Calumet (NASDAQ:CLMT) Shares Down 7.7% – What’s Next?

Shares of Calumet, Inc. (NASDAQ:CLMT) traded down 7.7% during mid-day trading on Friday. The company traded as low as $33.27 and last traded at $33.6450. Approximately 388,681 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 1,292,916 shares. The stock had previously closed at $36.45.

Wall Street Analyst Weigh In

Several research firms have commented on CLMT. TD Cowen increased their price objective on shares of Calumet from $34.00 to $40.00 and gave the company a “hold” rating in a research note on Wednesday, August 12th. Citigroup restated a “buy” rating on shares of Calumet in a research note on Monday, August 10th. Zacks Research lowered Calumet from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Calumet in a research report on Wednesday, November 4th. Finally, HC Wainwright increased their price target on Calumet from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, September 2nd. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Calumet has an average rating of “Hold” and an average target price of $54.75.

Calumet Trading Down 6.4%

The stock’s fifty day moving average is $52.24 and its two-hundred day moving average is $39.28. The company has a market capitalization of $3.00 billion, a PE ratio of -15.13, a P/E/G ratio of 0.24 and a beta of 0.65.

Calumet (NASDAQ:CLMT) last posted its quarterly earnings results on Friday, November 6th. The oil and gas company reported $2.91 earnings per share for the quarter, beating the consensus estimate of $1.63 by $1.28. Calumet had a negative net margin of 3.73% and a negative return on equity of 32.93%. The company had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the prior year, the business earned $3.61 earnings per share. The firm’s revenue for the quarter was up 56.1% on a year-over-year basis. As a group, analysts anticipate that Calumet, Inc. will post 3.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Trust Advisors LP boosted its holdings in Calumet by 42.9% in the 3rd quarter. First Trust Advisors LP now owns 428,009 shares of the oil and gas company’s stock worth $22,419,000 after buying an additional 128,515 shares during the period. Global Retirement Partners LLC grew its stake in Calumet by 20.8% in the 3rd quarter. Global Retirement Partners LLC now owns 2,055 shares of the oil and gas company’s stock valued at $108,000 after buying an additional 354 shares in the last quarter. AlTi Global Inc. bought a new stake in Calumet during the 3rd quarter valued at $233,000. Jefferies Financial Group Inc. bought a new stake in Calumet during the 3rd quarter valued at $714,000. Finally, O Brien Greene & Co. Inc purchased a new stake in shares of Calumet during the third quarter worth $602,000. 34.41% of the stock is currently owned by hedge funds and other institutional investors.

Calumet Company Profile

Calumet, Inc. is a U.S.-based producer of specialty hydrocarbon products, renewable fuels and conventional fuels. Its products serve customers in industries such as manufacturing, transportation, energy and consumer goods. The company’s specialty products include lubricating oils, solvents, waxes, petrolatums and asphalt. It also produces gasoline, diesel and other fuels, and through its Montana Renewables business makes lower-carbon fuels, including sustainable aviation fuel and renewable diesel.