Calumet Specialty Products Partners (NASDAQ:CLMT) Trading Down 4.1% – Here’s What Happened

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s share price was down 4.1% during trading on Monday . The stock traded as low as $22.50 and last traded at $22.61. Approximately 212,708 shares were traded during trading, a decline of 66% from the average daily volume of 634,645 shares. The stock had previously closed at $23.58.

Wall Street Analyst Weigh In

CLMT has been the topic of a number of research analyst reports. TD Cowen cut their price target on Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Monday, November 11th. HC Wainwright restated a “buy” rating and issued a $25.00 price target on shares of Calumet Specialty Products Partners in a report on Monday, November 11th. StockNews.com raised shares of Calumet Specialty Products Partners to a “sell” rating in a research note on Monday, November 18th. Finally, Wells Fargo & Company increased their price objective on shares of 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. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $23.75.

Calumet Specialty Products Partners Price Performance

The company’s fifty day moving average price is $21.38 and its 200 day moving average price is $18.59. The company has a market cap of $1.84 billion, a PE ratio of -7.75 and a beta of 1.90.

Calumet Specialty Products Partners (NASDAQ:CLMT) last posted its earnings results on Friday, November 8th. The oil and gas company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.59). The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $888.36 million. The firm’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.03 earnings per share. On average, analysts forecast that Calumet Specialty Products Partners, L.P. will post -2.87 EPS for the current year.

Insider Buying and Selling

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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.91% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Calumet Specialty Products Partners

Several institutional investors have recently bought and sold shares of CLMT. Founders Financial Alliance LLC boosted its holdings in Calumet Specialty Products Partners by 8.4% in the 2nd quarter. Founders Financial Alliance LLC now owns 48,400 shares of the oil and gas company’s stock worth $777,000 after buying an additional 3,750 shares during the period. Wedbush Securities Inc. purchased a new stake in shares of Calumet Specialty Products Partners during the second quarter worth $169,000. Creative Planning boosted its holdings in shares of 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 acquiring an additional 19,800 shares during the period. Finally, DRW Securities LLC purchased a new position in shares of Calumet Specialty Products Partners in the second quarter valued at $898,000. Hedge funds and other institutional investors own 34.41% of the company’s stock.

Calumet Specialty Products Partners Company Profile

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.