Calumet Specialty Products Partners (NASDAQ:CLMT) Hits New 52-Week High – Still a Buy?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $21.66 and last traded at $21.52, with a volume of 219319 shares traded. The stock had previously closed at $20.67.

Analyst Ratings Changes

A number of analysts recently weighed in on CLMT shares. The Goldman Sachs Group cut their price target on shares of Calumet Specialty Products Partners from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. HC Wainwright reiterated a “buy” rating and issued a $25.00 target price on shares of Calumet Specialty Products Partners in a report on Monday, October 7th. StockNews.com initiated coverage on shares of Calumet Specialty Products Partners in a research report on Tuesday. They set a “hold” rating on the stock. Finally, TD Cowen lowered their price objective on shares of Calumet Specialty Products Partners from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, August 12th. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.33.

Calumet Specialty Products Partners Stock Performance

The company has a 50-day moving average of $17.77 and a 200-day moving average of $16.24. The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of -313.29 and a beta of 1.92.

Calumet Specialty Products Partners (NASDAQ:CLMT) last released its quarterly earnings results on Friday, August 9th. The oil and gas company reported ($0.48) earnings per share for the quarter, beating the consensus estimate of ($0.55) by $0.07. The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $889.17 million. During the same quarter last year, the company earned ($0.19) EPS. The firm’s quarterly revenue was up 11.4% compared to the same quarter last year. As a group, analysts anticipate that Calumet Specialty Products Partners, L.P. will post -1.97 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Wasserstein Debt Opportunities Management L.P. boosted its holdings in Calumet Specialty Products Partners by 2.9% during the second quarter. Wasserstein Debt Opportunities Management L.P. now owns 6,891,314 shares of the oil and gas company’s stock worth $110,606,000 after purchasing an additional 193,063 shares during the last quarter. Raymond James & Associates boosted its stake in shares of Calumet Specialty Products Partners by 13.4% during the 2nd quarter. Raymond James & Associates now owns 572,057 shares of the oil and gas company’s stock worth $9,182,000 after buying an additional 67,689 shares during the last quarter. Creative Planning grew its holdings in shares of Calumet Specialty Products Partners by 46.4% in the 2nd quarter. Creative Planning now owns 62,459 shares of the oil and gas company’s stock valued at $1,002,000 after acquiring an additional 19,800 shares in the last quarter. DRW Securities LLC acquired a new stake in shares of Calumet Specialty Products Partners in the second quarter valued at about $898,000. Finally, FAS Wealth Partners Inc. increased 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 acquiring an additional 2,308 shares during the last quarter. 34.41% of the stock is owned by institutional investors and hedge funds.

About Calumet Specialty Products Partners

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.