Traders Buy Large Volume of Call Options on Calumet (NASDAQ:CLMT)

Calumet, Inc. (NASDAQ:CLMT) was the recipient of some unusual options trading activity on Tuesday. Traders acquired 3,039 call options on the stock. This represents an increase of approximately 22% compared to the typical volume of 2,495 call options.

Analysts Set New Price Targets

CLMT has been the topic of several research analyst reports. The Goldman Sachs Group boosted their price objective on Calumet from $15.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. Wall Street Zen downgraded shares of Calumet from a “buy” rating to a “hold” rating in a research note on Sunday, December 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Calumet in a report on Monday, December 29th. HC Wainwright reissued a “buy” rating and set a $33.00 target price on shares of Calumet in a research report on Monday, November 10th. Finally, Zacks Research upgraded Calumet from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $20.04.

Hedge Funds Weigh In On Calumet

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Amalgamated Bank purchased a new position in Calumet during the 2nd quarter worth $37,000. University of Texas Texas AM Investment Management Co. increased its stake in shares of Calumet by 109.4% during the second 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 period. State of Alaska Department of Revenue purchased a new position in Calumet during the third quarter worth about $56,000. Advisory Services Network LLC acquired a new stake in Calumet in the third quarter valued at about $59,000. Finally, Ameritas Investment Partners Inc. acquired a new stake in Calumet in the second quarter valued at about $111,000. 34.41% of the stock is currently owned by hedge funds and other institutional investors.

Calumet Stock Performance

NASDAQ CLMT traded up $0.07 on Thursday, reaching $20.17. The stock had a trading volume of 96,490 shares, compared to its average volume of 1,001,270. The stock has a market cap of $1.75 billion, a P/E ratio of -46.89 and a beta of 1.23. Calumet has a 12-month low of $7.68 and a 12-month high of $22.10. The business’s 50-day moving average price is $19.49 and its 200 day moving average price is $17.97.

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

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.