Rangeley Capital LLC Has $1.90 Million Stock Holdings in Calumet, Inc. $CLMT

Rangeley Capital LLC decreased its holdings in shares of Calumet, Inc. (NASDAQ:CLMT) by 79.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 53,000 shares of the oil and gas company’s stock after selling 206,300 shares during the quarter. Calumet makes up about 1.7% of Rangeley Capital LLC’s holdings, making the stock its 17th biggest position. Rangeley Capital LLC owned approximately 0.06% of Calumet worth $1,903,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Calumet by 107.0% in the 1st 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 during the last quarter. Renaissance Technologies LLC acquired a new position in Calumet during the first quarter worth $14,066,000. State of Wyoming acquired a new position in Calumet during the first quarter worth $268,000. First Trust Advisors LP raised 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 in the last quarter. Finally, Baader Bank Aktiengesellschaft acquired a new stake in shares of Calumet in the first quarter worth about $359,000. Institutional investors and hedge funds own 34.41% of the company’s stock.

Calumet Price Performance

Calumet stock opened at $41.69 on Monday. Calumet, Inc. has a fifty-two week low of $12.94 and a fifty-two week high of $45.20. The firm has a fifty day moving average price of $36.34 and a two-hundred day moving average price of $31.18. The firm has a market cap of $3.63 billion, a price-to-earnings ratio of -19.30 and a beta of 0.72.

Calumet (NASDAQ:CLMT) last issued its quarterly earnings results 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 firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the prior year, the company posted ($1.87) earnings per share. The business’s revenue was up 3.6% compared to the same quarter last year. As a group, sell-side analysts expect that Calumet, Inc. will post -0.13 earnings per share for the current year.

Insider Buying and Selling

In other Calumet news, major shareholder Group Heritage sold 626,998 shares of Calumet stock in a transaction that occurred on Friday, May 15th. The stock was 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 of the company’s stock, valued at $422,376,065.94. The trade was a 4.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Daniel J. Sajkowski sold 4,240 shares of the company’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 value of $153,318.40. Following the transaction, the director owned 77,718 shares of the company’s stock, valued at approximately $2,810,282.88. This trade represents a 5.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 4.07% of the company’s stock.

Wall Street Analyst Weigh In

CLMT has been the subject of several recent analyst reports. The Goldman Sachs Group downgraded Calumet from a “buy” rating to a “neutral” rating and set a $36.00 price target for the company. in a research note on Friday, April 24th. TD Cowen reissued a “hold” rating on shares of Calumet in a research note on Wednesday, June 3rd. HC Wainwright upped their target price on Calumet from $33.00 to $60.00 and gave the stock a “buy” rating in a research report 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $36.75.

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.