HC Wainwright Issues Negative Estimate for Calumet Earnings

Calumet, Inc. (NASDAQ:CLMT) – HC Wainwright lowered their FY2027 earnings per share estimates for Calumet in a research note issued on Monday, August 10th. HC Wainwright analyst A. Dayal now expects that the oil and gas company will post earnings per share of $0.59 for the year, down from their prior estimate of $0.69. The consensus estimate for Calumet’s current full-year earnings is ($0.13) per share.

Calumet (NASDAQ:CLMT) last announced its quarterly earnings data on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($1.16). The company had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same period in the prior year, the company posted ($1.70) earnings per share. The firm’s revenue was up 40.8% compared to the same quarter last year.

CLMT has been the subject of a number of other reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Calumet in a report on Friday. Citigroup restated a “buy” rating on shares of Calumet in a research note on Monday. TD Cowen restated a “hold” rating on shares of Calumet in a research note on Wednesday, June 3rd. Finally, The Goldman Sachs Group lifted their price objective on shares of Calumet from $36.00 to $40.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $37.75.

Calumet Stock Up 15.2%

NASDAQ:CLMT opened at $45.47 on Tuesday. The business’s 50 day moving average is $38.17 and its two-hundred day moving average is $32.89. Calumet has a 52 week low of $12.94 and a 52 week high of $45.55. The company has a market cap of $3.96 billion, a PE ratio of -29.34 and a beta of 0.71.

Insider Buying and Selling

In related news, 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 completion of the transaction, the director owned 77,718 shares in the company, valued at $2,810,282.88. The trade was a 5.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Group Heritage sold 626,998 shares of the company’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $32.54, for a total value of $20,402,514.92. Following the transaction, the insider owned 12,980,211 shares of the company’s stock, valued at approximately $422,376,065.94. The trade was a 4.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 3.15% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Calumet

Several hedge funds and other institutional investors have recently modified their holdings of CLMT. Legal & General Group Plc increased its holdings in shares of Calumet by 36.6% in the 2nd quarter. Legal & General Group Plc now owns 72,143 shares of the oil and gas company’s stock worth $1,137,000 after acquiring an additional 19,322 shares during the period. New York State Common Retirement Fund acquired a new position in Calumet during the 2nd quarter valued at about $343,000. Quantbot Technologies LP acquired a new position in Calumet during the 2nd quarter valued at about $241,000. Invesco Ltd. grew its position in Calumet by 514.8% in the 2nd quarter. Invesco Ltd. now owns 94,642 shares of the oil and gas company’s stock worth $1,491,000 after purchasing an additional 79,247 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in Calumet by 199.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 34,551 shares of the oil and gas company’s stock worth $544,000 after purchasing an additional 23,031 shares during the last quarter. Institutional investors and hedge funds 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.