Calumet Specialty Products Partners (NASDAQ:CLMT) Trading Down 8% – Here’s Why

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s share price was down 8% during mid-day trading on Tuesday . The stock traded as low as $15.63 and last traded at $14.94. Approximately 237,112 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 1,340,679 shares. The stock had previously closed at $16.23.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CLMT. HC Wainwright increased their price objective on Calumet Specialty Products Partners from $25.00 to $33.00 and gave the company a “buy” rating in a research report on Monday, January 13th. TD Cowen decreased their price target on Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating for the company in a research report on Monday, November 11th. StockNews.com upgraded Calumet Specialty Products Partners to a “sell” rating in a report on Monday, November 18th. Finally, Wells Fargo & Company upped their price objective on shares of Calumet Specialty Products Partners from $25.00 to $29.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $25.75.

Calumet Specialty Products Partners Stock Performance

The stock has a market capitalization of $1.44 billion, a PE ratio of -6.07 and a beta of 1.90. The firm has a 50 day moving average of $20.46 and a 200-day moving average of $18.79.

Calumet Specialty Products Partners (NASDAQ:CLMT) last posted its quarterly earnings results on Friday, November 8th. The oil and gas company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.59). The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $888.36 million. During the same period last year, the business earned $0.03 earnings per share. Calumet Specialty Products Partners’s quarterly revenue was down 4.3% compared to the same quarter last year. On average, sell-side analysts predict that Calumet Specialty Products Partners, L.P. will post -3.02 earnings per share for the current year.

Insider Activity

In other news, Director Jennifer Straumins sold 37,861 shares of Calumet Specialty Products Partners stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $21.42, for a total transaction of $810,982.62. Following the completion of the sale, the director now directly owns 1,184,589 shares in the company, valued at $25,373,896.38. The trade was a 3.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.91% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Calumet Specialty Products Partners

An institutional investor recently raised its position in Calumet Specialty Products Partners stock. Creative Planning boosted its stake in shares of Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) by 46.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 62,459 shares of the oil and gas company’s stock after purchasing an additional 19,800 shares during the quarter. Creative Planning owned about 0.08% of Calumet Specialty Products Partners worth $1,002,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 34.41% of the company’s stock.

Calumet Specialty Products Partners 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.