Calumet (NASDAQ:CLMT) Raised to “Hold” at Zacks Research

Calumet (NASDAQ:CLMT) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Thursday,Zacks.com reports.

A number of other research firms have also recently issued reports on CLMT. The Goldman Sachs Group upped their price objective 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 restated a “sell (e+)” rating on shares of Calumet in a research report on Wednesday, October 8th. Finally, UBS Group upped their price target on shares of Calumet from $12.00 to $13.25 and gave the stock a “neutral” rating in a report on Tuesday, August 12th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $19.71.

Calumet Price Performance

Shares of CLMT stock traded down $0.32 on Thursday, hitting $19.19. 2,401,024 shares of the company’s stock were exchanged, compared to its average volume of 1,110,129. The company has a 50 day moving average of $18.55 and a 200 day moving average of $15.94. The stock has a market cap of $1.66 billion, a P/E ratio of -3.68 and a beta of 1.09. Calumet has a 12 month low of $7.68 and a 12 month high of $23.75.

Calumet (NASDAQ:CLMT) last released its earnings results on Friday, November 7th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.09. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.06 billion. The business’s revenue was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.18) EPS. Sell-side analysts predict that Calumet will post -3.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Calumet

Hedge funds have recently modified their holdings of the business. Wasserstein Debt Opportunities Management L.P. increased its holdings in Calumet by 3.2% in the second 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 purchasing an additional 180,197 shares during the period. Adams Asset Advisors LLC lifted its holdings in Calumet by 0.9% during the 2nd quarter. Adams Asset Advisors LLC now owns 5,406,271 shares of the oil and gas company’s stock worth $85,176,000 after buying an additional 49,948 shares during the period. Two Seas Capital LP grew its position in shares of Calumet by 56.9% in the 2nd quarter. Two Seas Capital LP now owns 4,497,609 shares of the oil and gas company’s stock valued at $70,860,000 after buying an additional 1,631,098 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Calumet by 112.4% in the second quarter. Geode Capital Management LLC now owns 1,704,670 shares of the oil and gas company’s stock valued at $26,860,000 after buying an additional 901,933 shares during the period. Finally, Bank of America Corp DE increased its stake in shares of Calumet by 3.4% in the second quarter. Bank of America Corp DE now owns 609,307 shares of the oil and gas company’s stock valued at $9,600,000 after buying an additional 20,110 shares during the period. Institutional investors and hedge funds own 34.41% of the company’s stock.

About Calumet

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.