SP Asset Management LLC Purchases New Holdings in Calumet, Inc. $CLMT

SP Asset Management LLC purchased a new stake in Calumet, Inc. (NASDAQ:CLMT) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 13,000 shares of the oil and gas company’s stock, valued at approximately $205,000.

Several other hedge funds have also made changes to their positions in CLMT. Wasserstein Debt Opportunities Management L.P. lifted its position in shares of Calumet by 3.2% in the 2nd quarter. Wasserstein Debt Opportunities Management L.P. now owns 5,817,012 shares of the oil and gas company’s stock valued at $91,647,000 after acquiring an additional 180,197 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Calumet by 33.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 465,269 shares of the oil and gas company’s stock valued at $5,900,000 after acquiring an additional 116,777 shares in the last quarter. Adams Asset Advisors LLC lifted its position in shares of Calumet by 0.9% in the 2nd quarter. Adams Asset Advisors LLC now owns 5,406,271 shares of the oil and gas company’s stock valued at $85,176,000 after acquiring an additional 49,948 shares in the last quarter. ELCO Management Co. LLC lifted its position in shares of Calumet by 31.9% in the 2nd quarter. ELCO Management Co. LLC now owns 43,060 shares of the oil and gas company’s stock valued at $678,000 after acquiring an additional 10,402 shares in the last quarter. Finally, Caldwell Sutter Capital Inc. grew its position in Calumet by 29.9% during the second quarter. Caldwell Sutter Capital Inc. now owns 19,483 shares of the oil and gas company’s stock valued at $307,000 after purchasing an additional 4,483 shares in the last quarter. Hedge funds and other institutional investors own 34.41% of the company’s stock.

Calumet Stock Down 1.2%

CLMT stock opened at $19.49 on Thursday. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of -3.73 and a beta of 1.09. Calumet, Inc. has a 12 month low of $7.68 and a 12 month high of $23.75. The firm has a 50 day moving average of $18.43 and a two-hundred day moving average of $15.84.

Calumet (NASDAQ:CLMT) last posted its earnings results on Friday, August 8th. The oil and gas company reported ($1.70) EPS for the quarter, missing the consensus estimate of ($0.44) by ($1.26). The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $982.88 million. The firm’s quarterly revenue was down 9.4% on a year-over-year basis. During the same period last year, the company earned ($0.48) earnings per share. On average, research analysts expect that Calumet, Inc. will post -3.02 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CLMT shares. The Goldman Sachs Group increased their target price on shares of Calumet from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Wednesday, October 22nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Calumet in a report on Wednesday, October 8th. UBS Group lifted their price objective on Calumet from $12.00 to $13.25 and gave the company a “neutral” rating in a research report on Tuesday, August 12th. Finally, Zacks Research downgraded Calumet from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 7th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $19.71.

Calumet Company Profile

Calumet, Inc engages in the manufacturing, formulating, and marketing of a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. It operates through the following segments: Specialty Products & Solutions, Performance Brands, Montana/Renewables, and Corporate.