Key Points
- Group Heritage sold 626,998 shares of Calumet stock at an average price of $32.54, totaling about $20.4 million. After the sale, it still owned 12.98 million shares, a 4.61% reduction in its stake.
- Calumet reported a much larger-than-expected quarterly loss, with EPS of -$3.64 versus analysts’ estimate of -$0.33, even though revenue of $1.03 billion slightly beat expectations and rose 3.6% year over year.
- Wall Street remains cautious overall, with the stock carrying an average “Hold” rating and an average target price of $36.75, though individual analyst targets vary widely.
Calumet, Inc. (NASDAQ:CLMT - Get Free Report) major shareholder Group Heritage sold 626,998 shares of the firm's stock in a transaction 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 in the company, valued at approximately $422,376,065.94. This represents a 4.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Large shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.
Calumet Trading Down 0.4%
Shares of CLMT stock opened at $32.23 on Wednesday. The company's fifty day simple moving average is $31.89 and its 200-day simple moving average is $25.41. Calumet, Inc. has a 52 week low of $12.70 and a 52 week high of $36.94. The company has a market cap of $2.81 billion, a PE ratio of -14.92 and a beta of 0.72.
Calumet (NASDAQ:CLMT - Get Free Report) last issued its earnings results on Friday, May 8th. The oil and gas company reported ($3.64) EPS for the quarter, missing analysts' consensus estimates of ($0.33) by ($3.31). The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1 billion. During the same quarter in the previous year, the company posted ($1.87) earnings per share. The company's revenue for the quarter was up 3.6% on a year-over-year basis. Equities research analysts expect that Calumet, Inc. will post -0.31 EPS for the current fiscal year.
Institutional Investors Weigh In On Calumet
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Islay Capital Management LLC purchased a new stake in Calumet during the 4th quarter worth $25,000. Aster Capital Management DIFC Ltd increased its holdings in 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 purchasing an additional 1,229 shares during the last quarter. Global Retirement Partners LLC purchased a new stake in Calumet during the 4th quarter worth approximately $34,000. Covestor Ltd increased its holdings in Calumet by 29.1% during the 4th quarter. Covestor Ltd now owns 2,180 shares of the oil and gas company's stock worth $43,000 after purchasing an additional 492 shares during the last quarter. Finally, State of Alaska Department of Revenue purchased a new stake in Calumet during the 3rd quarter worth approximately $56,000. Hedge funds and other institutional investors own 34.41% of the company's stock.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on CLMT. TD Cowen raised their target price on Calumet from $19.00 to $25.00 and gave the company a "hold" rating in a report on Thursday, March 5th. UBS Group reiterated a "neutral" rating and set a $26.00 target price on shares of Calumet in a report on Friday, February 13th. HC Wainwright raised their target price on Calumet from $33.00 to $60.00 and gave the company a "buy" rating in a report on Monday, March 30th. The Goldman Sachs Group downgraded Calumet from a "buy" rating to a "neutral" rating and set a $36.00 target price on the stock. in a report on Friday, April 24th. Finally, Weiss Ratings upgraded Calumet from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, May 11th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $36.75.
View Our Latest Research Report on Calumet
Calumet Company Profile
(
Get Free Report)
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.
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