Calumet (NASDAQ:CLMT) Stock Dropped to Hold by Zacks Research

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

A number of other brokerages have also recently commented on CLMT. HC Wainwright raised their price objective on Calumet from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, September 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Calumet in a report on Friday, August 7th. Citigroup reaffirmed a “buy” rating on shares of Calumet in a research report on Monday, August 10th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $57.00 price target on shares of Calumet in a research report on Wednesday, October 21st. Finally, UBS Group lifted their price target on Calumet from $26.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, August 25th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Calumet currently has a consensus rating of “Hold” and a consensus price target of $54.75.

Calumet Trading Down 7.9%

Calumet stock opened at $43.60 on Tuesday. The company has a market capitalization of $3.83 billion, a PE ratio of -28.13, a P/E/G ratio of 0.76 and a beta of 0.65. The stock has a 50-day moving average price of $53.63 and a two-hundred day moving average price of $38.78. Calumet has a 12 month low of $17.85 and a 12 month high of $59.87.

Calumet (NASDAQ:CLMT) last posted its quarterly earnings data on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share 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 analyst estimates of $1.12 billion. The firm’s revenue for the quarter was up 40.8% compared to the same quarter last year. During the same period last year, the firm earned ($1.70) EPS. As a group, analysts predict that Calumet will post 1.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Two Seas Capital LP purchased a new position in Calumet in the second quarter valued at approximately $238,442,000. Bank of America Corp DE bought a new stake in shares of Calumet in the second quarter valued at $35,348,000. Renaissance Technologies LLC bought a new stake in shares of Calumet in the first quarter valued at $14,066,000. State Street Corp increased its stake in shares of Calumet by 12.7% in the second quarter. State Street Corp now owns 3,471,065 shares of the oil and gas company’s stock worth $125,028,000 after purchasing an additional 390,906 shares in the last quarter. Finally, Hennessy Advisors Inc. purchased a new stake in shares of Calumet during the second quarter worth $10,201,000. 34.41% of the stock is currently owned by hedge funds and other institutional investors.

About Calumet

Calumet, formerly known as Calumet Specialty Products Partners, L.P., is a manufacturer of specialty hydrocarbon products and renewable fuels. The company refines crude oil and other feedstocks into products used in industrial, transportation, commercial and consumer applications.

Its specialty product portfolio includes base oils, lubricants, waxes, solvents, asphalt and other highly engineered hydrocarbon products. Calumet also produces fuels and renewable fuels, including renewable diesel and sustainable aviation fuel-related products through its renewable fuels operations.

Founded in 1916, the company serves customers across the United States and supplies products to a range of industries, including automotive, energy, manufacturing, infrastructure and aviation.