Calumet (NASDAQ:CLMT) Sets New 52-Week High – Here’s Why

Shares of Calumet, Inc. (NASDAQ:CLMT) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $41.60 and last traded at $41.6030, with a volume of 553702 shares trading hands. The stock had previously closed at $40.01.

Analysts Set New Price Targets

Several brokerages recently weighed in on CLMT. HC Wainwright lifted their price objective on shares of Calumet from $33.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, March 30th. The Goldman Sachs Group cut Calumet from a “buy” rating to a “neutral” rating and set a $36.00 target price on the stock. in a research report on Friday, April 24th. Weiss Ratings raised Calumet from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 11th. Finally, TD Cowen reiterated a “hold” rating on shares of Calumet in a research report on Wednesday, June 3rd. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $36.75.

Calumet Trading Up 4.3%

The company’s 50-day moving average price is $35.19 and its two-hundred day moving average price is $30.28. The company has a market cap of $3.73 billion, a P/E ratio of -19.83 and a beta of 0.72.

Calumet (NASDAQ:CLMT) last posted its quarterly earnings results on Friday, May 8th. The oil and gas company reported ($3.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.33) by ($3.31). The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1 billion. The business’s revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the business posted ($1.87) EPS. Equities analysts forecast that Calumet, Inc. will post -0.13 earnings per share for the current year.

Insider Activity

In other news, major shareholder Group Heritage sold 626,998 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $32.54, for a total transaction of $20,402,514.92. Following the sale, the insider owned 12,980,211 shares in the company, valued at $422,376,065.94. The trade was a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel J. Sajkowski sold 4,240 shares of the business’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $36.16, for a total transaction of $153,318.40. Following the sale, the director directly owned 77,718 shares in the company, valued at approximately $2,810,282.88. This trade represents a 5.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 4.07% of the company’s stock.

Institutional Trading of Calumet

A number of institutional investors have recently added to or reduced their stakes in CLMT. Bank of America Corp DE boosted its holdings in shares of Calumet by 65.1% during the 1st quarter. Bank of America Corp DE now owns 1,153,744 shares of the oil and gas company’s stock worth $41,419,000 after buying an additional 454,985 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of Calumet in the first quarter valued at about $14,066,000. Mariner LLC increased its stake 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 worth $6,742,000 after purchasing an additional 334,544 shares during the period. Marshall Wace LLP lifted its position in shares of Calumet by 35.8% during the 3rd quarter. Marshall Wace LLP now owns 891,390 shares of the oil and gas company’s stock worth $16,268,000 after purchasing an additional 234,766 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Calumet by 128.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 348,115 shares of the oil and gas company’s stock valued at $6,917,000 after buying an additional 195,627 shares during the last quarter. 34.41% of the stock is currently owned by institutional investors and hedge funds.

Calumet Company Profile

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.