Calumet, Inc. (NASDAQ:CLMT) Stock Has Consensus Price Target of $54.75 According to Analysts

Shares of Calumet, Inc. (NASDAQ:CLMT) have received an average rating of “Hold” from the seven analysts that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $54.75.

A number of research analysts have issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Calumet in a report on Friday, August 7th. Zacks Research raised shares of Calumet from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 5th. Citigroup reiterated a “buy” rating on shares of Calumet in a report on Monday, August 10th. HC Wainwright lifted their target price on Calumet from $60.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, September 2nd. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $57.00 target price on shares of Calumet in a report on Wednesday.

Hedge Funds Weigh In On Calumet

Hedge funds and other institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company purchased a new stake in shares of Calumet during the 2nd quarter worth about $1,075,000. Bank of America Corp DE purchased a new position in Calumet in the second quarter valued at approximately $35,348,000. Two Seas Capital LP purchased a new position in Calumet in the second quarter valued at approximately $238,442,000. Renaissance Technologies LLC purchased a new position in Calumet in the first quarter valued at approximately $14,066,000. Finally, BlueCrest Capital Management Ltd lifted its position in Calumet by 33.3% during the second quarter. BlueCrest Capital Management Ltd now owns 80,000 shares of the oil and gas company’s stock valued at $2,882,000 after buying an additional 20,000 shares in the last quarter. 34.41% of the stock is owned by institutional investors and hedge funds.

Calumet Stock Performance

Calumet stock opened at $49.31 on Thursday. The company has a market cap of $4.33 billion, a P/E ratio of -31.81, a price-to-earnings-growth ratio of 0.79 and a beta of 0.78. Calumet has a one year low of $17.85 and a one year high of $59.87. The business has a fifty day moving average of $53.74 and a two-hundred day moving average of $42.48.

Calumet (NASDAQ:CLMT) last announced its quarterly earnings results on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($1.16). The firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.12 billion. The firm’s quarterly revenue was up 40.8% on a year-over-year basis. During the same period in the previous year, the company earned ($1.70) EPS. Sell-side analysts predict that Calumet will post 1.28 EPS for the current year.

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.