Calumet, Inc. (NASDAQ:CLMT) Stock Has Consensus Target Price of $51.75

Calumet, Inc. (NASDAQ:CLMT) has earned an average recommendation of “Hold” from the seven ratings firms that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $51.75.

A number of equities research analysts recently commented on CLMT shares. TD Cowen lifted their price objective on Calumet from $34.00 to $40.00 and gave the stock a “hold” rating in a research note on Wednesday, August 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Calumet in a research note on Friday, August 7th. UBS Group raised their target price on Calumet from $26.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, August 25th. The Goldman Sachs Group boosted their target price on Calumet from $40.00 to $45.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 18th. Finally, HC Wainwright upped their price target on Calumet from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, September 2nd.

Calumet Price Performance

Shares of NASDAQ CLMT opened at $53.72 on Friday. Calumet has a fifty-two week low of $17.42 and a fifty-two week high of $59.87. The firm has a market capitalization of $4.72 billion, a P/E ratio of -34.66 and a beta of 0.78. The company’s 50 day simple moving average is $49.85 and its 200 day simple moving average is $39.81.

Calumet (NASDAQ:CLMT) last released its earnings results on Friday, August 7th. The oil and gas company reported ($1.09) EPS 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 analysts’ expectations of $1.12 billion. The business’s revenue for the quarter was up 40.8% on a year-over-year basis. During the same period in the previous year, the company earned ($1.70) earnings per share. Sell-side analysts expect that Calumet will post 0.76 EPS for the current fiscal year.

Institutional Investors Weigh In On Calumet

Several large investors have recently bought and sold shares of the company. State Street Corp boosted its position in shares of Calumet by 12.7% during the second quarter. State Street Corp now owns 3,471,065 shares of the oil and gas company’s stock worth $125,028,000 after purchasing an additional 390,906 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Calumet by 1.6% during the second quarter. The Manufacturers Life Insurance Company now owns 29,852 shares of the oil and gas company’s stock worth $1,075,000 after acquiring an additional 468 shares in the last quarter. BlueCrest Capital Management Ltd grew its stake in Calumet by 33.3% in the second quarter. BlueCrest Capital Management Ltd now owns 80,000 shares of the oil and gas company’s stock valued at $2,882,000 after acquiring an additional 20,000 shares during the period. Nykredit A S acquired a new position in Calumet in the second quarter valued at about $57,000. Finally, Concurrent Investment Advisors LLC bought a new stake in shares of Calumet in the second quarter worth about $2,067,000. Institutional investors own 34.41% of the company’s stock.

About Calumet

Calumet, Inc (NASDAQ: CLMT) is a specialty products and renewable fuels company headquartered in Indianapolis, Indiana. The company develops, produces and markets a range of products derived from crude oil and renewable feedstocks for industrial, commercial and consumer applications.

Its specialty products portfolio includes lubricants, solvents, waxes, asphalt and other hydrocarbon-based products, as well as products used in manufacturing, transportation, infrastructure and consumer goods.