Calumet (NASDAQ:CLMT) Releases Earnings Results, Beats Estimates By $0.09 EPS

Calumet (NASDAQ:CLMT) released its quarterly earnings data on Friday. The oil and gas company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.09, Zacks reports. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the prior year, the firm earned ($1.18) earnings per share. The firm’s revenue for the quarter was down 2.0% on a year-over-year basis.

Calumet Trading Down 1.6%

Calumet stock traded down $0.32 during mid-day trading on Friday, reaching $19.19. The company had a trading volume of 2,401,024 shares, compared to its average volume of 1,110,129. The business has a fifty day simple moving average of $18.55 and a 200 day simple moving average of $15.98. The company has a market cap of $1.66 billion, a P/E ratio of -3.68 and a beta of 1.09. Calumet has a fifty-two week low of $7.68 and a fifty-two week high of $23.75.

Hedge Funds Weigh In On Calumet

Several large investors have recently modified their holdings of CLMT. California State Teachers Retirement System lifted its holdings in Calumet by 7.3% in the second quarter. California State Teachers Retirement System now owns 63,529 shares of the oil and gas company’s stock valued at $1,001,000 after buying an additional 4,304 shares during the period. Engineers Gate Manager LP acquired a new stake in Calumet in the second quarter worth $230,000. Quantbot Technologies LP bought a new stake in Calumet in the 2nd quarter valued at about $241,000. Legal & General Group Plc increased its holdings in shares of Calumet by 36.6% during the second quarter. Legal & General Group Plc now owns 72,143 shares of the oil and gas company’s stock valued at $1,137,000 after acquiring an additional 19,322 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in Calumet by 3.4% during the second quarter. Bank of America Corp DE now owns 609,307 shares of the oil and gas company’s stock worth $9,600,000 after buying an additional 20,110 shares during the last quarter. Institutional investors own 34.41% of the company’s stock.

Analyst Upgrades and Downgrades

CLMT has been the subject of a number of recent analyst reports. UBS Group raised their price objective on Calumet from $12.00 to $13.25 and gave the company a “neutral” rating in a research report on Tuesday, August 12th. Zacks Research raised Calumet from a “strong sell” rating to a “hold” rating in a report on Thursday. The Goldman Sachs Group upped their price target on shares of Calumet from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, October 22nd. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Calumet in a research report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $19.71.

Calumet Company Profile

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.