Calumet (NASDAQ:CLMT) Trading Up 9.4% – Here’s Why

Calumet, Inc. (NASDAQ:CLMT) traded up 9.4% on Monday . The stock traded as high as $43.08 and last traded at $43.20. Approximately 217,277 shares traded hands during trading, a decline of 82% from the average session volume of 1,207,909 shares. The stock had previously closed at $39.48.

Analyst Ratings Changes

A number of equities analysts have recently commented on CLMT shares. TD Cowen reiterated a “hold” rating on shares of Calumet in a report on Wednesday, June 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Calumet in a report on Friday. The Goldman Sachs Group raised their price target on Calumet from $36.00 to $40.00 and gave the stock a “neutral” rating in a research report on Thursday, July 30th. Finally, Citigroup reiterated a “buy” rating on shares of Calumet in a research report on Monday. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Calumet has an average rating of “Hold” and a consensus price target of $37.75.

Calumet Price Performance

The firm has a market cap of $3.83 billion, a PE ratio of -28.27 and a beta of 0.71. The company has a 50-day simple moving average of $37.98 and a 200-day simple moving average of $32.72.

Calumet (NASDAQ:CLMT) last posted its quarterly earnings results on Friday, August 7th. The oil and gas company reported ($1.09) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($1.16). The firm had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.12 billion. The company’s revenue was up 40.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.70) EPS. As a group, equities research analysts predict that Calumet, Inc. will post -0.13 earnings per share for the current year.

Insider Activity

In other Calumet news, major shareholder Group Heritage sold 626,998 shares of the company’s stock in a transaction dated 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 transaction, the insider directly owned 12,980,211 shares in the company, valued at $422,376,065.94. This represents a 4.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Daniel J. Sajkowski sold 4,240 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $36.16, for a total transaction of $153,318.40. Following the transaction, the director directly owned 77,718 shares in the company, valued at approximately $2,810,282.88. This trade represents a 5.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 3.15% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC bought a new position in Calumet during the 1st quarter worth about $14,066,000. Hsbc Holdings PLC purchased a new stake in shares of Calumet in the 1st quarter worth approximately $3,059,000. Vanguard Group Inc. boosted its stake in shares of Calumet by 1.3% during 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 purchasing an additional 58,376 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of 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 purchasing an additional 50,530 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in Calumet by 36.2% during the first quarter. First Trust Advisors LP now owns 347,486 shares of the oil and gas company’s stock valued at $12,475,000 after buying an additional 92,368 shares during the period. 34.41% of the stock is currently owned by hedge funds and other 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.