Calumet Specialty Products Partners (NASDAQ:CLMT) Hits New 1-Year High – Should You Buy?

Shares of Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $21.66 and last traded at $21.52, with a volume of 219319 shares trading hands. The stock had previously closed at $20.67.

Wall Street Analyst Weigh In

CLMT has been the topic of a number of recent research reports. TD Cowen lowered their price objective on Calumet Specialty Products Partners from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. StockNews.com began coverage on Calumet Specialty Products Partners in a research report on Monday, October 7th. They issued a “hold” rating on the stock. The Goldman Sachs Group cut their price objective on shares of Calumet Specialty Products Partners from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Finally, HC Wainwright reissued a “buy” rating and issued a $25.00 target price on shares of Calumet Specialty Products Partners in a report on Monday, October 7th. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.33.

Calumet Specialty Products Partners Trading Up 3.4 %

The firm has a 50-day moving average of $17.37 and a two-hundred day moving average of $16.14. The firm has a market capitalization of $1.72 billion, a P/E ratio of -305.43 and a beta of 1.92.

Calumet Specialty Products Partners (NASDAQ:CLMT) last posted its quarterly earnings results on Friday, August 9th. The oil and gas company reported ($0.48) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.55) by $0.07. The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $889.17 million. The company’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.19) earnings per share. On average, sell-side analysts anticipate that Calumet Specialty Products Partners, L.P. will post -1.97 EPS for the current fiscal year.

Institutional Investors Weigh In On Calumet Specialty Products Partners

Several hedge funds have recently modified their holdings of CLMT. Wasserstein Debt Opportunities Management L.P. increased its holdings in Calumet Specialty Products Partners by 2.9% in the 2nd quarter. Wasserstein Debt Opportunities Management L.P. now owns 6,891,314 shares of the oil and gas company’s stock worth $110,606,000 after purchasing an additional 193,063 shares in the last quarter. Raymond James & Associates raised its holdings in Calumet Specialty Products Partners by 13.4% in 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 buying an additional 67,689 shares during the last quarter. DRW Securities LLC acquired a new stake in Calumet Specialty Products Partners during the 2nd quarter worth approximately $898,000. GSA Capital Partners LLP acquired a new stake in Calumet Specialty Products Partners during the 1st quarter worth approximately $493,000. Finally, Creative Planning grew its holdings in Calumet Specialty Products Partners by 46.4% during the 2nd quarter. Creative Planning now owns 62,459 shares of the oil and gas company’s stock worth $1,002,000 after acquiring an additional 19,800 shares during the last quarter. Institutional investors and hedge funds own 34.41% of the company’s stock.

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.