Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) Receives Average Recommendation of “Buy” from Brokerages

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) has earned a consensus rating of “Buy” from the three brokerages that are presently covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a buy rating. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $22.33.

A number of research analysts have commented on CLMT shares. StockNews.com started coverage on Calumet Specialty Products Partners in a research note on Tuesday, October 15th. They set a “hold” rating on the stock. HC Wainwright restated a “buy” rating and set a $25.00 target price on shares of Calumet Specialty Products Partners in a research note on Thursday. TD Cowen raised their price objective on shares of Calumet Specialty Products Partners from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday. Wells Fargo & Company upped their price target on shares of Calumet Specialty Products Partners from $25.00 to $29.00 and gave the company an “overweight” rating in a research report on Monday. Finally, The Goldman Sachs Group cut their price objective on Calumet Specialty Products Partners from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Monday, August 5th.

Calumet Specialty Products Partners Stock Performance

Shares of NASDAQ CLMT traded up $1.17 during mid-day trading on Monday, reaching $21.23. The company’s stock had a trading volume of 478,596 shares, compared to its average volume of 364,649. Calumet Specialty Products Partners has a 1-year low of $9.97 and a 1-year high of $25.29. The stock has a market capitalization of $1.71 billion, a P/E ratio of -304.29 and a beta of 1.92. The stock has a 50-day moving average of $18.31 and a two-hundred day moving average of $16.36.

Calumet Specialty Products Partners (NASDAQ:CLMT) last issued its earnings results on Friday, August 9th. The oil and gas company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.55) by $0.07. The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $889.17 million. The firm’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.19) earnings per share. Analysts predict that Calumet Specialty Products Partners will post -1.97 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CLMT. Wasserstein Debt Opportunities Management L.P. boosted its holdings in shares of Calumet Specialty Products Partners by 2.9% in the 2nd quarter. Wasserstein Debt Opportunities Management L.P. now owns 6,891,314 shares of the oil and gas company’s stock valued at $110,606,000 after buying an additional 193,063 shares during the period. Raymond James & Associates raised its stake in shares of Calumet Specialty Products Partners by 13.4% during the second quarter. Raymond James & Associates now owns 572,057 shares of the oil and gas company’s stock valued at $9,182,000 after purchasing an additional 67,689 shares in the last quarter. Creative Planning lifted its holdings in Calumet Specialty Products Partners by 46.4% in the second quarter. Creative Planning now owns 62,459 shares of the oil and gas company’s stock worth $1,002,000 after purchasing an additional 19,800 shares during the period. DRW Securities LLC bought a new position in Calumet Specialty Products Partners in the 2nd quarter valued at about $898,000. Finally, FAS Wealth Partners Inc. raised its position in shares of Calumet Specialty Products Partners by 4.5% during the 2nd quarter. FAS Wealth Partners Inc. now owns 54,126 shares of the oil and gas company’s stock worth $869,000 after buying an additional 2,308 shares in the last quarter. Hedge funds and other institutional investors own 34.41% of the company’s stock.

About Calumet Specialty Products Partners

Calumet, Inc manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to various consumer-facing and industrial markets in North America and internationally. It operates through Specialty Products and Solutions; Montana/Renewables; and Performance brands segments.