Calumet (NASDAQ:CLMT) Shares Up 6% – Here’s What Happened

Calumet, Inc. (NASDAQ:CLMT) shares rose 6% on Wednesday . The stock traded as high as $38.36 and last traded at $38.28. Approximately 105,260 shares changed hands during trading, a decline of 92% from the average daily volume of 1,270,367 shares. The stock had previously closed at $36.11.

Analyst Ratings Changes

A number of analysts have commented on the stock. TD Cowen reaffirmed a “hold” rating on shares of Calumet in a research report on Wednesday. The Goldman Sachs Group downgraded Calumet from a “buy” rating to a “neutral” rating and set a $36.00 price objective on the stock. in a research note on Friday, April 24th. UBS Group restated a “neutral” rating and set a $26.00 target price on shares of Calumet in a research report on Friday, February 13th. HC Wainwright raised their target price on Calumet from $33.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, March 30th. Finally, Weiss Ratings upgraded Calumet from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Calumet presently has a consensus rating of “Hold” and an average price target of $36.75.

Calumet Stock Performance

The business has a 50 day moving average of $32.86 and a two-hundred day moving average of $26.35. The firm has a market capitalization of $3.29 billion, a price-to-earnings ratio of -17.48 and a beta of 0.73.

Calumet (NASDAQ:CLMT) last announced its quarterly earnings data on Friday, May 8th. The oil and gas company reported ($3.64) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($3.31). The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period in the previous year, the business earned ($1.87) earnings per share. The business’s revenue for the quarter was up 3.6% on a year-over-year basis. On average, equities analysts predict that Calumet, Inc. will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling at Calumet

In other Calumet news, Director Daniel J. Sajkowski sold 3,310 shares of the firm’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $34.46, for a total value of $114,062.60. Following the transaction, the director directly owned 81,958 shares of the company’s stock, valued at approximately $2,824,272.68. This trade represents a 3.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Group Heritage sold 626,998 shares of the business’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $32.54, for a total transaction of $20,402,514.92. Following the sale, the insider directly owned 12,980,211 shares of the company’s stock, valued at approximately $422,376,065.94. The trade was a 4.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 4.07% of the company’s stock.

Institutional Trading of Calumet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Islay Capital Management LLC bought a new position in shares of Calumet in the fourth quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd raised its position in Calumet by 294.7% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,646 shares of the oil and gas company’s stock valued at $33,000 after buying an additional 1,229 shares during the last quarter. Global Retirement Partners LLC purchased a new stake in Calumet in the 4th quarter valued at $34,000. Covestor Ltd raised its position in Calumet by 29.1% in the 4th quarter. Covestor Ltd now owns 2,180 shares of the oil and gas company’s stock valued at $43,000 after buying an additional 492 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new stake in Calumet in the 3rd quarter valued at $59,000. 34.41% of the stock is owned by institutional investors.

About Calumet

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.