Calumet (NASDAQ:CLMT) Stock Gets Downgrade from Zacks Research

Calumet (NASDAQ:CLMT) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks reports.

Several other equities research analysts also recently weighed in on CLMT. TD Cowen upped their price objective on shares of Calumet from $34.00 to $40.00 and gave the stock a “hold” rating in a report on Wednesday, August 12th. The Goldman Sachs Group reissued a “neutral” rating and set a $57.00 target price on shares of Calumet in a research note on Wednesday, October 21st. UBS Group raised their target price on shares of Calumet from $26.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, August 25th. Citigroup reiterated a “buy” rating on shares of Calumet in a report on Monday, August 10th. Finally, HC Wainwright raised their price objective on shares of Calumet from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, September 2nd. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $54.75.

Calumet Stock Performance

Shares of CLMT stock opened at $43.60 on Tuesday. Calumet has a 1 year low of $17.85 and a 1 year high of $59.87. The stock has a fifty day moving average of $53.63 and a two-hundred day moving average of $38.78. The firm has a market capitalization of $3.83 billion, a PE ratio of -28.13, a price-to-earnings-growth ratio of 0.76 and a beta of 0.65.

Calumet (NASDAQ:CLMT) last released its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $1.12 billion. The business’s quarterly revenue was up 40.8% on a year-over-year basis. During the same period last year, the firm posted ($1.70) earnings per share. Equities research analysts predict that Calumet will post 1.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CLMT. Optimist Retirement Group LLC acquired a new position in Calumet during the third quarter worth about $443,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Calumet in the 3rd quarter valued at about $210,000. Sterling Capital Management LLC lifted its holdings in Calumet by 282.2% in the 3rd quarter. Sterling Capital Management LLC now owns 2,045 shares of the oil and gas company’s stock valued at $107,000 after acquiring an additional 1,510 shares during the last quarter. O Keefe Stevens Advisory Inc. lifted its holdings in Calumet by 5.0% in the 3rd quarter. O Keefe Stevens Advisory Inc. now owns 30,435 shares of the oil and gas company’s stock valued at $1,594,000 after acquiring an additional 1,460 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Calumet by 63.3% during the 3rd quarter. GAMMA Investing LLC now owns 926 shares of the oil and gas company’s stock valued at $49,000 after purchasing an additional 359 shares in the last quarter. Institutional investors own 34.41% of the company’s stock.

Calumet Company Profile

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.