Calumet (NASDAQ:CLMT) Trading Down 8.1% After Earnings Miss

Calumet, Inc. (NASDAQ:CLMT)’s stock price was down 8.1% on Monday after the company announced weaker than expected quarterly earnings. The company traded as low as $13.88 and last traded at $13.21. Approximately 43,136 shares were traded during trading, a decline of 96% from the average daily volume of 1,221,649 shares. The stock had previously closed at $14.37.

The oil and gas company reported ($1.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($1.26). The firm had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $982.88 million. During the same period last year, the firm earned ($0.48) earnings per share. Calumet’s quarterly revenue was down 9.4% on a year-over-year basis.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Bank of America initiated coverage on Calumet in a research note on Tuesday, May 13th. They set a “buy” rating and a $15.00 price target on the stock. Wells Fargo & Company dropped their target price on shares of Calumet from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 14th. UBS Group set a $13.25 price target on shares of Calumet and gave the company a “neutral” rating in a research note on Tuesday. Finally, The Goldman Sachs Group lowered their price objective on shares of Calumet from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $18.71.

Insider Transactions at Calumet

In related news, Director Jennifer Straumins sold 100,000 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $16.23, for a total value of $1,623,000.00. Following the transaction, the director owned 934,589 shares in the company, valued at approximately $15,168,379.47. This represents a 9.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Gregory J. Morical sold 25,123 shares of the firm’s stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $16.69, for a total transaction of $419,302.87. Following the transaction, the senior vice president directly owned 39,415 shares of the company’s stock, valued at $657,836.35. This represents a 38.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 275,123 shares of company stock valued at $4,113,303 in the last ninety days. Corporate insiders own 4.07% of the company’s stock.

Institutional Investors Weigh In On Calumet

Several hedge funds have recently added to or reduced their stakes in the business. J.W. Cole Advisors Inc. grew its position in Calumet by 32.0% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 23,289 shares of the oil and gas company’s stock worth $367,000 after purchasing an additional 5,650 shares during the period. XTX Topco Ltd purchased a new stake in shares of Calumet in the second quarter worth about $468,000. Ameritas Investment Partners Inc. acquired a new stake in Calumet during the second quarter worth about $111,000. Rhumbline Advisers acquired a new stake in Calumet during the second quarter worth about $1,610,000. Finally, Legal & General Group Plc raised its position 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 valued at $1,137,000 after acquiring an additional 19,322 shares in the last quarter. 34.41% of the stock is owned by hedge funds and other institutional investors.

Calumet Price Performance

The stock has a fifty day simple moving average of $15.69 and a 200-day simple moving average of $13.96. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of -2.71 and a beta of 0.91.

Calumet Company Profile

Calumet, Inc engages in the manufacturing, formulating, and marketing of a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. It operates through the following segments: Specialty Products & Solutions, Performance Brands, Montana/Renewables, and Corporate.