Calumet Specialty Products Partners (NASDAQ:CLMT) Trading Down 4.9%

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) shares dropped 4.9% during mid-day trading on Tuesday . The stock traded as low as $13.47 and last traded at $13.51. Approximately 268,701 shares were traded during trading, an increase of 93% from the average daily volume of 138,866 shares. The stock had previously closed at $14.20.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CLMT shares. HC Wainwright restated a “buy” rating and set a $25.00 target price on shares of Calumet Specialty Products Partners in a report on Monday, May 13th. StockNews.com started coverage on Calumet Specialty Products Partners in a report on Friday, July 19th. They issued a “hold” rating for the company.

Calumet Specialty Products Partners Stock Performance

The business’s fifty day moving average price is $15.78 and its two-hundred day moving average price is $15.75. The stock has a market capitalization of $983.97 million, a P/E ratio of -174.86 and a beta of 1.92.

Calumet Specialty Products Partners (NASDAQ:CLMT) last announced its quarterly earnings data on Friday, May 10th. The oil and gas company reported ($0.61) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.74) by $0.13. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $984.10 million. As a group, analysts forecast that Calumet Specialty Products Partners, L.P. will post -1.9 earnings per share for the current year.

Insider Transactions at Calumet Specialty Products Partners

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

Institutional Investors Weigh In On Calumet Specialty Products Partners

A number of hedge funds have recently modified their holdings of CLMT. Raymond James & Associates increased its position in shares of Calumet Specialty Products Partners by 13.4% during the second quarter. Raymond James & Associates now owns 572,057 shares of the oil and gas company’s stock valued at $9,182,000 after acquiring an additional 67,689 shares during the last quarter. ARS Investment Partners LLC boosted its position in shares of Calumet Specialty Products Partners by 16.7% during the 2nd quarter. ARS Investment Partners LLC now owns 31,500 shares of the oil and gas company’s stock worth $506,000 after acquiring an additional 4,500 shares in the last quarter. Sapient Capital LLC increased its stake in Calumet Specialty Products Partners by 9.5% in the second quarter. Sapient Capital LLC now owns 11,501 shares of the oil and gas company’s stock valued at $185,000 after purchasing an additional 1,000 shares during the last quarter. Deuterium Capital Management LLC purchased a new position in shares of Calumet Specialty Products Partners in the 1st quarter valued at $159,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Calumet Specialty Products Partners during the first quarter worth about $493,000. 34.41% of the stock is currently owned by institutional investors and hedge funds.

About Calumet Specialty Products Partners

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.