Calumet (NASDAQ:CLMT) Posts Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Calumet (NASDAQ:CLMT) issued its quarterly earnings data on Friday. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.09, Zacks reports. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the prior year, the company earned ($1.18) EPS. The firm’s revenue was down 2.0% on a year-over-year basis.

Calumet Stock Performance

Calumet stock traded down $0.32 during mid-day trading on Friday, reaching $19.19. The stock had a trading volume of 2,401,024 shares, compared to its average volume of 1,110,129. Calumet has a fifty-two week low of $7.68 and a fifty-two week high of $23.75. The firm has a market capitalization of $1.66 billion, a PE ratio of -3.68 and a beta of 1.09. The stock’s 50-day simple moving average is $18.55 and its 200-day simple moving average is $15.98.

Analysts Set New Price Targets

CLMT has been the subject of a number of recent research reports. UBS Group upped their price target on Calumet from $12.00 to $13.25 and gave the stock a “neutral” rating in a research report on Tuesday, August 12th. The Goldman Sachs Group raised their target price on shares of Calumet from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, October 22nd. Zacks Research upgraded Calumet from a “strong sell” rating to a “hold” rating in a research report on Thursday. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Calumet in a research note on Wednesday, October 8th. Four analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $19.71.

Institutional Investors Weigh In On Calumet

A number of institutional investors and hedge funds have recently bought and sold shares of CLMT. California State Teachers Retirement System lifted its position in shares of Calumet by 7.3% during the second quarter. California State Teachers Retirement System now owns 63,529 shares of the oil and gas company’s stock valued at $1,001,000 after purchasing an additional 4,304 shares in the last quarter. Engineers Gate Manager LP bought a new position in shares of Calumet in the second quarter valued at approximately $230,000. Quantbot Technologies LP bought a new position in shares of Calumet in the second quarter valued at approximately $241,000. Legal & General Group Plc increased its position in shares of Calumet by 36.6% during the second quarter. Legal & General Group Plc now owns 72,143 shares of the oil and gas company’s stock valued at $1,137,000 after acquiring an additional 19,322 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in Calumet by 3.4% during the second quarter. Bank of America Corp DE now owns 609,307 shares of the oil and gas company’s stock worth $9,600,000 after acquiring an additional 20,110 shares during the period. 34.41% of the stock is 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.