Calumet (NASDAQ:CLMT) Stock Rating Upgraded by Zacks Research

Calumet (NASDAQ:CLMT) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday, Zacks reports.

A number of other analysts have also weighed in on the company. The Goldman Sachs Group upped their price objective on Calumet from $40.00 to $45.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Calumet in a research note on Friday, August 7th. Citigroup restated a “buy” rating on shares of Calumet in a report on Monday, August 10th. TD Cowen lifted their price objective on Calumet from $34.00 to $40.00 and gave the company a “hold” rating in a research note on Wednesday, August 12th. Finally, HC Wainwright boosted their price objective on Calumet from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $51.75.

Calumet Stock Performance

Shares of CLMT opened at $56.26 on Monday. The stock has a market capitalization of $4.94 billion, a PE ratio of -36.30 and a beta of 0.78. The company’s 50-day simple moving average is $50.71 and its 200-day simple moving average is $40.38. Calumet has a 1 year low of $17.42 and a 1 year high of $59.87.

Calumet (NASDAQ:CLMT) last announced its earnings results on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($1.16). The company had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the prior year, the firm posted ($1.70) earnings per share. The firm’s revenue for the quarter was up 40.8% compared to the same quarter last year. On average, sell-side analysts predict that Calumet will post 0.76 earnings per share for the current year.

Institutional Trading of Calumet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CLMT. Two Seas Capital LP acquired a new position in shares of Calumet in the 2nd quarter valued at $238,442,000. BlackRock Inc. lifted its position in Calumet by 5.1% in the second quarter. BlackRock Inc. now owns 5,234,106 shares of the oil and gas company’s stock valued at $188,532,000 after acquiring an additional 253,578 shares during the last quarter. State Street Corp lifted its position in Calumet by 12.7% in the second quarter. State Street Corp now owns 3,471,065 shares of the oil and gas company’s stock valued at $125,028,000 after acquiring an additional 390,906 shares during the last quarter. Bank of America Corp DE boosted its stake in Calumet by 65.1% in the first quarter. Bank of America Corp DE now owns 1,153,744 shares of the oil and gas company’s stock valued at $41,419,000 after acquiring an additional 454,985 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in shares of Calumet during the first quarter worth about $14,066,000. Institutional investors and hedge funds own 34.41% of the company’s stock.

Calumet Company Profile

Calumet, Inc (NASDAQ: CLMT) is a specialty products and renewable fuels company headquartered in Indianapolis, Indiana. The company develops, produces and markets a range of products derived from crude oil and renewable feedstocks for industrial, commercial and consumer applications.

Its specialty products portfolio includes lubricants, solvents, waxes, asphalt and other hydrocarbon-based products, as well as products used in manufacturing, transportation, infrastructure and consumer goods.