Calumet (NASDAQ:CLMT) Stock Price Up 6% – Still a Buy?

Calumet, Inc. (NASDAQ:CLMT)’s share price rose 6% on Wednesday . The stock traded as high as $38.36 and last traded at $38.28. Approximately 105,260 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 1,270,367 shares. The stock had previously closed at $36.11.

Analysts Set New Price Targets

CLMT has been the subject of several research reports. Weiss Ratings upgraded shares of Calumet from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, May 11th. HC Wainwright lifted their target price on shares of Calumet from $33.00 to $60.00 and gave the company a “buy” rating in a report on Monday, March 30th. TD Cowen reiterated a “hold” rating on shares of Calumet in a report on Wednesday. The Goldman Sachs Group downgraded shares of Calumet from a “buy” rating to a “neutral” rating and set a $36.00 target price for the company. in a report on Friday, April 24th. Finally, UBS Group reiterated a “neutral” rating and issued a $26.00 target price on shares of Calumet in a report on Friday, February 13th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $36.75.

Calumet Price Performance

The company’s 50 day simple moving average is $33.37 and its 200 day simple moving average is $26.73. The firm has a market cap of $3.26 billion, a price-to-earnings ratio of -17.32 and a beta of 0.73.

Calumet (NASDAQ:CLMT) last posted its quarterly earnings results on Friday, May 8th. The oil and gas company reported ($3.64) EPS for the quarter, missing the consensus estimate of ($0.33) by ($3.31). The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1 billion. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period last year, the business posted ($1.87) EPS. As a group, analysts forecast that Calumet, Inc. will post -0.31 earnings per share for the current year.

Insider Buying and Selling at Calumet

In other Calumet news, Director Daniel J. Sajkowski sold 3,310 shares of the business’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $34.46, for a total value of $114,062.60. Following the completion of the transaction, the director owned 81,958 shares in the company, valued at $2,824,272.68. The trade was a 3.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Group Heritage sold 626,998 shares of the business’s stock in a transaction on Friday, May 15th. The stock was 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 owned 12,980,211 shares of the company’s stock, valued at approximately $422,376,065.94. This trade represents a 4.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 4.07% of the company’s stock.

Hedge Funds Weigh In On Calumet

A number of institutional investors and hedge funds have recently modified their holdings of the company. Covestor Ltd grew its stake in shares of Calumet by 29.1% during the fourth quarter. Covestor Ltd now owns 2,180 shares of the oil and gas company’s stock worth $43,000 after purchasing an additional 492 shares in the last quarter. ProShare Advisors LLC lifted its position in Calumet by 6.9% in the fourth quarter. ProShare Advisors LLC now owns 12,613 shares of the oil and gas company’s stock valued at $251,000 after acquiring an additional 817 shares during the last quarter. Aster Capital Management DIFC Ltd lifted its position in Calumet by 294.7% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,646 shares of the oil and gas company’s stock valued at $33,000 after acquiring an additional 1,229 shares during the last quarter. Islay Capital Management LLC purchased a new stake in Calumet in the fourth quarter valued at $25,000. Finally, Global Retirement Partners LLC purchased a new stake in Calumet in the fourth quarter valued at $34,000. 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.