Calumet Specialty Products Partners (NASDAQ:CLMT) Trading Down 5.5% – Here’s What Happened

Shares of Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) fell 5.5% during mid-day trading on Friday . The company traded as low as $20.60 and last traded at $20.62. 309,967 shares were traded during trading, a decline of 25% from the average session volume of 411,978 shares. The stock had previously closed at $21.83.

Analysts Set New Price Targets

A number of analysts recently issued reports on CLMT shares. StockNews.com upgraded Calumet Specialty Products Partners to a “sell” rating in a research report on Monday, November 18th. HC Wainwright reaffirmed a “buy” rating and issued a $25.00 price target on shares of Calumet Specialty Products Partners in a research note on Monday, November 11th. Wells Fargo & Company raised 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 research report on Monday, October 21st. Finally, 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 research note on Monday, November 11th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.75.

Calumet Specialty Products Partners Price Performance

The business has a 50-day moving average of $21.29 and a two-hundred day moving average of $17.97. The company has a market cap of $1.84 billion, a P/E ratio of -7.75 and a beta of 1.91.

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

Insider Buying and Selling at Calumet Specialty Products Partners

In other news, Director Jennifer Straumins sold 100,000 shares of the firm’s stock in a transaction 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 completion of the sale, the director now owns 1,388,529 shares of the company’s stock, valued at $28,589,812.11. This trade represents a 6.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.91% of the stock is owned by insiders.

Institutional Investors Weigh In On Calumet Specialty Products Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wasserstein Debt Opportunities Management L.P. grew its holdings in shares of 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 valued at $110,606,000 after buying an additional 193,063 shares during the last quarter. Raymond James & Associates grew its stake in 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 valued at $9,182,000 after purchasing an additional 67,689 shares during the last quarter. Creative Planning increased 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 valued at $1,002,000 after purchasing an additional 19,800 shares during the period. DRW Securities LLC purchased a new position in shares of Calumet Specialty Products Partners in the second quarter worth about $898,000. Finally, FAS Wealth Partners Inc. raised its stake 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 worth $869,000 after purchasing an additional 2,308 shares during the last quarter. 34.41% of the stock is currently owned by hedge funds and other institutional investors.

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.