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

Calumet, Inc. (NASDAQ:CLMT)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $44.34 and last traded at $44.17, with a volume of 856644 shares. The stock had previously closed at $43.44.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. TD Cowen restated a “hold” rating on shares of Calumet in a research note on Wednesday, June 3rd. Weiss Ratings upgraded Calumet from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 11th. The Goldman Sachs Group lowered Calumet from a “buy” rating to a “neutral” rating and set a $36.00 price objective on the stock. in a report on Friday, April 24th. Finally, HC Wainwright lifted their target price on Calumet from $33.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, March 30th. One equities 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 MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $36.75.

Calumet Stock Down 3.0%

The stock has a market cap of $3.73 billion, a PE ratio of -19.82 and a beta of 0.72. The business has a 50 day moving average price of $36.13 and a 200 day moving average price of $31.02.

Calumet (NASDAQ:CLMT) last announced its quarterly earnings results on Friday, May 8th. The oil and gas company reported ($3.64) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.33) by ($3.31). The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1 billion. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($1.87) earnings per share. On average, research analysts predict that Calumet, Inc. will post -0.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Calumet

In other Calumet news, major shareholder Group Heritage sold 626,998 shares of Calumet stock in a transaction on Friday, May 15th. The shares were sold at an average price of $32.54, for a total value 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. The trade was a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel J. Sajkowski sold 4,240 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $36.16, for a total transaction of $153,318.40. Following the sale, the director directly owned 77,718 shares in the company, valued at approximately $2,810,282.88. The trade was a 5.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 4.07% of the stock is currently owned by company insiders.

Institutional Trading of Calumet

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE lifted its position in shares of Calumet by 65.1% during the 1st quarter. Bank of America Corp DE now owns 1,153,744 shares of the oil and gas company’s stock valued at $41,419,000 after buying an additional 454,985 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Calumet in the 1st quarter worth $14,066,000. Mariner LLC increased its holdings in Calumet by 959.6% in the 3rd quarter. Mariner LLC now owns 369,408 shares of the oil and gas company’s stock worth $6,742,000 after acquiring an additional 334,544 shares in the last quarter. Marshall Wace LLP raised its position in Calumet by 35.8% during the third quarter. Marshall Wace LLP now owns 891,390 shares of the oil and gas company’s stock worth $16,268,000 after acquiring an additional 234,766 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in Calumet by 128.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 348,115 shares of the oil and gas company’s stock worth $6,917,000 after acquiring an additional 195,627 shares during the period. 34.41% of the stock is currently owned by hedge funds and other institutional investors.

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.