Calumet (NASDAQ:CLMT) Shares Gap Down – What’s Next?

Calumet, Inc. (NASDAQ:CLMT)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $19.52, but opened at $18.74. Calumet shares last traded at $18.61, with a volume of 236,374 shares.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CLMT. Zacks Research upgraded Calumet from a “strong sell” rating to a “hold” rating in a report on Thursday, November 6th. HC Wainwright reaffirmed a “buy” rating and set a $33.00 price target on shares of Calumet in a research note on Monday, November 10th. Wall Street Zen downgraded Calumet from a “buy” rating to a “hold” rating in a research note on Sunday, December 14th. The Goldman Sachs Group boosted their price target on Calumet from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, October 22nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Calumet in a report on Monday, December 29th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $20.04.

Calumet Price Performance

The firm has a fifty day simple moving average of $19.45 and a 200 day simple moving average of $17.78. The company has a market cap of $1.64 billion, a price-to-earnings ratio of -43.72 and a beta of 1.23.

Calumet (NASDAQ:CLMT) last announced its quarterly earnings data on Friday, November 7th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.09. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the prior year, the company posted ($1.18) EPS. The company’s quarterly revenue was down 2.0% compared to the same quarter last year. Analysts expect that Calumet, Inc. will post -3.02 earnings per share for the current year.

Institutional Trading of Calumet

Hedge funds and other institutional investors have recently modified their holdings of the stock. Adams Asset Advisors LLC boosted its stake in Calumet by 0.9% during the 2nd quarter. Adams Asset Advisors LLC now owns 5,406,271 shares of the oil and gas company’s stock worth $85,176,000 after acquiring an additional 49,948 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Calumet by 33.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 465,269 shares of the oil and gas company’s stock valued at $5,900,000 after buying an additional 116,777 shares in the last quarter. Two Seas Capital LP lifted its holdings in shares of Calumet by 56.9% during 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 purchasing an additional 1,631,098 shares in the last quarter. Intech Investment Management LLC acquired a new position in shares of Calumet in the second quarter valued at approximately $518,000. Finally, AYAL Capital Advisors Ltd acquired a new stake in shares of Calumet during the second quarter worth $5,278,000. Institutional investors and hedge funds own 34.41% of the company’s stock.

Calumet Company Profile

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.