Calumet (NASDAQ:CLMT) Shares Down 4.9% – Time to Sell?

Calumet, Inc. (NASDAQ:CLMT)’s share price fell 4.9% during mid-day trading on Monday. The company traded as low as $55.27 and last traded at $54.9120. Approximately 455,667 shares changed hands during trading, a decline of 64% from the average daily volume of 1,253,353 shares. The stock had previously closed at $57.75.

Wall Street Analyst Weigh In

A number of equities analysts have commented on CLMT shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Calumet in a research note on Friday, August 7th. HC Wainwright upped their target price on shares of Calumet from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, September 2nd. Citigroup reaffirmed a “buy” rating on shares of Calumet in a report on Monday, August 10th. UBS Group lifted their price target on Calumet from $26.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 25th. Finally, The Goldman Sachs Group lifted their price target on Calumet from $40.00 to $45.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 18th. One investment 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 given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $51.75.

Calumet Stock Performance

The company’s fifty day moving average price is $53.19 and its 200-day moving average price is $41.92. The stock has a market cap of $4.78 billion, a P/E ratio of -35.08, a price-to-earnings-growth ratio of 1.54 and a beta of 0.78.

Calumet (NASDAQ:CLMT) last issued its quarterly earnings results on Friday, August 7th. The oil and gas company reported ($1.09) EPS for the quarter, missing the consensus estimate of $0.07 by ($1.16). The company had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter last year, the firm earned ($1.70) EPS. The company’s revenue was up 40.8% compared to the same quarter last year. Analysts anticipate that Calumet, Inc. will post 0.76 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Two Seas Capital LP purchased a new stake in shares of Calumet in the second quarter worth approximately $238,442,000. Bank of America Corp DE bought a new stake in shares of Calumet during the 2nd quarter worth approximately $35,348,000. Renaissance Technologies LLC purchased a new position in Calumet during the 1st quarter valued at $14,066,000. State Street Corp boosted its holdings in Calumet by 12.7% during the 2nd quarter. State Street Corp now owns 3,471,065 shares of the oil and gas company’s stock valued at $125,028,000 after acquiring an additional 390,906 shares during the period. Finally, Hennessy Advisors Inc. purchased a new position in Calumet during the 2nd quarter valued at $10,201,000. Institutional investors own 34.41% of the company’s stock.

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.