Analysts Set Calumet, Inc. (NASDAQ:CLMT) PT at $24.00

Calumet, Inc. (NASDAQ:CLMT) has been given a consensus recommendation of “Hold” by the eight brokerages that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $25.6667.

CLMT has been the subject of a number of research analyst reports. TD Cowen raised their price objective on shares of Calumet from $19.00 to $25.00 and gave the stock a “hold” rating in a report on Thursday, March 5th. The Goldman Sachs Group boosted their target price on shares of Calumet from $24.00 to $34.00 and gave the company a “buy” rating in a research note on Thursday. UBS Group restated a “neutral” rating and set a $26.00 price target on shares of Calumet in a research note on Friday, February 13th. Wall Street Zen cut shares of Calumet from a “buy” rating to a “hold” rating in a report on Sunday, December 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Calumet in a research note on Monday, December 29th.

Calumet Trading Down 0.5%

CLMT stock opened at $28.59 on Wednesday. The stock has a market cap of $2.48 billion, a P/E ratio of -73.31 and a beta of 1.18. The stock’s fifty day simple moving average is $24.90 and its two-hundred day simple moving average is $21.00. Calumet has a 1-year low of $7.68 and a 1-year high of $31.41.

Calumet (NASDAQ:CLMT) last announced its earnings results on Friday, February 27th. The oil and gas company reported ($0.43) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.67) by $0.24. The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.04 billion. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.47) earnings per share. As a group, analysts forecast that Calumet will post -3.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Calumet by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 4,703,040 shares of the oil and gas company’s stock worth $93,449,000 after acquiring an additional 58,376 shares during the period. Two Seas Capital LP raised its stake in Calumet by 56.9% in 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 acquiring an additional 1,631,098 shares during the period. Geode Capital Management LLC lifted its holdings in Calumet by 112.4% during the second quarter. Geode Capital Management LLC now owns 1,704,670 shares of the oil and gas company’s stock valued at $26,860,000 after purchasing an additional 901,933 shares during the last quarter. Marshall Wace LLP lifted its holdings in Calumet by 35.8% during the third quarter. Marshall Wace LLP now owns 891,390 shares of the oil and gas company’s stock valued at $16,268,000 after purchasing an additional 234,766 shares during the last quarter. Finally, Bank of America Corp DE boosted its position 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 purchasing an additional 20,110 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.