Calumet (NASDAQ:CLMT) Price Target Raised to $34.00 at The Goldman Sachs Group

Calumet (NASDAQ:CLMT) had its target price upped by equities research analysts at The Goldman Sachs Group from $24.00 to $34.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the oil and gas company’s stock. The Goldman Sachs Group’s target price indicates a potential upside of 16.89% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Calumet in a research note on Monday, December 29th. TD Cowen boosted their price target on Calumet from $19.00 to $25.00 and gave the company a “hold” rating in a research note on Thursday, March 5th. UBS Group restated a “neutral” rating and set a $26.00 price objective on shares of Calumet in a research note on Friday, February 13th. Finally, Wall Street Zen downgraded Calumet from a “buy” rating to a “hold” rating in a research report on Sunday, December 14th. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $25.67.

Calumet Price Performance

Shares of CLMT traded up $0.01 during mid-day trading on Thursday, hitting $29.09. The company’s stock had a trading volume of 687,275 shares, compared to its average volume of 1,432,581. Calumet has a fifty-two week low of $7.68 and a fifty-two week high of $31.41. The stock has a market capitalization of $2.52 billion, a price-to-earnings ratio of -74.67 and a beta of 1.18. The firm has a 50-day moving average price of $24.54 and a 200 day moving average price of $20.79.

Calumet (NASDAQ:CLMT) last announced its quarterly earnings results on Friday, February 27th. The oil and gas company reported ($0.43) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.67) by $0.24. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter last year, the company earned ($0.47) earnings per share. The business’s revenue was up 9.4% on a year-over-year basis. As a group, equities analysts anticipate that Calumet will post -3.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Calumet

Several hedge funds have recently added to or reduced their stakes in CLMT. Islay Capital Management LLC bought a new stake in shares of Calumet in the 4th quarter valued at about $25,000. Aster Capital Management DIFC Ltd boosted its position 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 buying an additional 1,229 shares during the period. Global Retirement Partners LLC bought a new stake in Calumet in the 4th quarter worth $34,000. Covestor Ltd raised its stake in shares of Calumet by 29.1% during the fourth quarter. Covestor Ltd now owns 2,180 shares of the oil and gas company’s stock valued at $43,000 after acquiring an additional 492 shares during the last quarter. Finally, State of Alaska Department of Revenue bought a new stake in shares of Calumet in the third quarter worth about $56,000. Institutional investors own 34.41% of the company’s stock.

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.