Calumet (NASDAQ:CLMT) Stock Price Expected to Rise, TD Cowen Analyst Says

Calumet (NASDAQ:CLMT) had its price objective upped by stock analysts at TD Cowen from $19.00 to $25.00 in a research report issued on Thursday, Marketbeat reports. The firm presently has a “hold” rating on the oil and gas company’s stock. TD Cowen’s price objective suggests a potential downside of 17.76% from the company’s previous close.

A number of other research analysts have also recently commented on the company. Zacks Research upgraded Calumet from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Calumet in a research report on Monday, December 29th. Wall Street Zen cut Calumet from a “buy” rating to a “hold” rating in a report on Sunday, December 14th. HC Wainwright reissued a “buy” rating and set a $33.00 price target on shares of Calumet in a research note on Monday, November 10th. Finally, UBS Group reissued a “neutral” rating and set a $26.00 price target on shares of Calumet in a research note on Friday, February 13th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $24.00.

Calumet Stock Performance

CLMT opened at $30.40 on Thursday. Calumet has a 52-week low of $7.68 and a 52-week high of $31.41. The firm has a market cap of $2.64 billion, a P/E ratio of -77.95 and a beta of 1.18. The business’s fifty day moving average is $23.98 and its 200-day moving average is $20.44.

Calumet (NASDAQ:CLMT) last posted its quarterly earnings data on Friday, February 27th. The oil and gas company reported ($0.43) earnings per share for the quarter, topping the consensus estimate of ($0.67) by $0.24. The firm had revenue of ($3,098.50) million for the quarter, compared to the consensus estimate of $1.04 billion. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.47) EPS. On average, research analysts predict that Calumet will post -3.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Amalgamated Bank acquired a new position in Calumet during the 2nd quarter worth about $37,000. SP Asset Management LLC acquired a new stake in shares of Calumet in the second quarter valued at about $205,000. ProShare Advisors LLC bought a new position in shares of Calumet during the second quarter worth about $223,000. Geode Capital Management LLC raised its position in shares of Calumet by 112.4% during the second quarter. Geode Capital Management LLC now owns 1,704,670 shares of the oil and gas company’s stock worth $26,860,000 after acquiring an additional 901,933 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Calumet in the second quarter worth approximately $245,000. 34.41% of the stock is owned by institutional investors.

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.