Calumet (NASDAQ:CLMT) Upgraded at Zacks Research

Zacks Research upgraded shares of Calumet (NASDAQ:CLMT) from a hold rating to a strong-buy rating in a research note released on Monday,Zacks reports.

CLMT has been the subject of several other reports. HC Wainwright lifted their price objective on shares of Calumet from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, September 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Calumet in a research note on Friday, August 7th. Citigroup reissued a “buy” rating on shares of Calumet in a report on Monday, August 10th. The Goldman Sachs Group boosted their target price on shares of Calumet from $40.00 to $45.00 and gave the company a “neutral” rating in a research report on Tuesday, August 18th. Finally, TD Cowen upped their price target on shares of Calumet from $34.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Calumet presently has an average rating of “Hold” and an average price target of $51.75.

Calumet Stock Performance

Shares of CLMT stock opened at $56.29 on Monday. Calumet has a fifty-two week low of $17.42 and a fifty-two week high of $59.87. The firm has a market capitalization of $4.95 billion, a PE ratio of -36.32 and a beta of 0.78. The stock’s 50-day simple moving average is $50.99 and its 200-day simple moving average is $40.58.

Calumet (NASDAQ:CLMT) last released its earnings results on Friday, August 7th. The oil and gas company reported ($1.09) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($1.16). The company had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.12 billion. The firm’s revenue for the quarter was up 40.8% on a year-over-year basis. During the same period last year, the business earned ($1.70) earnings per share. Sell-side analysts forecast that Calumet will post 0.76 earnings per share for the current year.

Hedge Funds Weigh In On Calumet

Several large investors have recently made changes to their positions in the company. Islay Capital Management LLC purchased a new position in Calumet in the fourth quarter valued at $25,000. Nykredit A S purchased a new position in shares of Calumet in the 2nd quarter valued at about $57,000. Global Retirement Partners LLC purchased a new position in shares of Calumet in the 2nd quarter valued at about $61,000. KBC Group NV acquired a new position in Calumet in the 1st quarter worth about $69,000. Finally, Quantbot Technologies LP acquired a new position in Calumet in the 2nd quarter worth about $89,000. 34.41% of the stock is currently owned by institutional investors and hedge funds.

About Calumet

Calumet, Inc (NASDAQ: CLMT) is a specialty products and renewable fuels company headquartered in Indianapolis, Indiana. The company develops, produces and markets a range of products derived from crude oil and renewable feedstocks for industrial, commercial and consumer applications.

Its specialty products portfolio includes lubricants, solvents, waxes, asphalt and other hydrocarbon-based products, as well as products used in manufacturing, transportation, infrastructure and consumer goods.