HC Wainwright Forecasts Strong Price Appreciation for Calumet (NASDAQ:CLMT) Stock

Calumet (NASDAQ:CLMT) had its price objective boosted by stock analysts at HC Wainwright from $60.00 to $75.00 in a research note issued to investors on Wednesday, Marketbeat.com reports. The brokerage currently has a “buy” rating on the oil and gas company’s stock. HC Wainwright’s target price would indicate a potential upside of 45.57% from the stock’s previous close.

A number of other research analysts have also issued reports on the company. TD Cowen increased their target price on Calumet from $34.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, August 12th. The Goldman Sachs Group boosted their price target on shares of Calumet from $40.00 to $45.00 and gave the stock a “neutral” rating in a report on Tuesday, August 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Calumet in a research report on Friday, August 7th. Citigroup reaffirmed a “buy” rating on shares of Calumet in a report on Monday, August 10th. Finally, UBS Group lifted their target price on shares of Calumet from $26.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, August 25th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $51.75.

Calumet Stock Performance

Shares of NASDAQ CLMT opened at $51.52 on Wednesday. The company has a market capitalization of $4.53 billion, a PE ratio of -33.24 and a beta of 0.72. The company’s fifty day moving average price is $42.61 and its 200 day moving average price is $35.72. Calumet has a 1 year low of $15.99 and a 1 year high of $51.57.

Calumet (NASDAQ:CLMT) last posted its 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 firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.12 billion. The firm’s quarterly revenue was up 40.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.70) earnings per share. On average, equities analysts expect that Calumet will post 0.46 EPS for the current year.

Insider Activity at Calumet

In related news, Director Daniel J. Sajkowski sold 4,240 shares of the 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 sale, the director owned 77,718 shares of the company’s stock, valued at approximately $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 can be accessed through this link. Corporate insiders own 3.15% of the company’s stock.

Institutional Trading of Calumet

Several large investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC purchased a new stake in shares of Calumet in the first quarter valued at about $14,066,000. Two Seas Capital LP acquired a new position in Calumet in the second quarter valued at approximately $238,442,000. BlackRock Inc. grew 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 worth $188,532,000 after acquiring an additional 253,578 shares during the period. Jupiter Topco LLC acquired a new stake in Calumet during the second quarter worth $8,120,000. Finally, Bank of America Corp DE increased its stake in Calumet by 65.1% during the first quarter. Bank of America Corp DE now owns 1,153,744 shares of the oil and gas company’s stock worth $41,419,000 after acquiring an additional 454,985 shares during the last quarter. 34.41% of the stock is currently 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.