Calumet (NASDAQ:CLMT) Shares Gap Up – What’s Next?

Calumet, Inc. (NASDAQ:CLMT) gapped up before the market opened on Thursday . The stock had previously closed at $29.11, but opened at $29.81. Calumet shares last traded at $29.65, with a volume of 175,702 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. TD Cowen boosted their price target on shares of Calumet from $19.00 to $25.00 and gave the company a “hold” rating in a research note on Thursday, March 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Calumet in a research note on Monday, December 29th. The Goldman Sachs Group raised their target price on Calumet from $24.00 to $34.00 and gave the company a “buy” rating in a report on Thursday, March 12th. UBS Group reiterated a “neutral” rating and set a $26.00 price target on shares of Calumet in a report on Friday, February 13th. Finally, Wall Street Zen downgraded shares of Calumet from a “buy” rating to a “hold” rating in a report on Sunday, December 14th. Four 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. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $25.67.

Calumet Trading Down 2.0%

The business has a fifty day moving average of $25.44 and a 200-day moving average of $21.23. The firm has a market cap of $2.47 billion, a PE ratio of -72.95 and a beta of 1.18.

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

Hedge Funds Weigh In On Calumet

A number of large investors have recently modified their holdings of CLMT. ProShare Advisors LLC bought a new position in shares of Calumet during the second quarter valued at about $223,000. Geode Capital Management LLC grew its holdings in Calumet by 112.4% in the second quarter. Geode Capital Management LLC now owns 1,704,670 shares of the oil and gas company’s stock worth $26,860,000 after purchasing an additional 901,933 shares during the period. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Calumet during the second quarter valued at approximately $245,000. Intech Investment Management LLC purchased a new position in shares of Calumet in the 2nd quarter worth about $518,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Calumet during the 2nd quarter valued at $408,000. 34.41% of the stock is owned by hedge funds and other institutional investors.

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.