calumet (NASDAQ:CLMT) Stock Price Breaks Above Two Hundred Day Moving Average - Here's Why

Key Points

• Calumet shares broke above their 200-day moving average, trading as high as $56.43 and last changing hands at $56.03, compared with the 200-day average of $40.19.
• Analyst sentiment remains mixed: the consensus rating is “Hold” with an average price target of $51.75, although HC Wainwright raised its target to $75 and maintained a “Buy” rating.
• Calumet’s latest quarter showed revenue growth of 40.8% year over year to $1.45 billion, but the company reported an adjusted loss of $1.09 per share, missing analysts’ estimate of $0.07 earnings per share.

Calumet, Inc. (NASDAQ:CLMT - Get Free Report) shares crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $40.19 and traded as high as $56.43. Calumet shares last traded at $56.03, with a volume of 1,289,755 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. UBS Group upped their price target on Calumet from $26.00 to $47.00 and gave the stock a "neutral" rating in a report on Tuesday, August 25th. HC Wainwright upped their target price on shares of Calumet from $60.00 to $75.00 and gave the stock a "buy" rating in a research note on Wednesday, September 2nd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Calumet in a report on Friday, August 7th. The Goldman Sachs Group increased 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. Finally, TD Cowen lifted 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. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $51.75.

Calumet Price Performance

The firm has a 50 day moving average of $50.41 and a two-hundred day moving average of $40.19. The stock has a market cap of $4.93 billion, a PE ratio of -36.15 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) EPS for the quarter, missing the consensus estimate 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 earned ($1.70) EPS. The firm's revenue was up 40.8% compared to the same quarter last year. As a group, equities analysts anticipate that Calumet, Inc. will post 0.76 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CLMT. State Street Corp lifted its position in Calumet by 12.7% in the second 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. The Manufacturers Life Insurance Company grew its holdings in shares of Calumet by 1.6% during the second quarter. The Manufacturers Life Insurance Company now owns 29,852 shares of the oil and gas company's stock worth $1,075,000 after purchasing an additional 468 shares during the last quarter. BlueCrest Capital Management Ltd grew its holdings in shares of Calumet by 33.3% during the second quarter. BlueCrest Capital Management Ltd now owns 80,000 shares of the oil and gas company's stock worth $2,882,000 after purchasing an additional 20,000 shares during the last quarter. Nykredit A S acquired a new stake in shares of Calumet during the second quarter worth about $57,000. Finally, Concurrent Investment Advisors LLC purchased a new stake in shares of Calumet in the 2nd quarter valued at about $2,067,000. 34.41% of the stock is owned by hedge funds and other institutional investors.

About Calumet

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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