The Goldman Sachs Group Issues Positive Forecast for Calumet (NASDAQ:CLMT) Stock Price

Key Points

• Goldman Sachs raised Calumet’s price target from $40 to $45 but maintained a “neutral” rating, implying about 6.9% downside from the prior close.
• Analyst sentiment remains mixed, with two Buy, four Hold and one Sell rating; the consensus rating is “Hold” with an average price target of $42.75.
• Calumet’s latest quarter showed revenue growth of 40.8% year over year to $1.45 billion, but it reported a $1.09 loss per share, missing the expected $0.07 profit.

Calumet (NASDAQ:CLMT - Get Free Report) had its price objective hoisted by analysts at The Goldman Sachs Group from $40.00 to $45.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the oil and gas company's stock. The Goldman Sachs Group's price objective suggests a potential downside of 6.93% from the company's previous close.

CLMT has been the subject of a number of other research reports. TD Cowen boosted their price objective on shares of Calumet from $34.00 to $40.00 and gave the company a "hold" rating in a research report on Wednesday, August 12th. Weiss Ratings restated a "sell (d-)" rating on shares of Calumet in a research report on Friday, August 7th. Finally, Citigroup reissued a "buy" rating on shares of Calumet in a report on Monday, August 10th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $42.75.

Calumet Stock Performance

Calumet stock opened at $48.35 on Tuesday. Calumet has a one year low of $12.94 and a one year high of $49.17. The firm has a market capitalization of $4.25 billion, a PE ratio of -31.19 and a beta of 0.71. The stock's 50 day moving average price is $39.30 and its 200 day moving average price is $33.82.

Calumet (NASDAQ:CLMT - Get Free Report) last posted its quarterly earnings data 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 the consensus estimate of $1.12 billion. During the same period in the prior year, the firm posted ($1.70) earnings per share. Calumet's revenue was up 40.8% compared to the same quarter last year. On average, analysts forecast that Calumet will post 0.46 earnings per share for the current fiscal year.

Insider Transactions at Calumet

In other Calumet news, Director Daniel J. Sajkowski sold 4,240 shares of Calumet stock in a transaction that occurred on 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 owned 77,718 shares in the company, valued at approximately $2,810,282.88. The trade was a 5.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 3.15% of the company's stock.

Hedge Funds Weigh In On Calumet

A number of hedge funds have recently modified their holdings of CLMT. Legal & General Group Plc lifted its holdings in shares of Calumet by 36.6% during the second quarter. Legal & General Group Plc now owns 72,143 shares of the oil and gas company's stock valued at $1,137,000 after purchasing an additional 19,322 shares during the last quarter. New York State Common Retirement Fund acquired a new position in shares of Calumet in the second quarter worth about $343,000. Quantbot Technologies LP purchased a new position in shares of Calumet in the second quarter worth approximately $241,000. Invesco Ltd. increased its position in shares of Calumet by 514.8% in the second quarter. Invesco Ltd. now owns 94,642 shares of the oil and gas company's stock worth $1,491,000 after acquiring an additional 79,247 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Calumet by 199.9% during the second quarter. The Manufacturers Life Insurance Company now owns 34,551 shares of the oil and gas company's stock valued at $544,000 after acquiring an additional 23,031 shares during the period. 34.41% of the stock is currently owned by institutional investors and hedge funds.

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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