Calumet (NASDAQ:CLMT) Shares Down 6.7% Following Weak Earnings

Shares of Calumet, Inc. (NASDAQ:CLMT) dropped 6.7% during trading on Friday after the company announced weaker than expected quarterly earnings. The company traded as low as $38.62 and last traded at $39.0810. 1,234,957 shares were traded during trading, an increase of 2% from the average session volume of 1,208,217 shares. The stock had previously closed at $41.88.

The oil and gas company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($1.16). The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the prior year, the company earned ($1.70) EPS. The company’s quarterly revenue was up 40.8% compared to the same quarter last year.

Analysts Set New Price Targets

Several research firms recently weighed in on CLMT. TD Cowen restated a “hold” rating on shares of Calumet in a research report on Wednesday, June 3rd. The Goldman Sachs Group increased their target price on Calumet from $36.00 to $40.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. Finally, Weiss Ratings raised Calumet from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 11th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Calumet currently has a consensus rating of “Hold” and a consensus price target of $37.75.

Insider Buying and Selling

In related news, major shareholder Group Heritage sold 626,998 shares of Calumet stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $32.54, for a total transaction of $20,402,514.92. Following the transaction, the insider owned 12,980,211 shares in the company, valued at approximately $422,376,065.94. This trade represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Daniel J. Sajkowski sold 4,240 shares of the company’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $36.16, for a total value of $153,318.40. Following the completion of the sale, the director owned 77,718 shares of the company’s stock, valued at approximately $2,810,282.88. The trade was a 5.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 3.15% of the company’s stock.

Institutional Investors Weigh In On Calumet

Hedge funds have recently modified their holdings of the company. Islay Capital Management LLC acquired a new stake in Calumet during the fourth quarter worth about $25,000. Aster Capital Management DIFC Ltd boosted its holdings in Calumet by 294.7% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,646 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 1,229 shares during the last quarter. Global Retirement Partners LLC acquired a new position in Calumet in the 4th quarter valued at about $34,000. Covestor Ltd grew its stake in shares of Calumet by 29.1% in the 4th quarter. Covestor Ltd now owns 2,180 shares of the oil and gas company’s stock valued at $43,000 after buying an additional 492 shares during the period. Finally, Advisory Services Network LLC acquired a new stake in shares of Calumet during the 3rd quarter worth approximately $59,000. Hedge funds and other institutional investors own 34.41% of the company’s stock.

Calumet Stock Performance

The stock has a market cap of $3.41 billion, a PE ratio of -18.12 and a beta of 0.71. The company’s 50-day moving average price is $37.90 and its 200 day moving average price is $32.58.

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.