Calumet (NASDAQ:CLMT) Reaches New 52-Week High – What’s Next?
by Amy Steele · The Cerbat GemCalumet, Inc. (NASDAQ:CLMT – Get Free Report)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $59.87 and last traded at $58.12, with a volume of 1480962 shares changing hands. The stock had previously closed at $59.00.
Analysts Set New Price Targets
Several research firms have commented on CLMT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Calumet in a research note on Friday, August 7th. UBS Group lifted their price objective on Calumet from $26.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, August 25th. The Goldman Sachs Group increased their target price on Calumet from $40.00 to $45.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 18th. HC Wainwright lifted their price target on Calumet from $60.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, September 2nd. Finally, Citigroup reissued a “buy” rating on shares of Calumet in a research report on Monday, August 10th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Calumet presently has an average rating of “Hold” and an average price target of $51.75.
Get Our Latest Research Report on Calumet
Calumet Price Performance
The business’s 50-day simple moving average is $48.63 and its two-hundred day simple moving average is $38.79. The stock has a market capitalization of $4.78 billion, a price-to-earnings ratio of -35.08 and a beta of 0.72.
Calumet (NASDAQ:CLMT – Get Free Report) last issued its earnings results on Friday, August 7th. The oil and gas company reported ($1.09) EPS for the quarter, missing analysts’ consensus estimates 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 company’s revenue for the quarter was up 40.8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.70) earnings per share. As a group, sell-side analysts expect that Calumet, Inc. will post 0.76 EPS for the current year.
Insider Activity at Calumet
In other news, Director Daniel Sajkowski sold 4,240 shares of the company’s stock in a transaction dated 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 $2,810,282.88. This represents a 5.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.15% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Calumet
Several hedge funds have recently modified their holdings of the stock. State Street Corp grew 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 in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Calumet by 1.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,852 shares of the oil and gas company’s stock valued at $1,075,000 after purchasing an additional 468 shares in the last quarter. BlueCrest Capital Management Ltd grew its holdings in Calumet by 33.3% during the 2nd quarter. BlueCrest Capital Management Ltd now owns 80,000 shares of the oil and gas company’s stock valued at $2,882,000 after purchasing an additional 20,000 shares in the last quarter. Nykredit A S purchased a new stake in Calumet during the 2nd quarter worth $57,000. Finally, Concurrent Investment Advisors LLC acquired a new position in Calumet in the 2nd quarter worth $2,067,000. 34.41% of the stock is currently owned by hedge funds and other institutional investors.
Calumet Company Profile
Calumet, formally Calumet Specialty Products Partners, L.P., is a producer of specialty hydrocarbon products and renewable fuels. The company supplies products used in transportation, industrial, commercial and consumer applications, with an emphasis on products that are tailored to specific performance requirements rather than sold solely as commodity fuels.
Its product portfolio includes lubricating oils and additives, solvents, waxes, asphalt and other specialty products, as well as gasoline, diesel and other fuel products.