TD Cowen Forecasts Strong Price Appreciation for Calumet (NASDAQ:CLMT) Stock

Calumet (NASDAQ:CLMT) had its target price boosted by TD Cowen from $15.00 to $18.00 in a research report issued on Tuesday, MarketBeat Ratings reports. The firm currently has a “hold” rating on the oil and gas company’s stock. TD Cowen’s price target points to a potential downside of 4.91% from the company’s current price.

A number of other brokerages also recently issued reports on CLMT. Weiss Ratings restated a “sell (e+)” rating on shares of Calumet in a research note on Wednesday, October 8th. HC Wainwright reissued a “buy” rating and issued a $33.00 price target on shares of Calumet in a report on Monday. UBS Group increased their price target on shares of Calumet from $12.00 to $13.25 and gave the company a “neutral” rating in a research report on Tuesday, August 12th. Zacks Research raised shares of Calumet from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 6th. Finally, The Goldman Sachs Group boosted their target price on shares of Calumet from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, October 22nd. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Calumet has an average rating of “Hold” and a consensus target price of $20.04.

Calumet Stock Performance

Shares of CLMT stock opened at $18.93 on Tuesday. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of -3.63 and a beta of 1.09. Calumet has a 52-week low of $7.68 and a 52-week high of $23.75. The company has a 50-day simple moving average of $18.71 and a two-hundred day simple moving average of $16.17.

Calumet (NASDAQ:CLMT) last announced its earnings results on Friday, November 7th. The oil and gas company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.09. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Calumet’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($1.18) EPS. On average, sell-side analysts forecast that Calumet will post -3.02 EPS for the current fiscal year.

Institutional Trading of Calumet

A number of institutional investors have recently modified their holdings of CLMT. Goldman Sachs Group Inc. grew its stake in Calumet by 33.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 465,269 shares of the oil and gas company’s stock valued at $5,900,000 after buying an additional 116,777 shares in the last quarter. Adams Asset Advisors LLC boosted its holdings in shares of Calumet by 0.9% in the second quarter. Adams Asset Advisors LLC now owns 5,406,271 shares of the oil and gas company’s stock worth $85,176,000 after acquiring an additional 49,948 shares during the period. Caldwell Sutter Capital Inc. grew its position in shares of Calumet by 29.9% in the second quarter. Caldwell Sutter Capital Inc. now owns 19,483 shares of the oil and gas company’s stock valued at $307,000 after purchasing an additional 4,483 shares in the last quarter. Wasserstein Debt Opportunities Management L.P. grew its position in shares of Calumet by 3.2% in the second quarter. Wasserstein Debt Opportunities Management L.P. now owns 5,817,012 shares of the oil and gas company’s stock valued at $91,647,000 after purchasing an additional 180,197 shares in the last quarter. Finally, O Keefe Stevens Advisory Inc. raised its stake in shares of Calumet by 12.1% during the 2nd quarter. O Keefe Stevens Advisory Inc. now owns 26,817 shares of the oil and gas company’s stock valued at $423,000 after purchasing an additional 2,903 shares during the period. 34.41% of the stock is currently owned by hedge funds and other institutional investors.

Calumet Company Profile

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.