StockNews.com Initiates Coverage on Calumet Specialty Products Partners (NASDAQ:CLMT)

StockNews.com began coverage on shares of Calumet Specialty Products Partners (NASDAQ:CLMT) in a research report issued on Wednesday. The brokerage set a “hold” rating on the oil and gas company’s stock.

CLMT has been the topic of a number of other reports. 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, May 13th. The Goldman Sachs Group decreased their price target on Calumet Specialty Products Partners from $19.00 to $17.00 and set a “buy” rating on the stock in a research note on Thursday, March 21st.

Calumet Specialty Products Partners Price Performance

NASDAQ:CLMT opened at $16.00 on Wednesday. The business has a 50 day moving average of $15.99 and a 200 day moving average of $15.98. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of -228.57 and a beta of 1.92. Calumet Specialty Products Partners has a 1-year low of $11.91 and a 1-year high of $19.91.

Calumet Specialty Products Partners (NASDAQ:CLMT) last released its earnings results on Friday, May 10th. The oil and gas company reported ($0.61) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.13. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $984.10 million. As a group, sell-side analysts anticipate that Calumet Specialty Products Partners will post -1.84 EPS for the current year.

Insider Activity

In other news, SVP Gregory J. Morical sold 11,111 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $15.04, for a total transaction of $167,109.44. Following the transaction, the senior vice president now directly owns 33,845 shares of the company’s stock, valued at $509,028.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.91% of the company’s stock.

Hedge Funds Weigh In On Calumet Specialty Products Partners

Hedge funds have recently made changes to their positions in the business. Wasserstein Debt Opportunities Management L.P. bought a new stake in shares of Calumet Specialty Products Partners during the fourth quarter valued at approximately $119,698,000. Grizzlyrock Capital LLC bought a new stake in shares of Calumet Specialty Products Partners during the fourth quarter valued at approximately $8,909,000. Corient Private Wealth LLC bought a new stake in shares of Calumet Specialty Products Partners during the fourth quarter valued at approximately $8,312,000. Raymond James & Associates boosted its position in shares of Calumet Specialty Products Partners by 39.5% during the fourth quarter. Raymond James & Associates now owns 454,360 shares of the oil and gas company’s stock valued at $8,119,000 after purchasing an additional 128,693 shares in the last quarter. Finally, GSA Capital Partners LLP bought a new stake in shares of Calumet Specialty Products Partners during the first quarter valued at approximately $493,000. 34.41% of the stock is owned by hedge funds and other institutional investors.

Calumet Specialty Products Partners Company Profile

Calumet Specialty Products Partners, L.P. 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; Performance brands; Montana/Renewables; and Corporate segments.