Calumet (NASDAQ:CLMT) Stock Gets Downgrade from Zacks Research

by · The Cerbat Gem

Calumet (NASDAQ:CLMT – Get Free Report) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks reports.

Several other equities analysts have also issued reports on the company. TD Cowen raised their price target on Calumet from $34.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, August 12th. HC Wainwright boosted their price objective on Calumet from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, September 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Calumet in a research note on Friday, August 7th. The Goldman Sachs Group reissued a “neutral” rating and set a $57.00 price objective on shares of Calumet in a research note on Wednesday, October 21st. Finally, UBS Group raised their target price on shares of Calumet from $26.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, August 25th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $54.75.

Check Out Our Latest Stock Analysis on CLMT

Calumet Trading Down 7.9%

CLMT opened at $43.60 on Tuesday. The company has a market cap of $3.83 billion, a P/E ratio of -28.13, a P/E/G ratio of 0.76 and a beta of 0.65. The business’s 50-day moving average price is $53.63 and its 200-day moving average price is $38.78. Calumet has a 12 month low of $17.85 and a 12 month high of $59.87.

Calumet (NASDAQ:CLMT – Get Free Report) last released its earnings results on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($1.16). The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.12 billion. The company’s revenue was up 40.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.70) earnings per share. Equities research analysts forecast that Calumet will post 1.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Calumet

Several hedge funds and other institutional investors have recently modified their holdings of the company. Optimist Retirement Group LLC purchased a new stake in shares of Calumet during the third quarter worth about $443,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Calumet during the 3rd quarter valued at about $210,000. Sterling Capital Management LLC increased its holdings in Calumet by 282.2% during the 3rd quarter. Sterling Capital Management LLC now owns 2,045 shares of the oil and gas company’s stock valued at $107,000 after purchasing an additional 1,510 shares during the period. O Keefe Stevens Advisory Inc. increased its holdings in Calumet by 5.0% during the 3rd quarter. O Keefe Stevens Advisory Inc. now owns 30,435 shares of the oil and gas company’s stock valued at $1,594,000 after purchasing an additional 1,460 shares during the period. Finally, GAMMA Investing LLC raised its position in Calumet by 63.3% during the 3rd quarter. GAMMA Investing LLC now owns 926 shares of the oil and gas company’s stock valued at $49,000 after purchasing an additional 359 shares during the last quarter. 34.41% of the stock is owned by institutional investors.

About Calumet

(Get Free Report)

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.

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