Calumet (NASDAQ:CLMT) Shares Gap Up – Time to Buy?

Shares of Calumet, Inc. (NASDAQ:CLMT) gapped up prior to trading on Thursday . The stock had previously closed at $29.11, but opened at $29.81. Calumet shares last traded at $29.65, with a volume of 175,702 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts have commented on CLMT shares. UBS Group restated a “neutral” rating and set a $26.00 target price on shares of Calumet in a research note on Friday, February 13th. Wall Street Zen downgraded shares of Calumet from a “buy” rating to a “hold” rating in a report on Sunday, December 14th. The Goldman Sachs Group boosted their price objective on Calumet from $24.00 to $34.00 and gave the company a “buy” rating in a research report on Thursday, March 12th. TD Cowen increased their target price on Calumet from $19.00 to $25.00 and gave the stock a “hold” rating in a research report on Thursday, March 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Calumet in a report on Monday, December 29th. Four 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $25.67.

Calumet Trading Down 2.0%

The business has a 50-day moving average price of $25.44 and a 200 day moving average price of $21.23. The stock has a market capitalization of $2.47 billion, a P/E ratio of -72.95 and a beta of 1.18.

Calumet (NASDAQ:CLMT) last released its quarterly earnings data on Friday, February 27th. The oil and gas company reported ($0.43) EPS for the quarter, beating the consensus estimate of ($0.67) by $0.24. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter last year, the business earned ($0.47) EPS. Calumet’s revenue for the quarter was up 9.4% compared to the same quarter last year. On average, sell-side analysts predict that Calumet, Inc. will post -3.02 earnings per share for the current fiscal year.

Institutional Trading of Calumet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Two Seas Capital LP increased its stake in Calumet by 56.9% in the second quarter. Two Seas Capital LP now owns 4,497,609 shares of the oil and gas company’s stock worth $70,860,000 after purchasing an additional 1,631,098 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Calumet by 112.4% in the 2nd quarter. Geode Capital Management LLC now owns 1,704,670 shares of the oil and gas company’s stock valued at $26,860,000 after buying an additional 901,933 shares in the last quarter. AYAL Capital Advisors Ltd purchased a new stake in shares of Calumet during the 2nd quarter valued at $5,278,000. Mariner LLC grew its stake in Calumet by 959.6% during the 3rd quarter. Mariner LLC now owns 369,408 shares of the oil and gas company’s stock worth $6,742,000 after buying an additional 334,544 shares during the last quarter. Finally, Marshall Wace LLP boosted its holdings in Calumet by 35.8% in the third quarter. Marshall Wace LLP now owns 891,390 shares of the oil and gas company’s stock worth $16,268,000 after acquiring an additional 234,766 shares in the last quarter. 34.41% of the stock is owned by hedge funds and other institutional investors.

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.