Calumet (NASDAQ:CLMT) Shares Pass Above Two Hundred Day Moving Average – What’s Next?

Shares of Calumet, Inc. (NASDAQ:CLMT) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $15.02 and traded as high as $18.77. Calumet shares last traded at $18.67, with a volume of 404,574 shares.

Analysts Set New Price Targets

A number of research firms recently weighed in on CLMT. UBS Group upped their price target on Calumet from $12.00 to $13.25 and gave the stock a “neutral” rating in a research note on Tuesday, August 12th. Zacks Research downgraded Calumet from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 7th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Calumet in a research note on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Calumet presently has an average rating of “Hold” and an average price target of $18.71.

Calumet Stock Down 0.6%

The company has a market capitalization of $1.62 billion, a PE ratio of -3.58 and a beta of 0.98. The stock has a 50-day moving average of $17.31 and a 200 day moving average of $15.02.

Calumet (NASDAQ:CLMT) last issued its quarterly earnings results on Friday, August 8th. The oil and gas company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($1.26). The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $982.88 million. The company’s revenue was down 9.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.48) earnings per share. Equities analysts forecast that Calumet, Inc. will post -3.02 EPS for the current fiscal year.

Institutional Trading of Calumet

A number of institutional investors and hedge funds have recently modified their holdings of the business. Wasserstein Debt Opportunities Management L.P. increased its position in shares of Calumet by 3.2% during the second quarter. Wasserstein Debt Opportunities Management L.P. now owns 5,817,012 shares of the oil and gas company’s stock valued at $91,647,000 after acquiring an additional 180,197 shares during the last quarter. Adams Asset Advisors LLC grew its holdings in Calumet by 0.9% during the second quarter. Adams Asset Advisors LLC now owns 5,406,271 shares of the oil and gas company’s stock valued at $85,176,000 after purchasing an additional 49,948 shares during the period. Two Seas Capital LP grew its holdings in Calumet by 56.9% during the second quarter. Two Seas Capital LP now owns 4,497,609 shares of the oil and gas company’s stock valued at $70,860,000 after purchasing an additional 1,631,098 shares during the period. Geode Capital Management LLC grew its holdings in Calumet by 112.4% during the second 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 purchasing an additional 901,933 shares during the period. Finally, Bank of America Corp DE grew its holdings in Calumet by 3.4% during the second quarter. Bank of America Corp DE now owns 609,307 shares of the oil and gas company’s stock valued at $9,600,000 after purchasing an additional 20,110 shares during the period. 34.41% of the stock is owned by hedge funds and other institutional investors.

Calumet Company Profile

Calumet, Inc engages in the manufacturing, formulating, and marketing of a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. It operates through the following segments: Specialty Products & Solutions, Performance Brands, Montana/Renewables, and Corporate.