Calumet (NASDAQ:CLMT) Sets New 52-Week High – Here’s Why

Calumet, Inc. (NASDAQ:CLMT)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $41.60 and last traded at $41.6030, with a volume of 553702 shares traded. The stock had previously closed at $40.01.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CLMT shares. 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 target price on the stock. in a report on Friday, April 24th. HC Wainwright lifted their price target on Calumet from $33.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, March 30th. Finally, Weiss Ratings raised shares of Calumet from a “sell (e+)” rating to a “sell (d-)” rating in a research 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 given a Sell rating to the company. According to MarketBeat.com, Calumet presently has an average rating of “Hold” and a consensus target price of $36.75.

Calumet Stock Up 3.9%

The company has a market cap of $3.62 billion, a price-to-earnings ratio of -19.15 and a beta of 0.72. The stock’s 50-day simple moving average is $34.84 and its 200 day simple moving average is $30.04.

Calumet (NASDAQ:CLMT) last announced its quarterly earnings results on Friday, May 8th. The oil and gas company reported ($3.64) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.33) by ($3.31). The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1 billion. Calumet’s revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the company posted ($1.87) EPS. On average, sell-side analysts expect that Calumet, Inc. will post -0.13 EPS for the current fiscal year.

Insider Activity at Calumet

In other news, major shareholder Group Heritage sold 626,998 shares of the firm’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $32.54, for a total transaction of $20,402,514.92. Following the completion of the transaction, the insider directly owned 12,980,211 shares in the company, valued at $422,376,065.94. This trade represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Daniel J. Sajkowski sold 4,240 shares of Calumet stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $36.16, for a total value of $153,318.40. Following the completion of the sale, the director directly owned 77,718 shares of the company’s stock, valued at $2,810,282.88. The trade was a 5.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 4.07% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Calumet

Several institutional investors have recently bought and sold shares of the company. Covestor Ltd raised its holdings in shares of Calumet by 29.1% in the 4th quarter. Covestor Ltd now owns 2,180 shares of the oil and gas company’s stock valued at $43,000 after purchasing an additional 492 shares in the last quarter. ProShare Advisors LLC lifted its stake in Calumet by 6.9% during the fourth quarter. ProShare Advisors LLC now owns 12,613 shares of the oil and gas company’s stock worth $251,000 after purchasing an additional 817 shares during the last quarter. Aster Capital Management DIFC Ltd boosted its holdings in Calumet by 294.7% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,646 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 1,229 shares in the last quarter. Islay Capital Management LLC purchased a new position in Calumet in the fourth quarter valued at approximately $25,000. Finally, Global Retirement Partners LLC purchased a new position in Calumet in the fourth quarter valued at approximately $34,000. 34.41% of the stock is owned by institutional investors and hedge funds.

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.