Calumet Specialty Products Partners (NASDAQ:CLMT) Stock Price Down 7.1% – What’s Next?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s share price dropped 7.1% during trading on Tuesday . The company traded as low as $10.29 and last traded at $10.17. Approximately 622,957 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 1,426,101 shares. The stock had previously closed at $10.95.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CLMT shares. UBS Group downgraded Calumet Specialty Products Partners from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $20.50 to $15.00 in a research report on Tuesday, February 4th. Wells Fargo & Company dropped their price target on shares of Calumet Specialty Products Partners from $29.00 to $28.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. TD Cowen cut 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 research report on Tuesday, March 4th. HC Wainwright reissued a “buy” rating and issued a $33.00 target price on shares of Calumet Specialty Products Partners in a research note on Monday, March 3rd. Finally, StockNews.com upgraded Calumet Specialty Products Partners to a “sell” rating in a report on Monday, November 18th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $21.40.

Calumet Specialty Products Partners Price Performance

The stock’s 50 day simple moving average is $17.11 and its two-hundred day simple moving average is $19.03. The firm has a market cap of $926.90 million, a P/E ratio of -3.91 and a beta of 1.88.

Calumet Specialty Products Partners (NASDAQ:CLMT) last announced its quarterly earnings data on Friday, February 28th. The oil and gas company reported ($0.47) EPS for the quarter, beating the consensus estimate of ($1.06) by $0.59. The firm had revenue of $949.50 million for the quarter, compared to analysts’ expectations of $921.76 million. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period last year, the company posted ($0.59) earnings per share. Equities research analysts anticipate that Calumet Specialty Products Partners, L.P. will post -3.02 earnings per share for the current year.

Insider Transactions at Calumet Specialty Products Partners

In other news, CFO David Lunin bought 2,500 shares of the company’s stock in a transaction on Tuesday, March 4th. The shares were acquired at an average cost of $13.05 per share, with a total value of $32,625.00. Following the completion of the transaction, the chief financial officer now owns 2,500 shares of the company’s stock, valued at approximately $32,625. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jennifer Straumins sold 37,861 shares of the stock in a transaction that occurred on 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 transaction, the director now 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 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.