Calumet (NASDAQ:CLMT) Sets New 1-Year High – Still a Buy?

Calumet, Inc. (NASDAQ:CLMT) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $29.92 and last traded at $29.3150, with a volume of 451274 shares changing hands. The stock had previously closed at $28.73.

Analysts Set New Price Targets

A number of analysts have commented on CLMT shares. Wall Street Zen downgraded shares of Calumet from a “buy” rating to a “hold” rating in a research report on Sunday, December 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Calumet in a research note on Monday, December 29th. Zacks Research upgraded Calumet from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 6th. The Goldman Sachs Group increased their price target on Calumet from $20.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Finally, TD Cowen reiterated a “hold” rating on shares of Calumet in a research report on Thursday, January 29th. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $22.83.

Calumet Stock Up 2.4%

The firm has a market capitalization of $2.55 billion, a price-to-earnings ratio of -68.52 and a beta of 1.24. The firm’s 50 day moving average is $21.61 and its 200 day moving average is $19.18.

Institutional Investors Weigh In On Calumet

Several large investors have recently modified their holdings of CLMT. Numerai GP LLC acquired a new position in shares of Calumet in the 4th quarter worth $620,000. Millennium Management LLC boosted its position in shares of Calumet by 119.9% in the 4th quarter. Millennium Management LLC now owns 13,902 shares of the oil and gas company’s stock valued at $276,000 after purchasing an additional 83,844 shares during the period. Trexquant Investment LP increased its stake in Calumet by 45.5% in the 4th quarter. Trexquant Investment LP now owns 265,637 shares of the oil and gas company’s stock worth $5,278,000 after purchasing an additional 83,093 shares in the last quarter. Laurion Capital Management LP acquired a new stake in Calumet during the 4th quarter worth about $748,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in Calumet by 9.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 41,288 shares of the oil and gas company’s stock worth $821,000 after buying an additional 3,688 shares during the period. 34.41% of the stock is owned by institutional investors.

About Calumet

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.