Calumet (NASDAQ:CLMT) Stock Moved Up to “Strong-Buy” by Zacks Research

Zacks Research upgraded shares of Calumet (NASDAQ:CLMT) from a hold rating to a strong-buy rating in a report issued on Monday morning,Zacks reports.

CLMT has been the topic of several other reports. TD Cowen upped their price objective on shares of 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 report on Friday, August 7th. HC Wainwright increased their price target on Calumet from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, September 2nd. UBS Group increased their price target on Calumet from $26.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 25th. Finally, The Goldman Sachs Group lifted their price objective on Calumet from $40.00 to $45.00 and gave the company a “neutral” rating in a research report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $51.75.

Calumet Stock Performance

Shares of NASDAQ CLMT opened at $56.26 on Monday. Calumet has a 52-week low of $17.42 and a 52-week high of $59.87. The business has a fifty day moving average of $50.71 and a two-hundred day moving average of $40.38. The stock has a market cap of $4.94 billion, a PE ratio of -36.30 and a beta of 0.78.

Calumet (NASDAQ:CLMT) last posted its earnings results on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($1.16). The firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.12 billion. The business’s revenue was up 40.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.70) earnings per share. Analysts predict that Calumet will post 0.76 earnings per share for the current year.

Institutional Trading of Calumet

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. State Street Corp boosted its stake in shares of Calumet by 12.7% in the 2nd quarter. State Street Corp now owns 3,471,065 shares of the oil and gas company’s stock valued at $125,028,000 after purchasing an additional 390,906 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Calumet by 1.6% in the second quarter. The Manufacturers Life Insurance Company now owns 29,852 shares of the oil and gas company’s stock valued at $1,075,000 after buying an additional 468 shares during the period. BlueCrest Capital Management Ltd boosted 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 last quarter. Nykredit A S acquired a new stake in Calumet during the 2nd quarter worth $57,000. Finally, Concurrent Investment Advisors LLC acquired a new position in shares of Calumet in the 2nd quarter valued at $2,067,000. 34.41% of the stock is owned by institutional investors.

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.