Calumet, Inc. (NASDAQ:CLMT) Receives $36.75 Average Price Target from Analysts

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

CLMT has been the subject of a number of recent analyst reports. HC Wainwright increased their price target on Calumet from $33.00 to $60.00 and gave the company a “buy” rating in a research report 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. TD Cowen reiterated a “hold” rating on shares of Calumet in a report on Wednesday, June 3rd. Finally, The Goldman Sachs Group downgraded shares of Calumet from a “buy” rating to a “neutral” rating and set a $36.00 target price on the stock. in a research report on Friday, April 24th.

Calumet Stock Performance

Shares of NASDAQ:CLMT opened at $43.44 on Tuesday. The company has a market capitalization of $3.79 billion, a PE ratio of -20.11 and a beta of 0.72. The stock has a fifty day moving average of $35.41 and a 200-day moving average of $30.52. Calumet has a one year low of $12.94 and a one year high of $44.02.

Calumet (NASDAQ:CLMT) last issued its 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 company had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1 billion. The firm’s revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the firm earned ($1.87) EPS. As a group, research analysts forecast that Calumet will post -0.13 EPS for the current fiscal year.

Insider Activity at Calumet

In related news, major shareholder Group Heritage sold 626,998 shares of the firm’s stock in a transaction that occurred 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 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Daniel J. Sajkowski sold 4,240 shares of Calumet stock in a transaction that occurred on Wednesday, July 1st. The stock was 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 in the company, valued at approximately $2,810,282.88. The trade was a 5.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 4.07% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Legal & General Group Plc lifted its stake in Calumet by 36.6% in the 2nd quarter. Legal & General Group Plc now owns 72,143 shares of the oil and gas company’s stock worth $1,137,000 after acquiring an additional 19,322 shares in the last quarter. New York State Common Retirement Fund purchased a new position in Calumet during the 2nd quarter valued at about $343,000. Quantbot Technologies LP purchased a new position in Calumet during the 2nd quarter valued at about $241,000. Invesco Ltd. increased its holdings in shares of Calumet by 514.8% in the 2nd quarter. Invesco Ltd. now owns 94,642 shares of the oil and gas company’s stock valued at $1,491,000 after purchasing an additional 79,247 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Calumet by 199.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 34,551 shares of the oil and gas company’s stock valued at $544,000 after purchasing an additional 23,031 shares during the period. Hedge funds and other 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.