Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Up 4.4% – Here’s What Happened

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s stock price traded up 4.4% on Friday . The stock traded as high as $21.40 and last traded at $21.40. 101,944 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 394,457 shares. The stock had previously closed at $20.49.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CLMT shares. TD Cowen cut their price target on shares of Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating for the company in a report on Monday, November 11th. The Goldman Sachs Group cut their target price on Calumet Specialty Products Partners from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Monday, August 5th. StockNews.com started coverage on Calumet Specialty Products Partners in a research note on Wednesday, October 23rd. They issued a “sell” rating on the stock. Wells Fargo & Company increased their price objective 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, HC Wainwright restated a “buy” rating and set a $25.00 target price on shares of Calumet Specialty Products Partners in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $23.75.

Calumet Specialty Products Partners Stock Performance

The firm has a market cap of $1.80 billion, a price-to-earnings ratio of -7.58 and a beta of 1.90. The business has a fifty day moving average of $19.56 and a two-hundred day moving average of $17.13.

Calumet Specialty Products Partners (NASDAQ:CLMT) last posted its 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 the consensus estimate of $888.36 million. The business’s revenue was down 4.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.03 earnings per share. On average, equities research analysts forecast that Calumet Specialty Products Partners, L.P. will post -2.87 earnings per share for the current year.

Insider Buying and Selling at Calumet Specialty Products Partners

In related news, Director Jennifer Straumins sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $20.59, for a total value of $2,059,000.00. Following the sale, the director now owns 1,388,529 shares of the company’s stock, valued at approximately $28,589,812.11. This represents a 6.72 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.91% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Calumet Specialty Products Partners

A number of institutional investors have recently made changes to their positions in the stock. Wedbush Securities Inc. acquired a new stake in shares of Calumet Specialty Products Partners during the second quarter valued at $169,000. Sapient Capital LLC lifted its holdings in Calumet Specialty Products Partners by 9.5% in the 2nd quarter. Sapient Capital LLC now owns 11,501 shares of the oil and gas company’s stock valued at $185,000 after purchasing an additional 1,000 shares in the last quarter. ARS Investment Partners LLC boosted its stake in shares of Calumet Specialty Products Partners by 16.7% during the 2nd quarter. ARS Investment Partners LLC now owns 31,500 shares of the oil and gas company’s stock worth $506,000 after purchasing an additional 4,500 shares during the last quarter. Founders Financial Alliance LLC grew its holdings in shares of Calumet Specialty Products Partners by 8.4% during the second 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 in the last quarter. Finally, FAS Wealth Partners Inc. raised its position in shares of Calumet Specialty Products Partners by 4.5% in the second quarter. FAS Wealth Partners Inc. now owns 54,126 shares of the oil and gas company’s stock valued at $869,000 after buying an additional 2,308 shares during the last quarter. 34.41% of the stock is owned by institutional investors and hedge funds.

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.