Calumet (NASDAQ:CLMT) Rating Lowered to Hold at Wall Street Zen

Calumet (NASDAQ:CLMT) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Sunday.

Several other research analysts have also commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Calumet in a research note on Monday, December 8th. Zacks Research raised shares of Calumet from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 6th. The Goldman Sachs Group raised their target price on Calumet from $15.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. TD Cowen boosted their price target on Calumet from $15.00 to $18.00 and gave the stock a “hold” rating in a research report on Tuesday, November 11th. Finally, HC Wainwright reissued 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 given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Calumet has a consensus rating of “Hold” and a consensus price target of $20.04.

Calumet Stock Down 0.2%

Shares of NASDAQ CLMT opened at $20.42 on Friday. Calumet has a 12 month low of $7.68 and a 12 month high of $23.75. The company has a market cap of $1.77 billion, a price-to-earnings ratio of -47.49 and a beta of 1.18. The business has a fifty day simple moving average of $19.19 and a 200-day simple moving average of $17.23.

Calumet (NASDAQ:CLMT) last posted its quarterly earnings data on Friday, November 7th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.09. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.06 billion. Calumet’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.18) EPS. As a group, sell-side analysts expect that Calumet will post -3.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Calumet

Several large investors have recently made changes to their positions in the business. Two Seas Capital LP grew its holdings in Calumet by 56.9% in the 2nd quarter. Two Seas Capital LP now owns 4,497,609 shares of the oil and gas company’s stock valued at $70,860,000 after buying an additional 1,631,098 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Calumet by 112.4% in the second quarter. Geode Capital Management LLC now owns 1,704,670 shares of the oil and gas company’s stock valued at $26,860,000 after acquiring an additional 901,933 shares during the period. AYAL Capital Advisors Ltd acquired a new stake in shares of Calumet in the second quarter worth $5,278,000. Mariner LLC increased its position in Calumet by 959.6% during the third quarter. Mariner LLC now owns 369,408 shares of the oil and gas company’s stock worth $6,742,000 after acquiring an additional 334,544 shares during the period. Finally, Marshall Wace LLP increased its position in Calumet by 35.8% during the third quarter. Marshall Wace LLP now owns 891,390 shares of the oil and gas company’s stock worth $16,268,000 after acquiring an additional 234,766 shares during the period. Institutional investors and hedge funds own 34.41% of the company’s stock.

About Calumet

Calumet, Inc engages in the manufacturing, formulating, and marketing of a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. It operates through the following segments: Specialty Products & Solutions, Performance Brands, Montana/Renewables, and Corporate.