Calumet, Inc. (NASDAQ:CLMT) Stock Rated “Hold” by Wall Street Brokerages

Calumet, Inc. (NASDAQ:CLMT) has received an average recommendation of “Hold” from the seven research firms that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, two have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $54.75.

A number of equities research analysts have recently weighed in on the company. UBS Group lifted their price target on Calumet from $26.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday, August 25th. Zacks Research raised Calumet from a “hold” rating to a “strong-buy” rating in a report on Monday, October 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Calumet in a research report on Friday, August 7th. The Goldman Sachs Group reissued a “neutral” rating and issued a $57.00 price target on shares of Calumet in a research note on Wednesday, October 21st. Finally, TD Cowen raised their price target on Calumet from $34.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday, August 12th.

Calumet Price Performance

Shares of NASDAQ CLMT opened at $52.17 on Thursday. The firm has a market capitalization of $4.59 billion, a PE ratio of -33.66, a P/E/G ratio of 0.79 and a beta of 0.78. Calumet has a 1-year low of $17.85 and a 1-year high of $59.87. The business’s fifty day moving average price is $53.72 and its two-hundred day moving average price is $37.80.

Calumet (NASDAQ:CLMT) last announced its quarterly 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 the consensus estimate 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 business posted ($1.70) earnings per share. Equities research analysts expect that Calumet will post 1.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Calumet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CLMT. The Manufacturers Life Insurance Company acquired a new position in Calumet during the second quarter worth about $1,075,000. Bank of America Corp DE bought a new position in shares of Calumet during the 2nd quarter valued at about $35,348,000. Two Seas Capital LP bought a new position in shares of Calumet during the 2nd quarter valued at about $238,442,000. Renaissance Technologies LLC bought a new position in shares of Calumet during the 1st quarter valued at about $14,066,000. Finally, BlueCrest Capital Management Ltd grew its stake in shares of Calumet by 33.3% in the 2nd quarter. BlueCrest Capital Management Ltd now owns 80,000 shares of the oil and gas company’s stock worth $2,882,000 after purchasing an additional 20,000 shares during the last quarter. Institutional investors own 34.41% of the company’s stock.

Calumet Company Profile

Calumet, formerly known as Calumet Specialty Products Partners, L.P., is a manufacturer of specialty hydrocarbon products and renewable fuels. The company refines crude oil and other feedstocks into products used in industrial, transportation, commercial and consumer applications.

Its specialty product portfolio includes base oils, lubricants, waxes, solvents, asphalt and other highly engineered hydrocarbon products. Calumet also produces fuels and renewable fuels, including renewable diesel and sustainable aviation fuel-related products through its renewable fuels operations.

Founded in 1916, the company serves customers across the United States and supplies products to a range of industries, including automotive, energy, manufacturing, infrastructure and aviation.