Calumet (NASDAQ:CLMT) Stock Price Down 7.7% – What’s Next?

Calumet, Inc. (NASDAQ:CLMT)’s share price dropped 7.7% on Friday. The stock traded as low as $33.27 and last traded at $33.6450. 388,681 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 1,292,916 shares. The stock had previously closed at $36.45.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CLMT. Wall Street Zen upgraded Calumet from a “hold” rating to a “buy” rating in a research note on Saturday. The Goldman Sachs Group reissued a “neutral” rating and set a $57.00 price target on shares of Calumet in a report on Wednesday, October 21st. UBS Group boosted their price objective on Calumet from $26.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, August 25th. HC Wainwright upped their price objective on Calumet from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, September 2nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Calumet in a research note on Wednesday, November 4th. Two investment analysts have 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 MarketBeat.com, Calumet has an average rating of “Hold” and a consensus target price of $54.75.

Calumet Trading Down 5.9%

The firm has a market cap of $3.02 billion, a PE ratio of -15.24, a PEG ratio of 0.24 and a beta of 0.65. The firm’s 50 day simple moving average is $51.86 and its 200 day simple moving average is $39.34.

Calumet (NASDAQ:CLMT) last released its quarterly earnings data on Friday, November 6th. The oil and gas company reported $2.91 EPS for the quarter, beating the consensus estimate of $1.63 by $1.28. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.34 billion. Calumet had a negative net margin of 3.73% and a negative return on equity of 32.93%. The business’s revenue was up 56.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.61 EPS. As a group, equities research analysts predict that Calumet, Inc. will post 3.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Calumet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Two Seas Capital LP bought a new stake in Calumet in the 2nd quarter worth approximately $238,442,000. BlackRock Inc. raised its holdings in shares of Calumet by 5.1% during the 2nd quarter. BlackRock Inc. now owns 5,234,106 shares of the oil and gas company’s stock worth $188,532,000 after acquiring an additional 253,578 shares in the last quarter. State Street Corp raised its holdings in shares of Calumet by 12.7% during the 2nd quarter. State Street Corp now owns 3,471,065 shares of the oil and gas company’s stock worth $125,028,000 after acquiring an additional 390,906 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Calumet by 65.1% during the 1st quarter. Bank of America Corp DE now owns 1,153,744 shares of the oil and gas company’s stock valued at $41,419,000 after acquiring an additional 454,985 shares during the last quarter. Finally, First Trust Advisors LP boosted its position in shares of Calumet by 42.9% during the 3rd quarter. First Trust Advisors LP now owns 428,009 shares of the oil and gas company’s stock valued at $22,419,000 after acquiring an additional 128,515 shares during the last quarter. 34.41% of the stock is owned by institutional investors.

Calumet Company Profile

Calumet, Inc. is a U.S.-based producer of specialty hydrocarbon products, renewable fuels and conventional fuels. Its products serve customers in industries such as manufacturing, transportation, energy and consumer goods. The company’s specialty products include lubricating oils, solvents, waxes, petrolatums and asphalt. It also produces gasoline, diesel and other fuels, and through its Montana Renewables business makes lower-carbon fuels, including sustainable aviation fuel and renewable diesel.