Calumet (NASDAQ:CLMT) Shares Gap Up on Analyst Upgrade

Calumet, Inc. (NASDAQ:CLMT)’s stock price gapped up before the market opened on Monday after HC Wainwright raised their price target on the stock from $33.00 to $60.00. The stock had previously closed at $32.06, but opened at $33.83. HC Wainwright currently has a buy rating on the stock. Calumet shares last traded at $36.1950, with a volume of 999,939 shares changing hands.

CLMT has been the subject of several other reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Calumet in a research note on Monday, December 29th. UBS Group reaffirmed a “neutral” rating and issued a $26.00 price target on shares of Calumet in a report on Friday, February 13th. The Goldman Sachs Group increased their price objective on Calumet from $24.00 to $34.00 and gave the company a “buy” rating in a research report on Thursday, March 12th. Wall Street Zen lowered Calumet from a “buy” rating to a “hold” rating in a research note on Sunday, December 14th. Finally, TD Cowen lifted their target price on Calumet from $19.00 to $25.00 and gave the stock a “hold” rating in a report on Thursday, March 5th. 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $30.17.

Institutional Investors Weigh In On Calumet

A number of large investors have recently made changes to their positions in the company. Islay Capital Management LLC acquired a new position in Calumet in the 4th quarter worth approximately $25,000. Aster Capital Management DIFC Ltd raised its stake in Calumet by 294.7% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,646 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 1,229 shares during the period. Global Retirement Partners LLC acquired a new stake in Calumet during the 4th quarter valued at $34,000. Covestor Ltd lifted its holdings in shares of Calumet by 29.1% in the fourth quarter. Covestor Ltd now owns 2,180 shares of the oil and gas company’s stock valued at $43,000 after purchasing an additional 492 shares in the last quarter. Finally, State of Alaska Department of Revenue purchased a new stake in shares of Calumet in the third quarter valued at $56,000. Institutional investors and hedge funds own 34.41% of the company’s stock.

Calumet Stock Up 9.3%

The firm has a market cap of $3.04 billion, a price-to-earnings ratio of -89.84 and a beta of 1.18. The company has a 50-day moving average price of $27.05 and a 200 day moving average price of $21.99.

Calumet (NASDAQ:CLMT) last posted its quarterly earnings results on Friday, February 27th. The oil and gas company reported ($0.43) earnings per share for the quarter, beating the consensus estimate of ($0.67) by $0.24. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.04 billion. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.47) earnings per share. Equities analysts forecast that Calumet, Inc. will post -3.02 EPS for the current year.

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.