Calumet (NASDAQ:CLMT) Trading Down 8.1% After Earnings Miss

Shares of Calumet, Inc. (NASDAQ:CLMT) dropped 8.1% during mid-day trading on Monday after the company announced weaker than expected quarterly earnings. The company traded as low as $13.88 and last traded at $13.21. Approximately 43,136 shares were traded during mid-day trading, a decline of 96% from the average daily volume of 1,221,649 shares. The stock had previously closed at $14.37.

The oil and gas company reported ($1.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($1.26). The company had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $982.88 million. During the same period in the previous year, the business earned ($0.48) earnings per share. The firm’s quarterly revenue was down 9.4% on a year-over-year basis.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CLMT. The Goldman Sachs Group dropped their price objective on shares of Calumet from $16.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, April 30th. Bank of America began coverage on shares of Calumet in a report on Tuesday, May 13th. They set a “buy” rating and a $15.00 price objective for the company. Finally, Wells Fargo & Company dropped their price objective on shares of Calumet from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, Calumet presently has a consensus rating of “Hold” and an average target price of $18.50.

Insider Buying and Selling

In related news, SVP Gregory J. Morical sold 25,123 shares of the firm’s stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $16.69, for a total value of $419,302.87. Following the completion of the sale, the senior vice president owned 39,415 shares of the company’s stock, valued at $657,836.35. This trade represents a 38.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jennifer Straumins sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $16.23, for a total transaction of $1,623,000.00. Following the completion of the sale, the director directly owned 934,589 shares of the company’s stock, valued at approximately $15,168,379.47. This represents a 9.67% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 275,123 shares of company stock valued at $4,113,303. 4.07% of the stock is currently owned by company insiders.

Institutional Trading of Calumet

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Amalgamated Bank bought a new position in Calumet in the second quarter valued at approximately $37,000. University of Texas Texas AM Investment Management Co. boosted its stake in Calumet by 109.4% in the second quarter. University of Texas Texas AM Investment Management Co. now owns 3,350 shares of the oil and gas company’s stock valued at $53,000 after acquiring an additional 1,750 shares during the last quarter. Premier Path Wealth Partners LLC boosted its stake in Calumet by 11.4% in the second quarter. Premier Path Wealth Partners LLC now owns 12,853 shares of the oil and gas company’s stock valued at $202,000 after acquiring an additional 1,320 shares during the last quarter. SP Asset Management LLC bought a new position in Calumet in the second quarter valued at approximately $205,000. Finally, ProShare Advisors LLC bought a new position in Calumet in the second quarter valued at approximately $223,000. Institutional investors and hedge funds own 34.41% of the company’s stock.

Calumet Price Performance

The stock has a market capitalization of $1.14 billion, a P/E ratio of -2.54 and a beta of 0.91. The business’s 50 day simple moving average is $15.67 and its 200-day simple moving average is $13.96.

About Calumet

Calumet, Inc engages in the manufacturing, formulating, and marketing of a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. It operates through the following segments: Specialty Products & Solutions, Performance Brands, Montana/Renewables, and Corporate.