Calumet (NASDAQ:CLMT) Shares Up 11.2% – Here’s What Happened

Calumet, Inc. (NASDAQ:CLMT) shares shot up 11.2% during mid-day trading on Friday . The company traded as high as $28.70 and last traded at $28.8850. 666,511 shares were traded during mid-day trading, a decline of 50% from the average session volume of 1,334,811 shares. The stock had previously closed at $25.98.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CLMT shares. Wall Street Zen downgraded Calumet from a “buy” rating to a “hold” rating in a research report on Sunday, December 14th. UBS Group reissued a “neutral” rating and issued a $26.00 price target on shares of Calumet in a research note on Friday. Zacks Research raised shares of Calumet from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 6th. HC Wainwright reissued a “buy” rating and issued a $33.00 target price on shares of Calumet in a research report on Monday, November 10th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Calumet in a research note on Monday, December 29th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $22.83.

Calumet Trading Up 10.0%

The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of -66.53 and a beta of 1.24. The stock’s fifty day simple moving average is $21.06 and its 200-day simple moving average is $18.88.

Institutional Investors Weigh In On Calumet

Large investors have recently bought and sold shares of the stock. First Trust Advisors LP raised its position in Calumet by 63.2% in the 4th quarter. First Trust Advisors LP now owns 255,118 shares of the oil and gas company’s stock valued at $5,069,000 after purchasing an additional 98,754 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Calumet by 1.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 142,285 shares of the oil and gas company’s stock worth $2,827,000 after buying an additional 2,645 shares during the period. Wells Fargo & Company MN raised its holdings in Calumet by 24.9% in the fourth quarter. Wells Fargo & Company MN now owns 115,290 shares of the oil and gas company’s stock valued at $2,291,000 after acquiring an additional 23,021 shares in the last quarter. Swiss National Bank lifted its stake in Calumet by 1.9% in the fourth quarter. Swiss National Bank now owns 136,900 shares of the oil and gas company’s stock worth $2,720,000 after acquiring an additional 2,500 shares during the last quarter. Finally, Deutsche Bank AG lifted its stake in Calumet by 4.0% in the fourth quarter. Deutsche Bank AG now owns 54,996 shares of the oil and gas company’s stock worth $1,093,000 after acquiring an additional 2,112 shares during the last quarter. Hedge funds and other institutional investors own 34.41% of the company’s stock.

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.