Calumet (NASDAQ:CLMT) Reaches New 52-Week High – Here’s Why

Calumet, Inc. (NASDAQ:CLMT)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $29.92 and last traded at $29.3150, with a volume of 451274 shares changing hands. The stock had previously closed at $28.73.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CLMT. The Goldman Sachs Group lifted their target price on shares of Calumet from $20.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, January 30th. TD Cowen restated a “hold” rating on shares of Calumet in a research report on Thursday, January 29th. UBS Group restated a “neutral” rating and set a $26.00 price objective on shares of Calumet in a research report on Friday, February 13th. Wall Street Zen lowered Calumet from a “buy” rating to a “hold” rating in a research note on Sunday, December 14th. Finally, HC Wainwright restated a “buy” rating and set a $33.00 target price on shares of Calumet in a report on Monday, November 10th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $22.83.

Calumet Trading Down 4.3%

The company’s 50-day moving average is $22.14 and its 200 day moving average is $19.41. The stock has a market capitalization of $2.44 billion, a PE ratio of -65.44 and a beta of 1.24.

Hedge Funds Weigh In On Calumet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. lifted its position in 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 acquiring an additional 1,750 shares during the period. ELCO Management Co. LLC raised its stake in shares of Calumet by 31.9% in the second quarter. ELCO Management Co. LLC now owns 43,060 shares of the oil and gas company’s stock worth $678,000 after purchasing an additional 10,402 shares during the last quarter. Premier Path Wealth Partners LLC lifted its holdings in shares of Calumet by 11.4% during the second quarter. Premier Path Wealth Partners LLC now owns 12,853 shares of the oil and gas company’s stock worth $202,000 after purchasing an additional 1,320 shares during the period. Amalgamated Bank acquired a new stake in shares of Calumet during the second quarter worth about $37,000. Finally, SP Asset Management LLC purchased a new stake in Calumet in the second quarter valued at approximately $205,000. Hedge funds and other 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.