Calumet (NASDAQ:CLMT) Shares Pass Above Two Hundred Day Moving Average – What’s Next?

Shares of Calumet, Inc. (NASDAQ:CLMT) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $15.02 and traded as high as $18.77. Calumet shares last traded at $18.67, with a volume of 404,574 shares changing hands.

Analyst Ratings Changes

CLMT has been the topic of several recent research reports. Zacks Research downgraded Calumet from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of Calumet in a report on Wednesday, October 8th. Finally, UBS Group raised their price objective on Calumet from $12.00 to $13.25 and gave the company a “neutral” rating in a report on Tuesday, August 12th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Calumet presently has an average rating of “Hold” and a consensus target price of $18.71.

Calumet Stock Performance

The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of -3.58 and a beta of 0.98. The company has a fifty day simple moving average of $17.31 and a 200 day simple moving average of $15.02.

Calumet (NASDAQ:CLMT) last announced its quarterly earnings data on Friday, August 8th. The oil and gas company reported ($1.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($1.26). The firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $982.88 million. Calumet’s revenue for the quarter was down 9.4% compared to the same quarter last year. During the same quarter last year, the company earned ($0.48) earnings per share. As a group, equities analysts predict that Calumet, Inc. will post -3.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. O Keefe Stevens Advisory Inc. lifted its stake in shares of Calumet by 2.2% in the 3rd quarter. O Keefe Stevens Advisory Inc. now owns 27,416 shares of the oil and gas company’s stock valued at $500,000 after purchasing an additional 599 shares during the period. Corient Private Wealth LLC acquired a new position in shares of Calumet in the 2nd quarter valued at about $577,000. Squarepoint Ops LLC acquired a new position in Calumet during the 2nd quarter worth approximately $500,000. Engineers Gate Manager LP acquired a new position in Calumet during the 2nd quarter worth approximately $230,000. Finally, BNP Paribas Financial Markets raised its stake in Calumet by 18,512.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 183,890 shares of the oil and gas company’s stock worth $2,897,000 after buying an additional 182,902 shares during the period. 34.41% of the stock is owned by institutional investors and hedge funds.

Calumet Company Profile

Calumet, Inc engages in the manufacturing, formulating, and marketing of a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. It operates through the following segments: Specialty Products & Solutions, Performance Brands, Montana/Renewables, and Corporate.