Calumet, Inc. (NASDAQ:CLMT) Receives Average Recommendation of “Hold” from Analysts

Shares of Calumet, Inc. (NASDAQ:CLMT) have been assigned an average recommendation of “Hold” from the six brokerages that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $36.75.

Several equities analysts have recently weighed in on the stock. The Goldman Sachs Group cut shares of Calumet from a “buy” rating to a “neutral” rating and set a $36.00 price target for the company. in a research note on Friday, April 24th. HC Wainwright raised their price target on shares of Calumet from $33.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, March 30th. Weiss Ratings raised shares of Calumet from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 11th. Finally, TD Cowen reaffirmed a “hold” rating on shares of Calumet in a research note on Wednesday, June 3rd.

Insider Activity at Calumet

In related news, 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 value of $20,402,514.92. Following the completion of the transaction, the insider directly owned 12,980,211 shares of the company’s stock, valued at approximately $422,376,065.94. This trade represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel J. Sajkowski sold 3,310 shares of the firm’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $34.46, for a total transaction of $114,062.60. Following the completion of the transaction, the director directly owned 81,958 shares of the company’s stock, valued at $2,824,272.68. This represents a 3.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 4.07% of the stock is owned by company insiders.

Hedge Funds Weigh In On Calumet

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Covestor Ltd grew its stake in shares of Calumet by 29.1% in the fourth quarter. Covestor Ltd now owns 2,180 shares of the oil and gas company’s stock valued at $43,000 after buying an additional 492 shares in the last quarter. ProShare Advisors LLC grew its stake in shares of Calumet by 6.9% in the fourth quarter. ProShare Advisors LLC now owns 12,613 shares of the oil and gas company’s stock valued at $251,000 after buying an additional 817 shares in the last quarter. Aster Capital Management DIFC Ltd grew its stake in shares of Calumet by 294.7% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,646 shares of the oil and gas company’s stock valued at $33,000 after buying an additional 1,229 shares in the last quarter. Islay Capital Management LLC bought a new position in shares of Calumet in the fourth quarter valued at $25,000. Finally, Global Retirement Partners LLC bought a new position in shares of Calumet in the fourth quarter valued at $34,000. 34.41% of the stock is owned by institutional investors.

Calumet Stock Performance

NASDAQ CLMT opened at $32.69 on Friday. The business has a 50 day simple moving average of $33.41 and a 200 day simple moving average of $27.81. Calumet has a 52-week low of $12.94 and a 52-week high of $38.75. The stock has a market cap of $2.85 billion, a price-to-earnings ratio of -15.13 and a beta of 0.73.

Calumet (NASDAQ:CLMT) last issued its quarterly earnings results on Friday, May 8th. The oil and gas company reported ($3.64) earnings per share for the quarter, missing the consensus estimate of ($0.33) by ($3.31). The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1 billion. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the company earned ($1.87) earnings per share. On average, analysts predict that Calumet will post -0.28 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.