Calumet (NASDAQ:CLMT) Hits New 1-Year High – Still a Buy?

Shares of Calumet, Inc. (NASDAQ:CLMT) reached a new 52-week high on Wednesday . The company traded as high as $44.34 and last traded at $44.17, with a volume of 856644 shares. The stock had previously closed at $43.44.

Wall Street Analysts Forecast Growth

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

Calumet Price Performance

The firm has a market capitalization of $3.85 billion, a PE ratio of -20.45 and a beta of 0.72. The business’s 50-day moving average price is $35.65 and its 200-day moving average price is $30.69.

Calumet (NASDAQ:CLMT) last released its quarterly earnings results on Friday, May 8th. The oil and gas company reported ($3.64) EPS 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 analysts’ expectations of $1 billion. Calumet’s revenue was up 3.6% compared to the same quarter last year. During the same period last year, the business posted ($1.87) EPS. Equities analysts forecast that Calumet, Inc. will post -0.13 earnings per share for the current year.

Insider Activity

In other news, Director Daniel J. Sajkowski sold 4,240 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $36.16, for a total transaction of $153,318.40. Following the completion of the sale, the director owned 77,718 shares in the company, valued at approximately $2,810,282.88. This represents a 5.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Group Heritage sold 626,998 shares of the firm’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $32.54, for a total value of $20,402,514.92. Following the transaction, the insider directly owned 12,980,211 shares in the company, valued at approximately $422,376,065.94. This represents a 4.61% decrease in their position. The SEC filing for this sale provides additional information. 4.07% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Calumet

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Calumet by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 4,703,040 shares of the oil and gas company’s stock valued at $93,449,000 after buying an additional 58,376 shares during the last quarter. Bank of America Corp DE raised its position in Calumet by 65.1% during the 1st quarter. Bank of America Corp DE now owns 1,153,744 shares of the oil and gas company’s stock worth $41,419,000 after buying an additional 454,985 shares during the last quarter. Marshall Wace LLP lifted its stake in shares of Calumet by 35.8% in the 3rd quarter. Marshall Wace LLP now owns 891,390 shares of the oil and gas company’s stock worth $16,268,000 after acquiring an additional 234,766 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of Calumet in the 1st quarter worth $14,066,000. Finally, Mariner LLC boosted its holdings in shares of Calumet by 959.6% in the third quarter. Mariner LLC now owns 369,408 shares of the oil and gas company’s stock valued at $6,742,000 after acquiring an additional 334,544 shares in the last quarter. 34.41% of the stock is owned by institutional investors and hedge funds.

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.