Calumet Specialty Products Partners (NASDAQ:CLMT) Stock Price Down 4.1% – Here’s Why

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) shares traded down 4.1% during trading on Monday . The company traded as low as $22.50 and last traded at $22.61. 212,708 shares were traded during trading, a decline of 66% from the average session volume of 634,645 shares. The stock had previously closed at $23.58.

Analyst Ratings Changes

Several research analysts have weighed in on the company. TD Cowen cut their price target on 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. StockNews.com upgraded shares of Calumet Specialty Products Partners to a “sell” rating in a report on Monday, November 18th. HC Wainwright reaffirmed a “buy” rating and issued a $25.00 target price on shares of Calumet Specialty Products Partners in a research report on Monday, November 11th. Finally, Wells Fargo & Company raised their price objective on Calumet Specialty Products Partners from $25.00 to $29.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $23.75.

Calumet Specialty Products Partners Stock Down 4.5 %

The firm’s 50 day moving average price is $21.34 and its two-hundred day moving average price is $18.51. The firm has a market capitalization of $1.94 billion, a PE ratio of -8.16 and a beta of 1.90.

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

Insider Transactions at Calumet Specialty Products Partners

In other news, Director Jennifer Straumins sold 37,861 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $21.42, for a total transaction of $810,982.62. Following the transaction, the director now owns 1,184,589 shares of the company’s stock, valued at approximately $25,373,896.38. This trade represents a 3.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.91% of the company’s stock.

Hedge Funds Weigh In On Calumet Specialty Products Partners

Several large investors have recently added to or reduced their stakes in the company. Wedbush Securities Inc. bought a new position in shares of Calumet Specialty Products Partners in the 2nd quarter worth about $169,000. Founders Financial Alliance LLC grew its position in Calumet Specialty Products Partners by 8.4% in the 2nd quarter. Founders Financial Alliance LLC now owns 48,400 shares of the oil and gas company’s stock worth $777,000 after purchasing an additional 3,750 shares during the last quarter. DRW Securities LLC acquired a new stake in Calumet Specialty Products Partners in the 2nd quarter valued at approximately $898,000. Finally, Creative Planning increased its holdings in shares of Calumet Specialty Products Partners by 46.4% during 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. 34.41% of the stock is currently owned by institutional investors.

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.