Calumet Specialty Products Partners (NASDAQ:CLMT) Sets New 12-Month Low – Should You Sell?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) shares hit a new 52-week low during mid-day trading on Saturday . The company traded as low as $9.04 and last traded at $9.75, with a volume of 2272323 shares traded. The stock had previously closed at $11.96.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CLMT. TD Cowen cut shares of Calumet Specialty Products Partners from a “buy” rating to a “hold” rating and cut their price objective for the company from $26.00 to $16.00 in a research report on Tuesday, March 4th. Wells Fargo & Company reduced their price objective on shares of Calumet Specialty Products Partners from $29.00 to $28.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. UBS Group upgraded Calumet Specialty Products Partners from a “sell” rating to a “neutral” rating and dropped their target price for the company from $15.00 to $12.00 in a research report on Monday, March 17th. Finally, HC Wainwright reiterated a “buy” rating and issued a $33.00 price target on shares of Calumet Specialty Products Partners in a report on Monday, March 3rd. One analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Calumet Specialty Products Partners presently has a consensus rating of “Hold” and an average target price of $20.80.

Calumet Specialty Products Partners Price Performance

The stock’s 50-day moving average price is $14.26 and its 200 day moving average price is $18.29. The firm has a market capitalization of $837.56 million, a PE ratio of -3.53 and a beta of 1.42.

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

Insider Buying and Selling

In other news, Director Stephen P. Mawer sold 3,655 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $12.88, for a total value of $47,076.40. Following the completion of the sale, the director now owns 287,307 shares of the company’s stock, valued at approximately $3,700,514.16. This represents a 1.26 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David Lunin acquired 2,500 shares of Calumet Specialty Products Partners stock in a transaction that occurred on Tuesday, March 4th. The stock was acquired at an average cost of $13.05 per share, with a total value of $32,625.00. Following the purchase, the chief financial officer now directly owns 2,500 shares of the company’s stock, valued at $32,625. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.91% of the stock is owned by insiders.

Calumet Specialty Products Partners Company Profile

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.