Calumet (NASDAQ:CLMT) Hits New 12-Month High – What’s Next?

Shares of Calumet, Inc. (NASDAQ:CLMT) reached a new 52-week high during trading on Thursday . The company traded as high as $39.50 and last traded at $38.79, with a volume of 1097313 shares changing hands. The stock had previously closed at $37.17.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. TD Cowen reissued a “hold” rating on shares of Calumet in a research report on Wednesday, June 3rd. The Goldman Sachs Group lowered shares of Calumet from a “buy” rating to a “neutral” rating and set a $36.00 price objective for the company. in a research note on Friday, April 24th. HC Wainwright boosted their target price 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. Finally, Weiss Ratings upgraded Calumet from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, May 11th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $36.75.

Calumet Stock Performance

The business’s 50 day simple moving average is $34.21 and its 200-day simple moving average is $29.35. The company has a market cap of $3.38 billion, a price-to-earnings ratio of -17.96 and a beta of 0.72.

Calumet (NASDAQ:CLMT) 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 the consensus estimate 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 company’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period last year, the company posted ($1.87) EPS. Research analysts expect that Calumet, Inc. will post -0.28 earnings per share for the current year.

Insider Transactions at Calumet

In other news, Director Daniel J. Sajkowski sold 4,240 shares of Calumet stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $36.16, for a total transaction of $153,318.40. Following the completion of the sale, the director directly owned 77,718 shares in the company, valued at $2,810,282.88. The trade was a 5.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Group Heritage sold 626,998 shares of the business’s stock in a transaction that occurred 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 sale, the insider directly owned 12,980,211 shares of the company’s stock, valued at approximately $422,376,065.94. The trade was a 4.61% decrease in their position. The SEC filing for this sale provides additional information. 4.07% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CLMT. Bank of America Corp DE lifted its stake in shares of 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 purchasing an additional 454,985 shares during the last quarter. Janus Henderson Group PLC increased its position in Calumet by 596.3% during the first quarter. Janus Henderson Group PLC now owns 217,948 shares of the oil and gas company’s stock worth $7,824,000 after buying an additional 186,648 shares during the last quarter. Amundi increased its position in Calumet by 24.6% during the first quarter. Amundi now owns 48,651 shares of the oil and gas company’s stock worth $1,747,000 after buying an additional 9,597 shares during the last quarter. California State Teachers Retirement System raised its holdings in Calumet by 26.0% during the first quarter. California State Teachers Retirement System now owns 83,579 shares of the oil and gas company’s stock valued at $3,000,000 after buying an additional 17,254 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Calumet by 107.0% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 97,741 shares of the oil and gas company’s stock valued at $3,509,000 after buying an additional 50,530 shares in the last quarter. Institutional investors and hedge funds own 34.41% of the company’s stock.

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.