Calumet (NASDAQ:CLMT) Shares Gap Up – Here’s What Happened

Calumet, Inc. (NASDAQ:CLMT)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $29.11, but opened at $29.81. Calumet shares last traded at $29.65, with a volume of 175,702 shares trading hands.

Analysts Set New Price Targets

Several analysts have issued reports on CLMT shares. UBS Group reiterated a “neutral” rating and issued a $26.00 target price on shares of Calumet in a research note on Friday, February 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Calumet in a research report on Monday, December 29th. The Goldman Sachs Group upped their price target on shares of Calumet from $24.00 to $34.00 and gave the stock a “buy” rating in a report on Thursday, March 12th. Wall Street Zen lowered Calumet from a “buy” rating to a “hold” rating in a research note on Sunday, December 14th. Finally, TD Cowen boosted their target price on Calumet from $19.00 to $25.00 and gave the stock a “hold” rating in a research report on Thursday, March 5th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Calumet presently has an average rating of “Hold” and an average target price of $25.67.

Calumet Price Performance

The firm has a market capitalization of $2.43 billion, a PE ratio of -71.90 and a beta of 1.18. The business’s 50 day moving average is $25.77 and its two-hundred day moving average is $21.36.

Calumet (NASDAQ:CLMT) last issued its quarterly earnings results on Friday, February 27th. The oil and gas company reported ($0.43) EPS for the quarter, topping analysts’ consensus estimates of ($0.67) by $0.24. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.04 billion. Calumet’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the company earned ($0.47) EPS. Analysts expect that Calumet, Inc. will post -3.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Tulsa Wealth Advisors INC purchased a new stake in Calumet during the fourth quarter valued at about $212,000. Invesco Ltd. boosted its holdings in shares of Calumet by 13.6% in the 4th quarter. Invesco Ltd. now owns 123,607 shares of the oil and gas company’s stock worth $2,456,000 after purchasing an additional 14,769 shares in the last quarter. Numerai GP LLC bought a new position in shares of Calumet during the 4th quarter valued at about $620,000. Millennium Management LLC raised its holdings in shares of Calumet by 119.9% during the 4th quarter. Millennium Management LLC now owns 13,902 shares of the oil and gas company’s stock valued at $276,000 after buying an additional 83,844 shares in the last quarter. Finally, Trexquant Investment LP lifted its position in Calumet by 45.5% in the 4th quarter. Trexquant Investment LP now owns 265,637 shares of the oil and gas company’s stock worth $5,278,000 after buying an additional 83,093 shares during the last quarter. Institutional investors own 34.41% of the company’s stock.

Calumet Company Profile

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.