Calumet (NASDAQ:CLMT) Stock Price Breaks Above 200 Day Moving Average – Here’s Why

Calumet, Inc. (NASDAQ:CLMT)’s stock price passed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $40.19 and traded as high as $56.43. Calumet shares last traded at $56.03, with a volume of 1,289,755 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. UBS Group boosted their price target on shares of Calumet from $26.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday, August 25th. Citigroup restated a “buy” rating on shares of Calumet in a report on Monday, August 10th. HC Wainwright increased their target price on Calumet from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, September 2nd. Zacks Research upgraded Calumet from a “hold” rating to a “strong-buy” rating in a report on Monday. Finally, The Goldman Sachs Group boosted 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 analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $51.75.

Calumet Price Performance

The company’s fifty day simple moving average is $50.71 and its 200-day simple moving average is $40.38. The firm has a market capitalization of $4.95 billion, a PE ratio of -36.32 and a beta of 0.78.

Calumet (NASDAQ:CLMT) last posted its quarterly earnings data on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($1.16). The firm had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the prior year, the business posted ($1.70) EPS. The firm’s quarterly revenue was up 40.8% on a year-over-year basis. As a group, equities research analysts anticipate that Calumet, Inc. will post 0.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Calumet

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Two Seas Capital LP purchased a new stake in shares of Calumet during the second quarter worth approximately $238,442,000. BlackRock Inc. grew its holdings in shares of Calumet by 5.1% during the second quarter. BlackRock Inc. now owns 5,234,106 shares of the oil and gas company’s stock worth $188,532,000 after buying an additional 253,578 shares in the last quarter. State Street Corp grew its holdings in shares of Calumet by 12.7% during 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 buying an additional 390,906 shares in the last quarter. Bank of America Corp DE raised its position in shares of Calumet by 65.1% in the first quarter. Bank of America Corp DE now owns 1,153,744 shares of the oil and gas company’s stock valued at $41,419,000 after buying an additional 454,985 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in Calumet during the first quarter worth about $14,066,000. Hedge funds and other 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.