Calumet (NASDAQ:CLMT) Price Target Raised to $40.00

Calumet (NASDAQ:CLMT) had its target price hoisted by TD Cowen from $34.00 to $40.00 in a research note released on Wednesday morning, Marketbeat Ratings reports. The firm currently has a hold rating on the oil and gas company’s stock.

Several other research analysts have also recently weighed in on the stock. Citigroup restated a “buy” rating on shares of Calumet in a report on Monday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Calumet in a research note on Friday, August 7th. Finally, The Goldman Sachs Group boosted their price target on shares of Calumet from $36.00 to $40.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. Two research analysts have 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.com, the stock currently has an average rating of “Hold” and an average price target of $41.50.

Calumet Trading Down 2.2%

Shares of CLMT stock opened at $47.72 on Wednesday. The firm has a fifty day simple moving average of $39.04 and a two-hundred day simple moving average of $33.55. The firm has a market capitalization of $4.19 billion, a PE ratio of -30.79 and a beta of 0.71. Calumet has a 12 month low of $12.94 and a 12 month high of $49.17.

Calumet (NASDAQ:CLMT) last posted its earnings results 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 company had revenue of $1.45 billion for 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 quarter in the previous year, the company earned ($1.70) EPS. On average, equities analysts predict that Calumet will post 0.46 earnings per share for the current fiscal year.

Insider Transactions at Calumet

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 shares were sold at an average price of $36.16, for a total transaction of $153,318.40. Following the transaction, the director directly owned 77,718 shares in the company, valued at $2,810,282.88. This trade represents a 5.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.15% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC bought a new position in Calumet during the 1st quarter valued at approximately $14,066,000. Bank of America Corp DE boosted its holdings 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. Hsbc Holdings PLC bought a new stake in Calumet during the first quarter worth about $3,059,000. Vanguard Group Inc. boosted its position in shares of Calumet by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 4,703,040 shares of the oil and gas company’s stock worth $93,449,000 after purchasing an additional 58,376 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Calumet by 107.0% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 97,741 shares of the oil and gas company’s stock worth $3,509,000 after acquiring an additional 50,530 shares in the last quarter. 34.41% of the stock is owned by hedge funds and other institutional investors.

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.