Calumet (NASDAQ:CLMT) Shares Gap Up on Analyst Upgrade

Calumet, Inc. (NASDAQ:CLMT)’s stock price gapped up before the market opened on Monday after HC Wainwright raised their price target on the stock from $33.00 to $60.00. The stock had previously closed at $32.06, but opened at $33.83. HC Wainwright currently has a buy rating on the stock. Calumet shares last traded at $36.1950, with a volume of 999,939 shares traded.

CLMT has been the topic of a number of other reports. UBS Group reaffirmed a “neutral” rating and issued a $26.00 price objective on shares of Calumet in a research note on Friday, February 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Calumet in a research report on Monday, December 29th. TD Cowen raised their price target on shares of Calumet from $19.00 to $25.00 and gave the company a “hold” rating in a research report on Thursday, March 5th. Wall Street Zen downgraded Calumet from a “buy” rating to a “hold” rating in a research note on Sunday, December 14th. Finally, The Goldman Sachs Group boosted their price objective on Calumet from $24.00 to $34.00 and gave the stock a “buy” rating in a report on Thursday, March 12th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $30.17.

Institutional Trading of Calumet

Several institutional investors and hedge funds have recently made changes to their positions in the company. Two Seas Capital LP increased its stake in 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. AYAL Capital Advisors Ltd purchased a new position in shares of Calumet in the 2nd quarter worth approximately $5,278,000. Mariner LLC grew its holdings in shares of Calumet by 959.6% in the third quarter. Mariner LLC now owns 369,408 shares of the oil and gas company’s stock valued at $6,742,000 after acquiring an additional 334,544 shares in the last quarter. Marshall Wace LLP grew its holdings in shares of Calumet by 35.8% in the third quarter. Marshall Wace LLP now owns 891,390 shares of the oil and gas company’s stock valued at $16,268,000 after acquiring an additional 234,766 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Calumet by 128.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 348,115 shares of the oil and gas company’s stock valued at $6,917,000 after acquiring an additional 195,627 shares during the last quarter. Hedge funds and other institutional investors own 34.41% of the company’s stock.

Calumet Stock Up 10.9%

The stock has a 50-day moving average of $26.76 and a 200 day moving average of $21.87. The company has a market capitalization of $3.08 billion, a PE ratio of -91.74 and a beta of 1.18.

Calumet (NASDAQ:CLMT) last issued its quarterly earnings results on Friday, February 27th. The oil and gas company reported ($0.43) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.67) by $0.24. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Calumet’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the firm posted ($0.47) earnings per share. Equities analysts forecast that Calumet, Inc. will post -3.02 EPS for the current fiscal year.

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.