Calumet (NASDAQ:CLMT) Releases Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Calumet (NASDAQ:CLMT) released its quarterly earnings data on Friday. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.09, Zacks reports. The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.06 billion. The business’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.18) earnings per share.

Calumet Price Performance

Shares of NASDAQ CLMT traded down $0.32 during mid-day trading on Friday, hitting $19.19. The company’s stock had a trading volume of 2,401,024 shares, compared to its average volume of 1,110,129. Calumet has a one year low of $7.68 and a one year high of $23.75. The company’s fifty day simple moving average is $18.55 and its 200-day simple moving average is $15.94. The stock has a market cap of $1.66 billion, a price-to-earnings ratio of -3.68 and a beta of 1.09.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. The Goldman Sachs Group raised their price objective on shares of Calumet from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, October 22nd. Weiss Ratings restated a “sell (e+)” rating on shares of Calumet in a research note on Wednesday, October 8th. Zacks Research raised shares of Calumet from a “strong sell” rating to a “hold” rating in a research note on Thursday. Finally, UBS Group boosted their price objective on shares of Calumet from $12.00 to $13.25 and gave the stock a “neutral” rating in a research report on Tuesday, August 12th. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $19.71.

Hedge Funds Weigh In On Calumet

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Engineers Gate Manager LP acquired a new stake in Calumet during the 2nd quarter worth $230,000. Quantbot Technologies LP acquired a new position in shares of Calumet in the 2nd quarter valued at $241,000. New York State Common Retirement Fund bought a new position in shares of Calumet in the 2nd quarter worth $343,000. The Manufacturers Life Insurance Company grew its stake in shares of Calumet by 199.9% during the second 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 period. Finally, Corient Private Wealth LLC bought a new stake in Calumet in the second quarter valued at about $577,000. 34.41% of the stock is owned by institutional investors.

About Calumet

Calumet, Inc engages in the manufacturing, formulating, and marketing of a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. It operates through the following segments: Specialty Products & Solutions, Performance Brands, Montana/Renewables, and Corporate.