Calumet (NASDAQ:CLMT) Hits New 52-Week High – Time to Buy?

Calumet, Inc. (NASDAQ:CLMT) reached a new 52-week high during trading on Thursday . The stock traded as high as $39.50 and last traded at $38.79, with a volume of 1097313 shares traded. The stock had previously closed at $37.17.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CLMT. HC Wainwright increased their price objective on Calumet from $33.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, March 30th. TD Cowen reiterated a “hold” rating on shares of Calumet in a research report on Wednesday, June 3rd. The Goldman Sachs Group cut 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. Finally, Weiss Ratings raised Calumet from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, May 11th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $36.75.

Calumet Stock Up 4.4%

The firm has a market cap of $3.38 billion, a price-to-earnings ratio of -17.96 and a beta of 0.72. The stock’s 50 day moving average is $34.21 and its 200 day moving average is $29.35.

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

Insider Transactions at Calumet

In other Calumet news, major shareholder Group Heritage sold 626,998 shares of the business’s stock in a transaction dated 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 sale, the insider directly owned 12,980,211 shares in the company, valued at approximately $422,376,065.94. The trade was a 4.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Daniel J. Sajkowski sold 4,240 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $36.16, for a total transaction of $153,318.40. Following the transaction, the director owned 77,718 shares of the company’s stock, valued at approximately $2,810,282.88. This trade represents a 5.17% decrease in their position. The disclosure for this sale is available in the SEC filing. 4.07% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Lombard Odier Asset Management USA Corp bought a new stake in shares of Calumet during the 3rd quarter worth $2,327,000. DAVENPORT & Co LLC acquired a new stake in shares of Calumet during the fourth quarter worth $334,000. Vanguard Group Inc. lifted its holdings in shares of Calumet by 1.3% during 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 purchasing an additional 58,376 shares during the last quarter. UBS Group AG lifted its holdings in shares of Calumet by 90.0% during the fourth quarter. UBS Group AG now owns 358,628 shares of the oil and gas company’s stock valued at $7,126,000 after purchasing an additional 169,900 shares during the last quarter. Finally, WINTON GROUP Ltd boosted its position in shares of Calumet by 56.4% in the 3rd quarter. WINTON GROUP Ltd now owns 66,100 shares of the oil and gas company’s stock valued at $1,206,000 after purchasing an additional 23,835 shares during the period. Institutional investors and hedge funds 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.