Calumet (NASDAQ:CLMT) Share Price Breaks Below 200-Day Moving Average – What’s Next?

Calumet, Inc. (NASDAQ:CLMT) crossed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $39.07 and traded as low as $35.88. Calumet shares last traded at $36.06, with a volume of 3,021,712 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Calumet in a research note on Wednesday, November 4th. TD Cowen upped their price target on shares of Calumet from $34.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, August 12th. Citigroup restated a “buy” rating on shares of Calumet in a research note on Monday, August 10th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $57.00 price objective on shares of Calumet in a report on Wednesday, October 21st. Finally, HC Wainwright raised their target price on shares of Calumet from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, September 2nd. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Calumet has an average rating of “Hold” and a consensus price target of $54.75.

Calumet Price Performance

The company has a market cap of $3.15 billion, a price-to-earnings ratio of -15.95, a P/E/G ratio of 0.23 and a beta of 0.65. The firm has a 50-day moving average price of $52.57 and a 200 day moving average price of $39.21.

Calumet (NASDAQ:CLMT) last released its quarterly earnings results on Friday, November 6th. The oil and gas company reported $2.91 earnings per share for the quarter, topping the consensus estimate of $1.63 by $1.28. The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Calumet had a negative return on equity of 32.93% and a negative net margin of 3.73%. The firm’s revenue for the quarter was up 56.1% compared to the same quarter last year. During the same period last year, the firm posted $3.61 EPS. On average, equities analysts anticipate that Calumet, Inc. will post 3.09 EPS for the current fiscal year.

Institutional Trading of Calumet

A number of institutional investors have recently bought and sold shares of CLMT. Fifth Third Bancorp increased its holdings in shares of Calumet by 11.3% during the second quarter. Fifth Third Bancorp now owns 3,407 shares of the oil and gas company’s stock worth $123,000 after purchasing an additional 346 shares during the period. Global Retirement Partners LLC grew its holdings in shares of Calumet by 20.8% during the 3rd quarter. Global Retirement Partners LLC now owns 2,055 shares of the oil and gas company’s stock worth $108,000 after purchasing an additional 354 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Calumet by 63.3% in the third quarter. GAMMA Investing LLC now owns 926 shares of the oil and gas company’s stock worth $49,000 after purchasing an additional 359 shares during the period. The Manufacturers Life Insurance Company raised its stake in Calumet by 1.6% in the second quarter. The Manufacturers Life Insurance Company now owns 29,852 shares of the oil and gas company’s stock valued at $1,075,000 after purchasing an additional 468 shares in the last quarter. Finally, Caldwell Sutter Capital Inc. lifted its position in Calumet by 2.7% during the second quarter. Caldwell Sutter Capital Inc. now owns 20,000 shares of the oil and gas company’s stock worth $720,000 after purchasing an additional 517 shares during the period. Institutional investors own 34.41% of the company’s stock.

Calumet Company Profile

Calumet, Inc. is a U.S.-based producer of specialty hydrocarbon products, renewable fuels and conventional fuels. Its products serve customers in industries such as manufacturing, transportation, energy and consumer goods. The company’s specialty products include lubricating oils, solvents, waxes, petrolatums and asphalt. It also produces gasoline, diesel and other fuels, and through its Montana Renewables business makes lower-carbon fuels, including sustainable aviation fuel and renewable diesel.