Calumet, Inc. (NASDAQ:CLMT) Receives Average Recommendation of “Hold” from Analysts

Shares of Calumet, Inc. (NASDAQ:CLMT) have earned an average recommendation of “Hold” from the eight research firms that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $20.0417.

CLMT has been the topic of several research analyst reports. Zacks Research raised Calumet from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 6th. TD Cowen lifted their target price on Calumet from $15.00 to $18.00 and gave the stock a “hold” rating in a research note on Tuesday, November 11th. HC Wainwright reissued a “buy” rating and issued a $33.00 price target on shares of Calumet in a report on Monday, November 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Calumet in a report on Monday, December 29th. 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.

Calumet Stock Performance

Shares of CLMT stock opened at $20.33 on Tuesday. Calumet has a 52-week low of $7.68 and a 52-week high of $22.10. The company has a 50-day simple moving average of $19.55 and a two-hundred day simple moving average of $18.07. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of -47.28 and a beta of 1.23.

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

Hedge Funds Weigh In On Calumet

Institutional investors have recently bought and sold shares of the company. Amalgamated Bank purchased a new stake in Calumet in the second quarter worth $37,000. University of Texas Texas AM Investment Management Co. increased its holdings in Calumet by 109.4% in the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 3,350 shares of the oil and gas company’s stock worth $53,000 after acquiring an additional 1,750 shares during the last quarter. State of Alaska Department of Revenue bought a new stake in Calumet in the 3rd quarter valued at about $56,000. Advisory Services Network LLC purchased a new stake in Calumet during the third quarter valued at about $59,000. Finally, Ameritas Investment Partners Inc. purchased a new stake in Calumet during the second quarter valued at about $111,000. Hedge funds and other institutional investors own 34.41% of the company’s stock.

About Calumet

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.