Calumet, Inc. (NASDAQ:CLMT) Receives $36.75 Consensus Price Target from Brokerages

Shares of Calumet, Inc. (NASDAQ:CLMT) have received an average rating of “Hold” from the six brokerages that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and one has given a buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $36.75.

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

Calumet Trading Up 4.7%

CLMT opened at $34.27 on Friday. The stock’s fifty day simple moving average is $33.39 and its 200 day simple moving average is $28.29. The stock has a market cap of $2.99 billion, a PE ratio of -15.87 and a beta of 0.73. Calumet has a 1-year low of $12.94 and a 1-year high of $38.75.

Calumet (NASDAQ:CLMT) last announced its quarterly earnings results on Friday, May 8th. The oil and gas company reported ($3.64) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($3.31). The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1 billion. During the same quarter in the prior year, the business posted ($1.87) EPS. The business’s revenue was up 3.6% compared to the same quarter last year. Equities analysts forecast that Calumet will post -0.28 earnings per share for the current year.

Insider Activity at Calumet

In other Calumet news, major shareholder Group Heritage sold 626,998 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $32.54, for a total transaction of $20,402,514.92. Following the completion of the sale, the insider owned 12,980,211 shares of the company’s stock, valued at approximately $422,376,065.94. This represents a 4.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Daniel J. Sajkowski sold 3,310 shares of the business’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 owned 81,958 shares in the company, valued at approximately $2,824,272.68. The trade was a 3.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 4.07% of the company’s stock.

Hedge Funds Weigh In On Calumet

A number of institutional investors and hedge funds have recently made changes to their positions in CLMT. Vanguard Group Inc. grew its stake in Calumet by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 4,703,040 shares of the oil and gas company’s stock valued at $93,449,000 after acquiring an additional 58,376 shares during the period. Bank of America Corp DE raised its holdings in shares of Calumet by 65.1% in the first 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 purchasing an additional 454,985 shares during the last quarter. Marshall Wace LLP lifted its position in shares of Calumet by 35.8% during the 3rd quarter. Marshall Wace LLP now owns 891,390 shares of the oil and gas company’s stock worth $16,268,000 after buying an additional 234,766 shares in the last quarter. Renaissance Technologies LLC bought a new position in Calumet in the 1st quarter valued at $14,066,000. Finally, Mariner LLC raised its position in Calumet by 959.6% in 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. Institutional investors own 34.41% of the company’s stock.

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.