Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Down 4.3% After Analyst Downgrade

Shares of Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) fell 4.3% during mid-day trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $29.00 to $28.00. Wells Fargo & Company currently has an overweight rating on the stock. Calumet Specialty Products Partners traded as low as $12.40 and last traded at $12.48. 62,662 shares changed hands during trading, a decline of 96% from the average session volume of 1,435,905 shares. The stock had previously closed at $13.04.

A number of other equities analysts have also recently commented on CLMT. UBS Group cut shares of Calumet Specialty Products Partners from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $20.50 to $15.00 in a research note on Tuesday, February 4th. HC Wainwright reissued a “buy” rating and set a $33.00 price target on shares of Calumet Specialty Products Partners in a report on Monday. TD Cowen lowered Calumet Specialty Products Partners from a “buy” rating to a “hold” rating and cut their price objective for the stock from $26.00 to $16.00 in a research note on Tuesday. Finally, StockNews.com raised shares of Calumet Specialty Products Partners to a “sell” rating in a research report on Monday, November 18th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Calumet Specialty Products Partners currently has a consensus rating of “Hold” and an average target price of $21.40.

Insiders Place Their Bets

In other news, CFO David Lunin acquired 2,500 shares of the firm’s stock in a transaction on Tuesday, March 4th. The stock was bought at an average cost of $13.05 per share, with a total value of $32,625.00. Following the transaction, the chief financial officer now directly owns 2,500 shares in the company, valued at approximately $32,625. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 value of $810,982.62. Following the sale, the director now directly owns 1,184,589 shares in the company, valued at approximately $25,373,896.38. The trade was a 3.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.91% of the stock is owned by corporate insiders.

Calumet Specialty Products Partners Price Performance

The stock has a market capitalization of $1.08 billion, a price-to-earnings ratio of -4.57 and a beta of 1.88. The firm’s fifty day moving average is $17.68 and its 200-day moving average is $19.15.

Calumet Specialty Products Partners (NASDAQ:CLMT) last issued its quarterly earnings results on Friday, February 28th. The oil and gas company reported ($0.47) EPS for the quarter, topping the consensus estimate of ($1.06) by $0.59. The company had revenue of $949.50 million for the quarter, compared to the consensus estimate of $921.76 million. During the same period in the previous year, the business posted ($0.59) EPS. The business’s revenue for the quarter was down 2.8% on a year-over-year basis. On average, sell-side analysts expect that Calumet Specialty Products Partners, L.P. will post -3.02 EPS for the current year.

Calumet Specialty Products Partners Company Profile

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.