Calumet (NASDAQ:CLMT) Stock Price Down 7.7% - What's Next?

Key Points

• Calumet shares fell 7.7% to $33.645 on Friday, with trading volume 70% below its average.
• Analyst views are mixed, with two Buy, four Hold and one Sell rating; the consensus rating is Hold and the average price target is $54.75.
• Latest quarterly results beat estimates: earnings were $2.91 per share versus $1.63 expected, and revenue reached $1.68 billion, up 56.1% year over year.

Calumet, Inc. (NASDAQ:CLMT - Get Free Report)'s stock price fell 7.7% during trading on Friday. The company traded as low as $33.27 and last traded at $33.6450. 388,681 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 1,292,916 shares. The stock had previously closed at $36.45.

Wall Street Analyst Weigh In

CLMT has been the topic of several research reports. HC Wainwright upped their price objective on shares of Calumet from $60.00 to $75.00 and gave the company a "buy" rating in a report on Wednesday, September 2nd. Citigroup restated a "buy" rating on shares of Calumet in a research note on Monday, August 10th. Zacks Research downgraded Calumet from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, November 3rd. TD Cowen boosted their target price on Calumet from $34.00 to $40.00 and gave the company a "hold" rating in a research report on Wednesday, August 12th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Calumet in a research note on Wednesday, November 4th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $54.75.

Calumet Stock Performance

The firm has a market cap of $3.00 billion, a P/E ratio of -15.13, a price-to-earnings-growth ratio of 0.24 and a beta of 0.65. The stock's 50 day simple moving average is $52.24 and its 200 day simple moving average is $39.28.

Calumet (NASDAQ:CLMT - Get Free Report) last released its quarterly earnings data on Friday, November 6th. The oil and gas company reported $2.91 earnings per share for the quarter, beating analysts' consensus estimates of $1.63 by $1.28. The firm had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.34 billion. Calumet had a negative net margin of 3.73% and a negative return on equity of 32.93%. The business's quarterly revenue was up 56.1% compared to the same quarter last year. During the same period last year, the firm earned $3.61 earnings per share. As a group, analysts forecast that Calumet, Inc. will post 3.09 EPS for the current fiscal year.

Institutional Trading of Calumet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Two Seas Capital LP purchased a new stake in Calumet in the 2nd quarter valued at $238,442,000. BlackRock Inc. grew its stake in shares of Calumet by 5.1% in the 2nd quarter. BlackRock Inc. now owns 5,234,106 shares of the oil and gas company's stock worth $188,532,000 after acquiring an additional 253,578 shares in the last quarter. State Street Corp grew its stake in shares of Calumet by 12.7% in the 2nd quarter. State Street Corp now owns 3,471,065 shares of the oil and gas company's stock worth $125,028,000 after acquiring an additional 390,906 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of Calumet by 65.1% in the first quarter. Bank of America Corp DE now owns 1,153,744 shares of the oil and gas company's stock valued at $41,419,000 after purchasing an additional 454,985 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of Calumet by 42.9% in the third quarter. First Trust Advisors LP now owns 428,009 shares of the oil and gas company's stock valued at $22,419,000 after purchasing an additional 128,515 shares during the last quarter. 34.41% of the stock is owned by institutional investors.

Calumet Company Profile

Calumet, Inc. is a U.S.-based producer of specialty hydrocarbon products, renewable fuels and conventional fuels. Its products serve customers in industries such as manufacturing, transportation, energy and consumer goods. The company's specialty products include lubricating oils, solvents, waxes, petrolatums and asphalt. It also produces gasoline, diesel and other fuels, and through its Montana Renewables business makes lower-carbon fuels, including sustainable aviation fuel and renewable diesel.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.