Calumet Specialty Products Partners, L.P (NASDAQ:CLMT) Downgraded to “Sell” at Zacks Investment Research

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Zacks Investment Research cut shares of Calumet Specialty Products Partners, L.P (NASDAQ:CLMT) from a hold rating to a sell rating in a report issued on Wednesday, Zacks.com reports.

According to Zacks, “Calumet Specialty Products Partners, L.P. is a leading independent producer of high-quality, specialty hydrocarbon products in North America. Calumet processes crude oil into customized lubricating oils, solvents, and waxes used in consumer, industrial, and automotive products. The Company also produces fuel products including gasoline, diesel fuel and jet fuel. Calumet is based in Indianapolis, Indiana and has three plants located in northwest Louisiana. “

Several other research firms have also recently commented on CLMT. BidaskClub cut shares of Calumet Specialty Products Partners, L.P from a sell rating to a strong sell rating in a report on Tuesday, November 12th. ValuEngine cut shares of Calumet Specialty Products Partners, L.P from a sell rating to a strong sell rating in a report on Tuesday, October 29th.

Shares of CLMT stock traded up $0.03 during trading on Wednesday, hitting $3.08. 122,800 shares of the company were exchanged, compared to its average volume of 203,119. The company has a debt-to-equity ratio of 27.10, a quick ratio of 0.57 and a current ratio of 0.96. The firm has a market capitalization of $264.46 million, a price-to-earnings ratio of 10.27 and a beta of 1.81. The business’s 50-day simple moving average is $3.48 and its 200 day simple moving average is $4.04. Calumet Specialty Products Partners, L.P has a twelve month low of $1.99 and a twelve month high of $5.00.

Calumet Specialty Products Partners, L.P (NASDAQ:CLMT) last posted its quarterly earnings results on Tuesday, November 12th. The oil and gas company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.01 by $0.08. The business had revenue of $929.60 million during the quarter, compared to analysts’ expectations of $751.88 million. Calumet Specialty Products Partners, L.P had a net margin of 0.37% and a return on equity of 111.36%. On average, equities analysts forecast that Calumet Specialty Products Partners, L.P will post -0.43 earnings per share for the current fiscal year.

Several hedge funds have recently bought and sold shares of the stock. Windsor Group LTD boosted its holdings in shares of Calumet Specialty Products Partners, L.P by 19.5% during the second quarter. Windsor Group LTD now owns 564,840 shares of the oil and gas company’s stock worth $2,406,000 after purchasing an additional 92,270 shares during the period. Morgan Stanley raised its position in Calumet Specialty Products Partners, L.P by 64.9% during the second quarter. Morgan Stanley now owns 505,040 shares of the oil and gas company’s stock valued at $2,116,000 after acquiring an additional 198,835 shares in the last quarter. Barnett & Company Inc. raised its position in Calumet Specialty Products Partners, L.P by 28.6% during the second quarter. Barnett & Company Inc. now owns 483,615 shares of the oil and gas company’s stock valued at $2,026,000 after acquiring an additional 107,515 shares in the last quarter. Wells Fargo & Company MN raised its position in Calumet Specialty Products Partners, L.P by 61.2% during the second quarter. Wells Fargo & Company MN now owns 234,094 shares of the oil and gas company’s stock valued at $981,000 after acquiring an additional 88,837 shares in the last quarter. Finally, California Public Employees Retirement System raised its position in Calumet Specialty Products Partners, L.P by 8.3% during the third quarter. California Public Employees Retirement System now owns 119,289 shares of the oil and gas company’s stock valued at $434,000 after acquiring an additional 9,147 shares in the last quarter. Institutional investors and hedge funds own 13.76% of the company’s stock.

About Calumet Specialty Products Partners, L.P

Calumet Specialty Products Partners, L.P. produces and sells specialty hydrocarbon products in North America and internationally. It operates in two segments, Specialty Products and Fuel Products. The Specialty Products segment offers various lubricating oils, white mineral oils, solvents, petrolatums, waxes, synthetic lubricants, and other products which are used primarily as raw material components for basic automotive, industrial, and consumer goods.

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