Calumet (NASDAQ:CLMT) Reaches New 12-Month High – What’s Next?

Calumet, Inc. (NASDAQ:CLMT) shares hit a new 52-week high on Thursday . The stock traded as high as $39.50 and last traded at $38.79, with a volume of 1097313 shares. The stock had previously closed at $37.17.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. TD Cowen reissued a “hold” rating on shares of Calumet in a research report on Wednesday, June 3rd. The Goldman Sachs Group lowered shares of Calumet from a “buy” rating to a “neutral” rating and set a $36.00 price target on the stock. in a research note on Friday, April 24th. HC Wainwright boosted their price target on shares of Calumet from $33.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, March 30th. Finally, Weiss Ratings upgraded shares of Calumet from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 11th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $36.75.

Calumet Trading Up 1.2%

The company has a market cap of $3.44 billion, a P/E ratio of -18.27 and a beta of 0.72. The business has a 50 day moving average price of $34.52 and a 200-day moving average price of $29.55.

Calumet (NASDAQ:CLMT) last released its earnings results on Friday, May 8th. The oil and gas company reported ($3.64) earnings per share for the quarter, missing the consensus estimate of ($0.33) by ($3.31). The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1 billion. During the same period in the previous year, the company earned ($1.87) earnings per share. The company’s quarterly revenue was up 3.6% compared to the same quarter last year. On average, sell-side analysts expect that Calumet, Inc. will post -0.28 earnings per share for the current year.

Insider Transactions at Calumet

In related news, major shareholder Group Heritage sold 626,998 shares of Calumet stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $32.54, for a total transaction of $20,402,514.92. Following the completion of the transaction, the insider owned 12,980,211 shares in the company, valued at approximately $422,376,065.94. This trade represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Daniel J. Sajkowski sold 4,240 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $36.16, for a total value of $153,318.40. Following the transaction, the director directly owned 77,718 shares in the company, valued at $2,810,282.88. The trade was a 5.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 4.07% of the company’s stock.

Institutional Trading of Calumet

Several hedge funds and other institutional investors have recently modified their holdings of CLMT. Legal & General Group Plc raised its holdings in Calumet by 36.6% in the 2nd quarter. Legal & General Group Plc now owns 72,143 shares of the oil and gas company’s stock valued at $1,137,000 after acquiring an additional 19,322 shares during the period. New York State Common Retirement Fund acquired a new position in shares of Calumet in the second quarter valued at approximately $343,000. Quantbot Technologies LP acquired a new position in shares of Calumet in the second quarter valued at approximately $241,000. Invesco Ltd. lifted its holdings in Calumet by 514.8% during the 2nd quarter. Invesco Ltd. now owns 94,642 shares of the oil and gas company’s stock worth $1,491,000 after purchasing an additional 79,247 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in Calumet by 199.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 34,551 shares of the oil and gas company’s stock worth $544,000 after purchasing an additional 23,031 shares during the last quarter. Institutional investors own 34.41% of the company’s stock.

About Calumet

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.