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

Calumet, Inc. (NASDAQ:CLMT) gapped down prior to trading on Tuesday . The stock had previously closed at $19.52, but opened at $18.74. Calumet shares last traded at $18.61, with a volume of 236,374 shares trading hands.

Analysts Set New Price Targets

Several research firms have weighed in on CLMT. Zacks Research raised Calumet from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 6th. TD Cowen upped their target price on Calumet from $15.00 to $18.00 and gave the stock a “hold” rating in a report on Tuesday, November 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Calumet in a research report on Monday, December 29th. The Goldman Sachs Group raised their price objective on shares of Calumet from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, October 22nd. Finally, Wall Street Zen cut shares of Calumet from a “buy” rating to a “hold” rating in a report on Sunday, December 14th. Four equities research 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. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $20.04.

Calumet Stock Performance

The company’s 50-day moving average price is $19.45 and its 200 day moving average price is $17.78. The stock has a market capitalization of $1.64 billion, a PE ratio of -43.72 and a beta of 1.23.

Calumet (NASDAQ:CLMT) last issued its quarterly earnings data on Friday, November 7th. The oil and gas company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.30) by $0.09. The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter last year, the business earned ($1.18) earnings per share. The business’s quarterly revenue was down 2.0% on a year-over-year basis. Analysts expect that Calumet, Inc. will post -3.02 earnings per share for the current year.

Institutional Investors Weigh In On Calumet

A number of institutional investors and hedge funds have recently modified their holdings of the business. Amalgamated Bank bought a new stake in shares of Calumet during the second quarter valued at approximately $37,000. University of Texas Texas AM Investment Management Co. lifted its stake in shares of Calumet by 109.4% during the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 3,350 shares of the oil and gas company’s stock worth $53,000 after purchasing an additional 1,750 shares during the last quarter. State of Alaska Department of Revenue purchased a new position in shares of Calumet in the 3rd quarter worth approximately $56,000. Advisory Services Network LLC acquired a new stake in Calumet during the 3rd quarter worth about $59,000. Finally, Ameritas Investment Partners Inc. purchased a new stake in Calumet in the second quarter valued at approximately $111,000. 34.41% of the stock is owned by institutional investors.

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.