Calumet (NASDAQ:CLMT) Shares Up 5.3% – Still a Buy?

Calumet, Inc. (NASDAQ:CLMT)’s share price traded up 5.3% during trading on Wednesday . The stock traded as high as $38.91 and last traded at $39.14. Approximately 188,706 shares were traded during trading, a decline of 84% from the average session volume of 1,202,608 shares. The stock had previously closed at $37.17.

Analyst Upgrades and Downgrades

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

Calumet Trading Up 0.5%

The stock has a market capitalization of $3.40 billion, a price-to-earnings ratio of -18.06 and a beta of 0.72. The stock’s 50 day moving average is $34.38 and its two-hundred day moving average is $29.48.

Calumet (NASDAQ:CLMT) last released its quarterly earnings results 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 business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1 billion. Calumet’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter last year, the company earned ($1.87) earnings per share. On average, research analysts anticipate that Calumet, Inc. will post -0.28 earnings per share for the current year.

Insider Transactions at Calumet

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

Institutional Trading of Calumet

A number of institutional investors have recently made changes to their positions in CLMT. Legal & General Group Plc boosted its holdings in Calumet by 36.6% during the second quarter. Legal & General Group Plc now owns 72,143 shares of the oil and gas company’s stock worth $1,137,000 after purchasing an additional 19,322 shares during the last quarter. New York State Common Retirement Fund acquired a new stake in Calumet in the 2nd quarter valued at $343,000. Quantbot Technologies LP bought a new stake in Calumet during the 2nd quarter worth about $241,000. Invesco Ltd. lifted its position in Calumet by 514.8% during the 2nd quarter. Invesco Ltd. now owns 94,642 shares of the oil and gas company’s stock worth $1,491,000 after buying an additional 79,247 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Calumet by 199.9% during 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 buying an additional 23,031 shares during the last quarter. 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.