Two Seas Capital LP Invests $238.44 Million in Calumet, Inc. $CLMT

Two Seas Capital LP purchased a new position in shares of Calumet, Inc. (NASDAQ:CLMT) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 6,619,708 shares of the oil and gas company’s stock, valued at approximately $238,442,000. Calumet comprises about 4.7% of Two Seas Capital LP’s investment portfolio, making the stock its 3rd largest holding. Two Seas Capital LP owned approximately 0.08% of Calumet as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in the company. Bank of America Corp DE grew its holdings 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 valued at $41,419,000 after buying an additional 454,985 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Calumet during the first quarter worth $14,066,000. Mariner LLC lifted its holdings in shares of Calumet by 959.6% during the third quarter. Mariner LLC now owns 369,408 shares of the oil and gas company’s stock worth $6,742,000 after buying an additional 334,544 shares in the last quarter. BlackRock Inc. boosted its position in shares of Calumet by 5.1% in the second quarter. BlackRock Inc. now owns 5,234,106 shares of the oil and gas company’s stock valued at $188,532,000 after acquiring an additional 253,578 shares during the period. Finally, Marshall Wace LLP boosted its position in shares of Calumet by 35.8% in the third quarter. Marshall Wace LLP now owns 891,390 shares of the oil and gas company’s stock valued at $16,268,000 after acquiring an additional 234,766 shares during the period. 34.41% of the stock is currently owned by institutional investors.

Calumet Price Performance

Calumet stock opened at $49.01 on Friday. The firm has a market cap of $4.31 billion, a PE ratio of -31.62 and a beta of 0.71. The stock’s fifty day moving average price is $40.49 and its two-hundred day moving average price is $34.50. Calumet, Inc. has a one year low of $14.84 and a one year high of $51.50.

Calumet (NASDAQ:CLMT) last released its earnings results on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($1.16). The firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.12 billion. The business’s revenue for the quarter was up 40.8% on a year-over-year basis. During the same period last year, the firm posted ($1.70) EPS. Sell-side analysts expect that Calumet, Inc. will post 0.46 earnings per share for the current fiscal year.

Insider Activity at Calumet

In related news, Director Daniel J. Sajkowski sold 4,240 shares of the business’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 transaction, the director owned 77,718 shares of the company’s stock, valued at $2,810,282.88. The trade was 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. Insiders own 3.15% of the company’s stock.

Analysts Set New Price Targets

CLMT has been the topic of several research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Calumet in a research note on Friday, August 7th. The Goldman Sachs Group lifted their price objective on shares of Calumet from $40.00 to $45.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 18th. Citigroup reissued a “buy” rating on shares of Calumet in a report on Monday, August 10th. Finally, TD Cowen increased their target price on shares of Calumet from $34.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, August 12th. Two 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. According to MarketBeat.com, Calumet currently has an average rating of “Hold” and a consensus target price of $42.75.

Calumet 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.