Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Down 15.5% – What’s Next?

Shares of Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) were down 15.5% during trading on Friday . The company traded as low as $10.50 and last traded at $10.11. Approximately 73,969 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 747,512 shares. The stock had previously closed at $11.96.

Analyst Ratings Changes

CLMT has been the subject of several analyst reports. UBS Group upgraded shares of Calumet Specialty Products Partners from a “sell” rating to a “neutral” rating and lowered their price target for the stock from $15.00 to $12.00 in a research report on Monday, March 17th. Wells Fargo & Company decreased their price objective on Calumet Specialty Products Partners from $29.00 to $28.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. HC Wainwright reissued a “buy” rating and issued a $33.00 target price on shares of Calumet Specialty Products Partners in a research note on Monday, March 3rd. Finally, TD Cowen lowered Calumet Specialty Products Partners from a “buy” rating to a “hold” rating and decreased their target price for the stock from $26.00 to $16.00 in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $20.80.

Calumet Specialty Products Partners Stock Performance

The firm has a market cap of $837.56 million, a P/E ratio of -3.53 and a beta of 1.42. The stock’s 50-day moving average is $14.26 and its 200 day moving average is $18.29.

Calumet Specialty Products Partners (NASDAQ:CLMT) last announced its quarterly earnings results on Friday, February 28th. The oil and gas company reported ($0.47) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.06) by $0.59. The business had revenue of $949.50 million during the quarter, compared to the consensus estimate of $921.76 million. During the same quarter last year, the company earned ($0.59) earnings per share. The firm’s revenue was down 2.8% compared to the same quarter last year. On average, research analysts anticipate that Calumet Specialty Products Partners, L.P. will post -3.02 EPS for the current year.

Insiders Place Their Bets

In related news, CFO David Lunin acquired 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The shares were acquired at an average cost of $13.05 per share, for a total transaction of $32,625.00. Following the completion of the acquisition, the chief financial officer now directly owns 2,500 shares in the company, valued at approximately $32,625. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Stephen P. Mawer sold 3,655 shares of the company’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $12.88, for a total transaction of $47,076.40. Following the completion of the transaction, the director now directly owns 287,307 shares of the company’s stock, valued at approximately $3,700,514.16. The trade was a 1.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.91% of the company’s stock.

About Calumet Specialty Products Partners

Calumet, Inc engages in the manufacturing, formulating, and marketing of a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. It operates through the following segments: Specialty Products & Solutions, Performance Brands, Montana/Renewables, and Corporate.