Calumet (NASDAQ:CLMT) Stock Price Up 9.4% – Here’s What Happened

Calumet, Inc. (NASDAQ:CLMT) shot up 9.4% during trading on Monday . The company traded as high as $43.08 and last traded at $43.20. Approximately 217,277 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 1,207,909 shares. The stock had previously closed at $39.48.

Analyst Upgrades and Downgrades

CLMT has been the subject of several recent analyst reports. The Goldman Sachs Group raised their price objective on shares of Calumet from $36.00 to $40.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. Weiss Ratings restated a “sell (d-)” rating on shares of Calumet in a research report on Friday. Citigroup restated a “buy” rating on shares of Calumet in a research report on Monday. Finally, TD Cowen reissued a “hold” rating on shares of Calumet in a research note on Wednesday, June 3rd. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $37.75.

Calumet Stock Up 1.3%

The company’s fifty day moving average is $38.37 and its 200 day moving average is $33.07. The firm has a market cap of $4.01 billion, a price-to-earnings ratio of -29.70 and a beta of 0.71.

Calumet (NASDAQ:CLMT) last issued its quarterly earnings results on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($1.16). The business 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 earned ($1.70) EPS. The company’s revenue was up 40.8% on a year-over-year basis. On average, equities research analysts forecast that Calumet, Inc. will post -0.13 EPS for the current fiscal year.

Insider Transactions at Calumet

In other Calumet news, Director Daniel J. Sajkowski sold 4,240 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $36.16, for a total value of $153,318.40. Following the completion of the transaction, the director directly owned 77,718 shares in the company, valued at $2,810,282.88. This trade represents a 5.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Group Heritage sold 626,998 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $32.54, for a total value of $20,402,514.92. Following the transaction, the insider directly owned 12,980,211 shares in the company, valued at $422,376,065.94. This trade represents a 4.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 3.15% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Calumet

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Fifth Third Bancorp grew its stake in Calumet by 11.3% during the second quarter. Fifth Third Bancorp now owns 3,407 shares of the oil and gas company’s stock worth $123,000 after buying an additional 346 shares in the last quarter. Covestor Ltd boosted 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 purchasing an additional 492 shares in the last quarter. Caldwell Sutter Capital Inc. grew its holdings in shares of Calumet by 2.7% during the 2nd quarter. Caldwell Sutter Capital Inc. now owns 20,000 shares of the oil and gas company’s stock valued at $720,000 after purchasing an additional 517 shares during the last quarter. ProShare Advisors LLC lifted its stake in Calumet by 6.9% in the 4th quarter. ProShare Advisors LLC now owns 12,613 shares of the oil and gas company’s stock valued at $251,000 after purchasing an additional 817 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd boosted its position in Calumet by 294.7% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,646 shares of the oil and gas company’s stock valued at $33,000 after buying an additional 1,229 shares in the last quarter. 34.41% of the stock is owned by 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.