Calumet (NASDAQ:CLMT) Reaches New 52-Week High – Here’s Why

Calumet, Inc. (NASDAQ:CLMT) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $29.92 and last traded at $29.3150, with a volume of 451274 shares trading hands. The stock had previously closed at $28.73.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Wall Street Zen lowered Calumet from a “buy” rating to a “hold” rating in a research report on Sunday, December 14th. UBS Group restated a “neutral” rating and set a $26.00 price objective on shares of Calumet in a research note on Friday. HC Wainwright reaffirmed a “buy” rating and issued a $33.00 price objective on shares of Calumet in a report on Monday, November 10th. The Goldman Sachs Group increased their target price on shares of Calumet from $20.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Finally, TD Cowen restated a “hold” rating on shares of Calumet in a research report on Thursday, January 29th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $22.83.

Calumet Price Performance

The stock has a market capitalization of $2.55 billion, a price-to-earnings ratio of -68.52 and a beta of 1.24. The company has a 50-day simple moving average of $21.61 and a two-hundred day simple moving average of $19.18.

Hedge Funds Weigh In On Calumet

Several hedge funds and other institutional investors have recently made changes to their positions in CLMT. University of Texas Texas AM Investment Management Co. increased its position 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 valued at $53,000 after acquiring an additional 1,750 shares during the period. ELCO Management Co. LLC boosted its position in Calumet by 31.9% during the 2nd quarter. ELCO Management Co. LLC now owns 43,060 shares of the oil and gas company’s stock worth $678,000 after acquiring an additional 10,402 shares during the period. Premier Path Wealth Partners LLC grew its stake in shares of Calumet by 11.4% in the second quarter. Premier Path Wealth Partners LLC now owns 12,853 shares of the oil and gas company’s stock worth $202,000 after purchasing an additional 1,320 shares in the last quarter. Amalgamated Bank bought a new position in shares of Calumet in the second quarter worth $37,000. Finally, SP Asset Management LLC acquired a new position in shares of Calumet during the second quarter valued at $205,000. 34.41% of the stock is currently owned by institutional investors and hedge funds.

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.