Wells Fargo & Company Issues Pessimistic Forecast for Calumet Specialty Products Partners (NASDAQ:CLMT) Stock Price

Calumet Specialty Products Partners (NASDAQ:CLMT) had its price objective cut by stock analysts at Wells Fargo & Company from $23.00 to $21.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the oil and gas company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 56.13% from the stock’s previous close.

A number of other equities analysts have also recently commented on the stock. Bank of America began coverage on shares of Calumet Specialty Products Partners in a report on Tuesday. They set a “buy” rating and a $15.00 price objective for the company. TD Cowen lowered shares of Calumet Specialty Products Partners from a “buy” rating to a “hold” rating and decreased their price objective for the company from $26.00 to $16.00 in a report on Tuesday, March 4th. The Goldman Sachs Group decreased their price objective on shares of Calumet Specialty Products Partners from $16.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, April 30th. HC Wainwright reiterated a “buy” rating and set a $33.00 price objective on shares of Calumet Specialty Products Partners in a report on Monday, March 3rd. Finally, UBS Group upgraded shares of Calumet Specialty Products Partners from a “sell” rating to a “neutral” rating and decreased their price objective for the company from $15.00 to $12.00 in a report on Monday, March 17th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $18.50.

Calumet Specialty Products Partners Trading Down 3.0%

CLMT stock opened at $13.45 on Wednesday. Calumet Specialty Products Partners has a 12 month low of $7.68 and a 12 month high of $25.29. The company has a 50-day moving average price of $11.31 and a 200 day moving average price of $16.40. The stock has a market cap of $1.16 billion, a PE ratio of -4.87 and a beta of 0.89.

Calumet Specialty Products Partners (NASDAQ:CLMT) last released its quarterly earnings results on Friday, May 9th. The oil and gas company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.62). The company had revenue of $993.90 million for the quarter, compared to analysts’ expectations of $899.62 million. During the same period in the previous year, the company posted ($0.51) earnings per share. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. Sell-side analysts forecast that Calumet Specialty Products Partners will post -3.02 EPS for the current year.

Insider Activity

In other Calumet Specialty Products Partners news, CFO David Lunin purchased 2,500 shares of Calumet Specialty Products Partners stock in a transaction dated Tuesday, March 4th. The stock was acquired at an average price of $13.05 per share, for a total transaction of $32,625.00. Following the acquisition, the chief financial officer now owns 2,500 shares in the company, valued at $32,625. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stephen P. Mawer sold 3,655 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $12.88, for a total transaction of $47,076.40. Following the completion of the sale, the director now owns 287,307 shares of the company’s stock, valued at approximately $3,700,514.16. This represents a 1.26% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.91% of the company’s stock.

About Calumet Specialty Products Partners

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.