HC Wainwright Boosts Calumet (NASDAQ:CLMT) Price Target to $75.00

Calumet (NASDAQ:CLMT) had its price target increased by stock analysts at HC Wainwright from $60.00 to $75.00 in a report issued on Wednesday, Marketbeat Ratings reports. The brokerage currently has a “buy” rating on the oil and gas company’s stock. HC Wainwright’s price target points to a potential upside of 45.57% from the company’s current price.

A number of other brokerages have also recently weighed in on CLMT. TD Cowen lifted their price objective on shares of Calumet from $34.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday, August 12th. UBS Group increased 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, August 25th. Citigroup reissued a “buy” rating on shares of Calumet in a research report on Monday, August 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Calumet in a report on Friday, August 7th. Finally, The Goldman Sachs Group boosted their price objective on Calumet from $40.00 to $45.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 18th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Calumet presently has a consensus rating of “Hold” and a consensus price target of $51.75.

Calumet Trading Up 3.6%

CLMT stock opened at $51.52 on Wednesday. The company has a market capitalization of $4.53 billion, a PE ratio of -33.24 and a beta of 0.72. Calumet has a 12-month low of $15.99 and a 12-month high of $51.57. The business’s fifty day moving average price is $42.61 and its 200 day moving average price is $35.72.

Calumet (NASDAQ:CLMT) last announced its earnings results on Friday, August 7th. The oil and gas company reported ($1.09) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($1.16). The company had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.12 billion. Calumet’s revenue for the quarter was up 40.8% compared to the same quarter last year. During the same period last year, the business earned ($1.70) EPS. Research analysts predict that Calumet will post 0.46 EPS for the current fiscal year.

Insider Activity

In other news, 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 value 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 3.15% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Legal & General Group Plc lifted its position in Calumet by 36.6% in the second quarter. Legal & General Group Plc now owns 72,143 shares of the oil and gas company’s stock valued at $1,137,000 after acquiring an additional 19,322 shares during the last quarter. New York State Common Retirement Fund purchased a new position in shares of Calumet during the second quarter worth about $343,000. Quantbot Technologies LP purchased a new position in shares of Calumet during the second quarter worth about $241,000. Invesco Ltd. increased its position in shares of Calumet by 514.8% during the second quarter. Invesco Ltd. now owns 94,642 shares of the oil and gas company’s stock worth $1,491,000 after purchasing an additional 79,247 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Calumet by 199.9% during the second quarter. The Manufacturers Life Insurance Company now owns 34,551 shares of the oil and gas company’s stock worth $544,000 after purchasing an additional 23,031 shares in the last quarter. Institutional investors and hedge funds 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.