Calumet (NASDAQ:CLMT) Trading Up 9.4% – Here’s Why

Calumet, Inc. (NASDAQ:CLMT)’s stock price rose 9.4% during mid-day trading on Monday . The company traded as high as $43.08 and last traded at $43.20. 217,277 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 1,207,909 shares. The stock had previously closed at $39.48.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CLMT shares. Citigroup restated a “buy” rating on shares of Calumet in a research note on Monday. TD Cowen reiterated a “hold” rating on shares of Calumet in a report on Wednesday, June 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Calumet in a research report on Friday. Finally, The Goldman Sachs Group raised their price target on shares of Calumet from $36.00 to $40.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $37.75.

Calumet Stock Performance

The stock has a market cap of $3.83 billion, a PE ratio of -28.27 and a beta of 0.71. The firm has a fifty day moving average price of $37.98 and a 200 day moving average price of $32.72.

Calumet (NASDAQ:CLMT) last announced its earnings results on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($1.16). The company had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter last year, the business posted ($1.70) EPS. Calumet’s revenue was up 40.8% compared to the same quarter last year. On average, equities research analysts forecast that Calumet, Inc. will post -0.13 earnings per share for the current year.

Insider Transactions at Calumet

In other news, Director Daniel J. Sajkowski sold 4,240 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were 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 $2,810,282.88. This represents a 5.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Group Heritage sold 626,998 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were 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 of the company’s stock, valued at $422,376,065.94. The trade was a 4.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 3.15% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

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