Calumet (NASDAQ:CLMT) Hits New 12-Month High – Time to Buy?

Shares of Calumet, Inc. (NASDAQ:CLMT) hit a new 52-week high during trading on Wednesday . The company traded as high as $58.72 and last traded at $58.67, with a volume of 360600 shares trading hands. The stock had previously closed at $57.55.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CLMT shares. UBS Group upped their price objective on Calumet from $26.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, August 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Calumet in a research report on Friday, August 7th. HC Wainwright boosted their target price on shares of Calumet from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, September 2nd. TD Cowen boosted their target price on shares of Calumet from $34.00 to $40.00 and gave the stock a “hold” rating in a report on Wednesday, August 12th. Finally, Citigroup restated a “buy” rating on shares of Calumet in a research report on Monday, August 10th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $51.75.

Calumet Trading Up 1.8%

The business has a 50-day simple moving average of $47.24 and a 200 day simple moving average of $38.00. The stock has a market cap of $5.19 billion, a P/E ratio of -38.10 and a beta of 0.72.

Calumet (NASDAQ:CLMT) last issued its quarterly earnings data on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($1.16). The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.12 billion. Calumet’s revenue was up 40.8% compared to the same quarter last year. During the same period last year, the business earned ($1.70) EPS. As a group, equities analysts expect that Calumet, Inc. will post 0.76 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Two Seas Capital LP bought a new stake in Calumet during the second quarter valued at $238,442,000. BlackRock Inc. boosted its position in shares of Calumet by 5.1% during the 2nd quarter. BlackRock Inc. now owns 5,234,106 shares of the oil and gas company’s stock valued at $188,532,000 after purchasing an additional 253,578 shares in the last quarter. Bank of America Corp DE boosted 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 purchasing an additional 454,985 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Calumet during the first quarter worth approximately $14,066,000. Finally, First Trust Advisors LP grew its stake in Calumet by 36.2% during the first quarter. First Trust Advisors LP now owns 347,486 shares of the oil and gas company’s stock worth $12,475,000 after purchasing an additional 92,368 shares during the period. Institutional investors and hedge funds own 34.41% of the company’s stock.

About Calumet

Calumet, formally Calumet Specialty Products Partners, L.P., is a producer of specialty hydrocarbon products and renewable fuels. The company supplies products used in transportation, industrial, commercial and consumer applications, with an emphasis on products that are tailored to specific performance requirements rather than sold solely as commodity fuels.

Its product portfolio includes lubricating oils and additives, solvents, waxes, asphalt and other specialty products, as well as gasoline, diesel and other fuel products.