Calumet (NASDAQ:CLMT) Stock Falls 4.9% – Time to Sell?

Shares of Calumet, Inc. (NASDAQ:CLMT) traded down 4.9% on Monday. The stock traded as low as $55.27 and last traded at $54.9120. Approximately 455,667 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 1,253,353 shares. The stock had previously closed at $57.75.

Analyst Ratings Changes

CLMT has been the subject of a number of research reports. HC Wainwright upped their price objective on shares of Calumet from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, September 2nd. TD Cowen raised their target price on shares of Calumet from $34.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, August 12th. The Goldman Sachs Group boosted their price target on shares of Calumet from $40.00 to $45.00 and gave the company a “neutral” rating in a report on Tuesday, August 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Calumet in a research report on Friday, August 7th. Finally, Zacks Research raised shares of Calumet from a “hold” rating to a “strong-buy” rating in a report on Monday, October 5th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $51.75.

Calumet Trading Up 0.9%

The company has a market cap of $4.93 billion, a PE ratio of -36.16, a P/E/G ratio of 1.49 and a beta of 0.78. The firm’s 50-day simple moving average is $53.59 and its two-hundred day simple moving average is $42.21.

Calumet (NASDAQ:CLMT) last posted its quarterly earnings results on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($1.16). The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same period in the prior year, the company posted ($1.70) earnings per share. The company’s revenue was up 40.8% on a year-over-year basis. As a group, analysts predict that Calumet, Inc. will post 0.76 EPS for the current year.

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. Farther Finance Advisors LLC lifted its stake in Calumet by 8,950.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 905 shares of the oil and gas company’s stock valued at $47,000 after acquiring an additional 895 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Calumet by 63.3% in the 3rd quarter. GAMMA Investing LLC now owns 926 shares of the oil and gas company’s stock valued at $49,000 after acquiring an additional 359 shares during the last quarter. Nykredit A S acquired a new stake in shares of Calumet in the second quarter worth $57,000. Global Retirement Partners LLC acquired a new stake in shares of Calumet in the second quarter worth $61,000. Finally, KBC Group NV acquired a new stake in shares of Calumet in the first quarter worth $69,000. Hedge funds and other institutional investors own 34.41% of the company’s stock.

Calumet Company Profile

Calumet, formerly known as Calumet Specialty Products Partners, L.P., is a manufacturer of specialty hydrocarbon products and renewable fuels. The company refines crude oil and other feedstocks into products used in industrial, transportation, commercial and consumer applications.

Its specialty product portfolio includes base oils, lubricants, waxes, solvents, asphalt and other highly engineered hydrocarbon products. Calumet also produces fuels and renewable fuels, including renewable diesel and sustainable aviation fuel-related products through its renewable fuels operations.

Founded in 1916, the company serves customers across the United States and supplies products to a range of industries, including automotive, energy, manufacturing, infrastructure and aviation.