Calumet (NASDAQ:CLMT) Shares Up 5.3% – Here’s Why

Calumet, Inc. (NASDAQ:CLMT) shares rose 5.3% during trading on Wednesday . The company traded as high as $38.91 and last traded at $39.14. Approximately 188,706 shares were traded during trading, a decline of 84% from the average daily volume of 1,202,608 shares. The stock had previously closed at $37.17.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CLMT shares. HC Wainwright lifted their price objective on Calumet from $33.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, March 30th. TD Cowen reaffirmed a “hold” rating on shares of Calumet in a research note on Wednesday, June 3rd. The Goldman Sachs Group lowered Calumet from a “buy” rating to a “neutral” rating and set a $36.00 price target on the stock. in a research note on Friday, April 24th. Finally, Weiss Ratings upgraded Calumet from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, May 11th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Calumet has an average rating of “Hold” and an average price target of $36.75.

Calumet Stock Performance

The business has a 50 day moving average of $34.05 and a two-hundred day moving average of $29.21. The firm has a market capitalization of $3.37 billion, a price-to-earnings ratio of -17.96 and a beta of 0.72.

Calumet (NASDAQ:CLMT) last released its quarterly earnings data on Friday, May 8th. The oil and gas company reported ($3.64) EPS for the quarter, missing the consensus estimate of ($0.33) by ($3.31). The firm had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period last year, the company posted ($1.87) EPS. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. On average, equities analysts predict that Calumet, Inc. will post -0.28 EPS for the current fiscal year.

Insider Buying and Selling at Calumet

In other Calumet news, Director Daniel J. Sajkowski sold 4,240 shares of the company’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $36.16, for a total transaction of $153,318.40. Following the transaction, the director owned 77,718 shares in the company, valued at approximately $2,810,282.88. This represents a 5.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Group Heritage sold 626,998 shares of the firm’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $32.54, for a total transaction of $20,402,514.92. Following the completion of the transaction, the insider directly owned 12,980,211 shares in the company, valued at $422,376,065.94. This trade represents a 4.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 4.07% of the company’s stock.

Institutional Trading of Calumet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lombard Odier Asset Management USA Corp bought a new position in shares of Calumet in the third quarter valued at approximately $2,327,000. DAVENPORT & Co LLC purchased a new stake in Calumet in the 4th quarter valued at $334,000. Vanguard Group Inc. lifted its stake in Calumet by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 4,703,040 shares of the oil and gas company’s stock valued at $93,449,000 after acquiring an additional 58,376 shares in the last quarter. UBS Group AG lifted its stake in Calumet by 90.0% during the 4th quarter. UBS Group AG now owns 358,628 shares of the oil and gas company’s stock valued at $7,126,000 after acquiring an additional 169,900 shares in the last quarter. Finally, WINTON GROUP Ltd boosted its holdings in Calumet by 56.4% during the 3rd quarter. WINTON GROUP Ltd now owns 66,100 shares of the oil and gas company’s stock worth $1,206,000 after acquiring an additional 23,835 shares during the last quarter. 34.41% of the stock is owned by institutional investors.

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.