Calumet (NASDAQ:CLMT) Hits New 1-Year High on Analyst Upgrade

Calumet, Inc. (NASDAQ:CLMT)’s share price hit a new 52-week high during mid-day trading on Thursday after TD Cowen raised their price target on the stock from $19.00 to $25.00. TD Cowen currently has a hold rating on the stock. Calumet traded as high as $30.35 and last traded at $30.13, with a volume of 971901 shares. The stock had previously closed at $29.32.

Other equities research analysts also recently issued research reports about the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Calumet in a report on Monday, December 29th. Wall Street Zen downgraded Calumet from a “buy” rating to a “hold” rating in a research note on Sunday, December 14th. The Goldman Sachs Group raised their price target on Calumet from $20.00 to $24.00 and gave the company a “buy” rating in a report on Friday, January 30th. UBS Group restated a “neutral” rating and issued a $26.00 price target on shares of Calumet in a research note on Friday, February 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $33.00 price objective on shares of Calumet in a report on Monday, November 10th. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Calumet presently has an average rating of “Hold” and a consensus target price of $24.00.

Institutional Trading of Calumet

A number of institutional investors have recently added to or reduced their stakes in CLMT. Great Lakes Advisors LLC purchased a new position in Calumet in the third quarter valued at about $3,088,000. Two Seas Capital LP boosted its stake in shares of Calumet by 56.9% during the 2nd quarter. Two Seas Capital LP now owns 4,497,609 shares of the oil and gas company’s stock worth $70,860,000 after acquiring an additional 1,631,098 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of Calumet during the 2nd quarter worth approximately $518,000. AYAL Capital Advisors Ltd acquired a new stake in shares of Calumet in the 2nd quarter worth approximately $5,278,000. Finally, ProShare Advisors LLC acquired a new stake in shares of Calumet in the 2nd quarter worth approximately $223,000. Hedge funds and other institutional investors own 34.41% of the company’s stock.

Calumet Trading Up 0.4%

The stock has a market capitalization of $2.64 billion, a PE ratio of -77.95 and a beta of 1.18. The firm has a 50 day moving average of $23.98 and a two-hundred day moving average of $20.44.

Calumet (NASDAQ:CLMT) last posted its earnings results on Friday, February 27th. The oil and gas company reported ($0.43) EPS for the quarter, topping analysts’ consensus estimates of ($0.67) by $0.24. The firm had revenue of ($3,098.50) million for the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the previous year, the firm posted ($0.47) earnings per share. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. Equities research analysts forecast that Calumet, Inc. will post -3.02 EPS for the current year.

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.