Calumet Specialty Products Partners (NASDAQ:CLMT) Trading 1.7% Higher – Here’s Why

Shares of Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) traded up 1.7% during mid-day trading on Friday . The stock traded as high as $21.11 and last traded at $20.96. 66,578 shares were traded during trading, a decline of 84% from the average session volume of 426,444 shares. The stock had previously closed at $20.60.

Wall Street Analysts Forecast Growth

CLMT has been the subject of several research analyst reports. TD Cowen reduced their target price on Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Monday, November 11th. StockNews.com raised shares of Calumet Specialty Products Partners to a “sell” rating in a report on Monday, November 18th. HC Wainwright restated a “buy” rating and issued a $25.00 target price on shares of Calumet Specialty Products Partners in a research note on Monday, November 11th. Finally, Wells Fargo & Company lifted their price target on Calumet Specialty Products Partners from $25.00 to $29.00 and gave the stock an “overweight” rating in a research note 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 company. Based on data from MarketBeat.com, Calumet Specialty Products Partners has an average rating of “Moderate Buy” and a consensus target price of $23.75.

Calumet Specialty Products Partners Trading Up 0.6 %

The stock has a market cap of $1.78 billion, a P/E ratio of -7.51 and a beta of 1.91. The firm’s 50-day simple moving average is $21.21 and its 200 day simple moving average is $18.24.

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

Insider Activity

In related news, Director Jennifer Straumins sold 37,861 shares of Calumet Specialty Products Partners stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $21.42, for a total transaction of $810,982.62. Following the transaction, the director now directly owns 1,184,589 shares of the company’s stock, valued at $25,373,896.38. The trade was a 3.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.91% of the company’s stock.

Hedge Funds Weigh In On Calumet Specialty Products Partners

Several large investors have recently made changes to their positions in CLMT. Wasserstein Debt Opportunities Management L.P. boosted its stake in shares of Calumet Specialty Products Partners by 2.9% during 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 acquiring an additional 193,063 shares in the last quarter. Creative Planning increased its stake in Calumet Specialty Products Partners by 46.4% in the 2nd quarter. Creative Planning now owns 62,459 shares of the oil and gas company’s stock worth $1,002,000 after purchasing an additional 19,800 shares in the last quarter. Founders Financial Alliance LLC raised its holdings in Calumet Specialty Products Partners by 8.4% during the 2nd quarter. Founders Financial Alliance LLC now owns 48,400 shares of the oil and gas company’s stock worth $777,000 after buying an additional 3,750 shares during the period. DRW Securities LLC purchased a new stake in Calumet Specialty Products Partners during the second quarter valued at about $898,000. Finally, Wedbush Securities Inc. acquired a new position in shares of Calumet Specialty Products Partners in the second quarter worth about $169,000. Institutional investors own 34.41% of the company’s stock.

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.