Calumet (NASDAQ:CLMT) Sets New 52-Week High – Time to Buy?

Calumet, Inc. (NASDAQ:CLMT)’s share price hit a new 52-week high during trading on Monday . The company traded as high as $25.70 and last traded at $25.64, with a volume of 56487 shares traded. The stock had previously closed at $25.19.

Wall Street Analyst Weigh In

CLMT has been the topic of a number of recent analyst reports. Wall Street Zen lowered shares of Calumet from a “buy” rating to a “hold” rating in a research note on Sunday, December 14th. Zacks Research raised Calumet from a “strong sell” rating to a “hold” rating in a report on Thursday, November 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Calumet in a research note on Monday, December 29th. HC Wainwright reissued a “buy” rating and issued a $33.00 price target on shares of Calumet in a report on Monday, November 10th. Finally, The Goldman Sachs Group lifted their price target on Calumet from $20.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Calumet has an average rating of “Hold” and a consensus price target of $20.71.

Calumet Stock Performance

The firm has a market cap of $2.18 billion, a price-to-earnings ratio of -58.53 and a beta of 1.24. The business has a fifty day moving average of $20.81 and a two-hundred day moving average of $18.78.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. University of Texas Texas AM Investment Management Co. grew its stake in Calumet by 109.4% in the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 3,350 shares of the oil and gas company’s stock valued at $53,000 after acquiring an additional 1,750 shares during the last quarter. ELCO Management Co. LLC lifted its holdings in shares of Calumet by 31.9% in the second quarter. ELCO Management Co. LLC now owns 43,060 shares of the oil and gas company’s stock valued at $678,000 after purchasing an additional 10,402 shares in the last quarter. Premier Path Wealth Partners LLC grew its position in shares of Calumet by 11.4% in the second quarter. Premier Path Wealth Partners LLC now owns 12,853 shares of the oil and gas company’s stock valued at $202,000 after purchasing an additional 1,320 shares during the last quarter. Amalgamated Bank purchased a new position in shares of Calumet during the 2nd quarter worth approximately $37,000. Finally, SP Asset Management LLC purchased a new position in shares of Calumet during the 2nd quarter worth approximately $205,000. Institutional investors and hedge funds 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.