Shares of Calumet, Inc. (NASDAQ:CLMT – Get Free Report) were up 6% during trading on Wednesday . The stock traded as high as $38.36 and last traded at $38.28. Approximately 105,260 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 1,270,367 shares. The stock had previously closed at $36.11.
Wall Street Analysts Forecast Growth
A number of research firms recently weighed in on CLMT. TD Cowen reissued a “hold” rating on shares of Calumet in a research report on Wednesday. HC Wainwright increased their price objective on shares of Calumet from $33.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, March 30th. The Goldman Sachs Group cut shares of Calumet from a “buy” rating to a “neutral” rating and set a $36.00 target price on the stock. in a research report on Friday, April 24th. Weiss Ratings raised Calumet from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, May 11th. Finally, UBS Group reaffirmed a “neutral” rating and set a $26.00 price target on shares of Calumet in a research report on Friday, February 13th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Calumet currently has an average rating of “Hold” and an average price target of $36.75.
Get Our Latest Stock Report on CLMT
Calumet Trading Up 4.6%
Calumet (NASDAQ:CLMT – Get Free Report) last announced its quarterly earnings data on Friday, May 8th. The oil and gas company reported ($3.64) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.33) by ($3.31). The company had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1 billion. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.87) EPS. On average, equities analysts predict that Calumet, Inc. will post -0.31 earnings per share for the current year.
Insider Activity at Calumet
In other Calumet news, Director Daniel J. Sajkowski sold 3,310 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $34.46, for a total transaction of $114,062.60. Following the sale, the director owned 81,958 shares in the company, valued at $2,824,272.68. This represents a 3.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Group Heritage sold 626,998 shares of Calumet stock in a transaction on Friday, May 15th. The shares were sold at an average price of $32.54, for a total value of $20,402,514.92. Following the completion of the transaction, the insider owned 12,980,211 shares of the company’s stock, valued at approximately $422,376,065.94. This trade represents a 4.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 4.07% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Calumet
Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Calumet by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 4,703,040 shares of the oil and gas company’s stock valued at $93,449,000 after acquiring an additional 58,376 shares during the period. Bank of America Corp DE lifted its stake in Calumet by 65.1% in the 1st 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 purchasing an additional 454,985 shares in the last quarter. Marshall Wace LLP lifted its stake in Calumet by 35.8% in the 3rd quarter. Marshall Wace LLP now owns 891,390 shares of the oil and gas company’s stock worth $16,268,000 after purchasing an additional 234,766 shares in the last quarter. Renaissance Technologies LLC bought a new position in Calumet in the 1st quarter valued at $14,066,000. Finally, Mariner LLC boosted its holdings in Calumet by 959.6% in the 3rd quarter. Mariner LLC now owns 369,408 shares of the oil and gas company’s stock valued at $6,742,000 after purchasing an additional 334,544 shares during the period. 34.41% of the stock is currently 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.
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