Calumet (NASDAQ:CLMT) Reaches New 1-Year High – Here’s What Happened

Calumet, Inc. (NASDAQ:CLMT)’s stock price hit a new 52-week high on Thursday . The stock traded as high as $31.41 and last traded at $31.07, with a volume of 281073 shares. The stock had previously closed at $29.99.

Wall Street Analyst Weigh In

CLMT has been the topic of a number of research reports. TD Cowen boosted their target price on shares of Calumet from $19.00 to $25.00 and gave the company a “hold” rating in a research report on Thursday, March 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Calumet in a research report on Monday, December 29th. UBS Group reiterated a “neutral” rating and set a $26.00 price target on shares of Calumet in a research note on Friday, February 13th. The Goldman Sachs Group boosted their price objective on shares of Calumet from $24.00 to $34.00 and gave the company a “buy” rating in a research report on Thursday, March 12th. Finally, Wall Street Zen cut Calumet from a “buy” rating to a “hold” rating in a report on Sunday, December 14th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $25.67.

Calumet Stock Performance

The company has a market capitalization of $2.68 billion, a P/E ratio of -79.06 and a beta of 1.18. The business’s fifty day simple moving average is $26.32 and its 200-day simple moving average is $21.64.

Calumet (NASDAQ:CLMT) last posted its earnings results on Friday, February 27th. The oil and gas company reported ($0.43) EPS for the quarter, beating analysts’ consensus estimates of ($0.67) by $0.24. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the prior year, the company posted ($0.47) earnings per share. The firm’s revenue was up 9.4% compared to the same quarter last year. As a group, analysts forecast that Calumet, Inc. will post -3.02 EPS for the current year.

Hedge Funds Weigh In On Calumet

A number of institutional investors and hedge funds have recently modified their holdings of CLMT. Tulsa Wealth Advisors INC bought a new stake in Calumet in the fourth quarter worth $212,000. Invesco Ltd. increased its position in Calumet by 13.6% during the fourth quarter. Invesco Ltd. now owns 123,607 shares of the oil and gas company’s stock valued at $2,456,000 after acquiring an additional 14,769 shares during the last quarter. Numerai GP LLC bought a new position in Calumet during the fourth quarter valued at $620,000. Millennium Management LLC raised its stake in shares of Calumet by 119.9% in the fourth quarter. Millennium Management LLC now owns 13,902 shares of the oil and gas company’s stock valued at $276,000 after acquiring an additional 83,844 shares during the period. Finally, Trexquant Investment LP raised its stake in shares of Calumet by 45.5% in the fourth quarter. Trexquant Investment LP now owns 265,637 shares of the oil and gas company’s stock valued at $5,278,000 after acquiring an additional 83,093 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.