Investors Purchase Large Volume of Call Options on Calumet (NASDAQ:CLMT)

Calumet, Inc. (NASDAQ:CLMT) was the recipient of some unusual options trading on Tuesday. Stock traders purchased 3,039 call options on the company. This is an increase of approximately 22% compared to the average volume of 2,495 call options.

Calumet Stock Up 0.0%

NASDAQ:CLMT traded up $0.00 on Tuesday, reaching $19.98. The stock had a trading volume of 404,824 shares, compared to its average volume of 1,075,949. The company has a market capitalization of $1.73 billion, a P/E ratio of -46.66 and a beta of 1.23. The stock has a fifty day moving average price of $19.47 and a 200-day moving average price of $17.92. Calumet has a 1-year low of $7.68 and a 1-year high of $22.15.

Calumet (NASDAQ:CLMT) last released its quarterly earnings results on Friday, November 7th. The oil and gas company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.09. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.06 billion. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same period in the prior year, the business earned ($1.18) earnings per share. Sell-side analysts predict that Calumet will post -3.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Calumet

A number of large investors have recently modified their holdings of the stock. Amalgamated Bank bought a new position in Calumet in the 2nd quarter worth approximately $37,000. University of Texas Texas AM Investment Management Co. grew its holdings in Calumet by 109.4% during the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 3,350 shares of the oil and gas company’s stock worth $53,000 after acquiring an additional 1,750 shares during the period. State of Alaska Department of Revenue acquired a new stake in Calumet in the 3rd quarter valued at $56,000. Advisory Services Network LLC bought a new stake in Calumet during the 3rd quarter worth about $59,000. Finally, Ameritas Investment Partners Inc. bought a new position in shares of Calumet in the 2nd quarter valued at about $111,000. 34.41% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on CLMT shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Calumet in a report on Monday, December 29th. Wall Street Zen lowered shares of Calumet from a “buy” rating to a “hold” rating in a research report on Sunday, December 14th. Zacks Research raised shares of Calumet from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 6th. TD Cowen increased their target price on shares of Calumet from $15.00 to $18.00 and gave the company a “hold” rating in a research note on Tuesday, November 11th. Finally, HC Wainwright restated a “buy” rating and set a $33.00 price target on shares of Calumet in a research note on Monday, November 10th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Calumet has an average rating of “Hold” and an average target price of $20.04.

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.