Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Down 8.8% – Here’s Why

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s share price dropped 8.8% on Tuesday . The company traded as low as $16.56 and last traded at $16.79. Approximately 272,552 shares were traded during trading, a decline of 79% from the average daily volume of 1,301,233 shares. The stock had previously closed at $18.40.

Analyst Ratings Changes

Several brokerages have issued reports on CLMT. HC Wainwright increased their target price 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 cut their target price on Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Monday, November 11th. Wells Fargo & Company boosted their target price on shares of Calumet Specialty Products Partners from $25.00 to $29.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Finally, StockNews.com upgraded shares of Calumet Specialty Products Partners to a “sell” rating in a research note 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, the company currently has an average rating of “Moderate Buy” and a consensus price target of $25.75.

Calumet Specialty Products Partners Price Performance

The business’s fifty day moving average price is $21.18 and its two-hundred day moving average price is $18.84. The stock has a market capitalization of $1.35 billion, a PE ratio of -5.73 and a beta of 1.90.

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 for the quarter, missing the consensus estimate of ($0.59) by ($0.59). The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $888.36 million. The business’s revenue was down 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.03 EPS. As a group, equities research analysts anticipate that Calumet Specialty Products Partners, L.P. will post -2.92 earnings per share for the current fiscal year.

Insider Activity at Calumet Specialty Products Partners

In related news, Director Jennifer Straumins sold 100,000 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $20.59, for a total transaction of $2,059,000.00. Following the completion of the transaction, the director now directly owns 1,388,529 shares in the company, valued at $28,589,812.11. The trade was a 6.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.91% of the stock is owned by insiders.

Hedge Funds Weigh In On Calumet Specialty Products Partners

A number of institutional investors have recently modified their holdings of the stock. Creative Planning boosted its stake 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 buying an additional 19,800 shares during the last quarter. Founders Financial Alliance LLC boosted its position 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 purchasing an additional 3,750 shares in the last quarter. Finally, DRW Securities LLC purchased a new stake in Calumet Specialty Products Partners in the 2nd quarter worth approximately $898,000. Hedge funds and other institutional investors own 34.41% 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.