Calumet (NASDAQ:CLMT) Hits New 1-Year High – Still a Buy?

Calumet, Inc. (NASDAQ:CLMT) reached a new 52-week high on Wednesday . The stock traded as high as $44.34 and last traded at $44.17, with a volume of 856644 shares changing hands. The stock had previously closed at $43.44.

Analysts Set New Price Targets

A number of analysts have issued reports on CLMT shares. The Goldman Sachs Group lowered shares of Calumet from a “buy” rating to a “neutral” rating and set a $36.00 price target on the stock. in a research note on Friday, April 24th. Weiss Ratings upgraded shares of Calumet from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, May 11th. TD Cowen reiterated a “hold” rating on shares of Calumet in a report on Wednesday, June 3rd. Finally, HC Wainwright raised their price target on shares of Calumet from $33.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, March 30th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $36.75.

Calumet Trading Up 1.7%

The company has a market cap of $3.85 billion, a PE ratio of -20.45 and a beta of 0.72. The company has a fifty day simple moving average of $35.65 and a two-hundred day simple moving average of $30.69.

Calumet (NASDAQ:CLMT) last announced its quarterly earnings data on Friday, May 8th. The oil and gas company reported ($3.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.33) by ($3.31). The firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1 billion. During the same period in the previous year, the firm earned ($1.87) EPS. The business’s revenue for the quarter was up 3.6% on a year-over-year basis. On average, research analysts anticipate that Calumet, Inc. will post -0.13 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Group Heritage sold 626,998 shares of Calumet stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $32.54, for a total value of $20,402,514.92. Following the completion of the transaction, the insider owned 12,980,211 shares in the company, valued at $422,376,065.94. The trade was a 4.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Daniel J. Sajkowski sold 4,240 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $36.16, for a total transaction of $153,318.40. Following the transaction, the director owned 77,718 shares of the company’s stock, valued at $2,810,282.88. This trade represents a 5.17% decrease in their position. The disclosure for this sale is available in the SEC filing. 4.07% of the stock is owned by insiders.

Hedge Funds Weigh In On Calumet

Large investors have recently bought and sold shares of the business. Islay Capital Management LLC purchased a new stake in Calumet during the 4th quarter worth about $25,000. Aster Capital Management DIFC Ltd boosted its position in shares of Calumet by 294.7% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,646 shares of the oil and gas company’s stock worth $33,000 after acquiring an additional 1,229 shares in the last quarter. Global Retirement Partners LLC purchased a new position in shares of Calumet in the 4th quarter valued at about $34,000. Covestor Ltd increased its holdings in shares of Calumet by 29.1% in the 4th quarter. Covestor Ltd now owns 2,180 shares of the oil and gas company’s stock valued at $43,000 after acquiring an additional 492 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new stake in shares of Calumet during the 3rd quarter worth about $59,000. Hedge funds and other institutional investors own 34.41% of the company’s stock.

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.