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

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) shares dropped 8% on Tuesday . The stock traded as low as $15.63 and last traded at $14.94. Approximately 237,112 shares changed 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 equities analysts recently issued reports on CLMT shares. HC Wainwright boosted their target price on shares of Calumet Specialty Products Partners from $25.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. TD Cowen cut their price objective on shares of 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. Wells Fargo & Company lifted their target price on Calumet Specialty Products Partners from $25.00 to $29.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. Finally, StockNews.com raised Calumet Specialty Products Partners to a “sell” rating in a report on Monday, November 18th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Calumet Specialty Products Partners has a consensus rating of “Moderate Buy” and a consensus price target of $25.75.

Calumet Specialty Products Partners Trading Down 0.4 %

The company has a market capitalization of $1.44 billion, a P/E ratio of -6.07 and a beta of 1.90. The business’s fifty day moving average price is $20.46 and its 200 day moving average price is $18.79.

Calumet Specialty Products Partners (NASDAQ:CLMT) last released its quarterly earnings data on Friday, November 8th. The oil and gas company reported ($1.18) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.59). The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $888.36 million. During the same quarter in the prior year, the company posted $0.03 EPS. The company’s revenue for the quarter was down 4.3% on a year-over-year basis. Equities research analysts anticipate that Calumet Specialty Products Partners, L.P. will post -3.02 EPS for the current year.

Insider Buying and Selling at Calumet Specialty Products Partners

In other Calumet Specialty Products Partners news, Director Jennifer Straumins sold 37,861 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $21.42, for a total value of $810,982.62. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.91% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Calumet Specialty Products Partners stock. Creative Planning raised its holdings in Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) by 46.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund 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 approximately 0.08% of Calumet Specialty Products Partners worth $1,002,000 as of its most recent SEC filing. 34.41% of the stock is currently owned by institutional investors.

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.