Calumet (NASDAQ:CLMT) Stock Lifted to Buy by Wall Street Zen

Wall Street Zen upgraded shares of Calumet (NASDAQ:CLMT) from a hold rating to a buy rating in a report issued on Saturday,Wall Street Zen reports.

CLMT has been the topic of a number of other reports. UBS Group boosted their price objective on Calumet from $26.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, August 25th. TD Cowen raised their target price on Calumet from $34.00 to $40.00 and gave the stock 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. HC Wainwright lifted their target price on Calumet from $60.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, September 2nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Calumet in a research report on Wednesday, November 4th. Two research 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $54.75.

Calumet Stock Performance

Calumet stock traded down $2.15 during mid-day trading on Friday, reaching $34.30. The company’s stock had a trading volume of 1,300,520 shares, compared to its average volume of 1,714,658. Calumet has a 12-month low of $17.85 and a 12-month high of $59.87. The company has a market capitalization of $3.02 billion, a P/E ratio of -15.24, a PEG ratio of 0.24 and a beta of 0.65. The firm’s fifty day moving average price is $51.86 and its two-hundred day moving average price is $39.34.

Calumet (NASDAQ:CLMT) last issued its earnings results on Friday, November 6th. The oil and gas company reported $2.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the previous year, the firm posted $3.61 EPS. The business’s revenue for the quarter was up 56.1% compared to the same quarter last year. On average, research analysts predict that Calumet will post 3.09 EPS for the current fiscal year.

Institutional Trading of Calumet

A number of large investors have recently modified their holdings of the business. Two Seas Capital LP purchased a new position in Calumet in the 2nd quarter worth approximately $238,442,000. Bank of America Corp DE bought a new position in shares of Calumet in the 2nd quarter worth $35,348,000. Renaissance Technologies LLC purchased a new stake in shares of Calumet during the 1st quarter valued at $14,066,000. State Street Corp raised its position in shares of Calumet by 12.7% during the 2nd quarter. State Street Corp now owns 3,471,065 shares of the oil and gas company’s stock valued at $125,028,000 after buying an additional 390,906 shares in the last quarter. Finally, Hennessy Advisors Inc. purchased a new stake in shares of Calumet during the 2nd quarter valued at $10,201,000. Institutional investors own 34.41% of the company’s stock.

About Calumet

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.