Calumet (NASDAQ:CLMT) Shares Up 4.5% – Still a Buy?

Calumet, Inc. (NASDAQ:CLMT) rose 4.5% during trading on Friday . The stock traded as high as $48.02 and last traded at $47.82. 101,139 shares changed hands during trading, a decline of 92% from the average session volume of 1,205,244 shares. The stock had previously closed at $45.77.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Calumet in a research report on Friday, August 7th. UBS Group raised their target price on shares of Calumet from $26.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday. The Goldman Sachs Group upped their price target on shares of Calumet from $40.00 to $45.00 and gave the company a “neutral” rating in a report on Tuesday, August 18th. Citigroup reaffirmed a “buy” rating on shares of Calumet in a research report on Monday, August 10th. Finally, TD Cowen lifted their price objective on Calumet from $34.00 to $40.00 and gave the company a “hold” rating in a research note on Wednesday, August 12th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $48.00.

Calumet Stock Up 4.5%

The company has a market cap of $4.20 billion, a price-to-earnings ratio of -30.85 and a beta of 0.71. The company’s 50-day moving average is $41.60 and its 200 day moving average is $35.21.

Calumet (NASDAQ:CLMT) last issued its quarterly earnings data on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($1.16). The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same period in the prior year, the business posted ($1.70) EPS. The business’s revenue for the quarter was up 40.8% on a year-over-year basis. Analysts predict that Calumet, Inc. will post 0.46 EPS for the current fiscal year.

Insiders Place Their Bets

In other Calumet news, Director Daniel J. Sajkowski sold 4,240 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $36.16, for a total transaction of $153,318.40. Following the transaction, the director owned 77,718 shares in the company, valued at approximately $2,810,282.88. This represents a 5.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 3.15% of the company’s stock.

Institutional Investors Weigh In On Calumet

A number of institutional investors have recently added to or reduced their stakes in CLMT. Two Seas Capital LP purchased a new position in Calumet during the second quarter valued at $238,442,000. California State Teachers Retirement System lifted its stake in Calumet by 3,320.8% in the 2nd quarter. California State Teachers Retirement System now owns 2,859,088 shares of the oil and gas company’s stock valued at $102,984,000 after buying an additional 2,775,509 shares in the last quarter. Bank of America Corp DE acquired a new stake in Calumet in the 2nd quarter worth about $35,348,000. Renaissance Technologies LLC purchased a new stake in Calumet during the 1st quarter worth approximately $14,066,000. Finally, Mariner LLC raised its holdings in shares of Calumet by 959.6% during the third quarter. Mariner LLC now owns 369,408 shares of the oil and gas company’s stock valued at $6,742,000 after acquiring an additional 334,544 shares during the last quarter. 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.