Calumet Specialty Products Partners (NASDAQ:CLMT) Stock Price Down 4.1% – Here’s What Happened

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s share price dropped 4.1% on Monday . The stock traded as low as $22.50 and last traded at $22.61. Approximately 212,708 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 634,645 shares. The stock had previously closed at $23.58.

Analyst Ratings Changes

CLMT has been the subject of a number of recent research reports. TD Cowen cut their price objective on shares of Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating for the company in a report on Monday, November 11th. StockNews.com upgraded Calumet Specialty Products Partners to a “sell” rating in a research note on Monday, November 18th. HC Wainwright restated a “buy” rating and set a $25.00 price objective on shares of Calumet Specialty Products Partners in a research note on Monday, November 11th. Finally, Wells Fargo & Company upped their target price on Calumet Specialty Products Partners from $25.00 to $29.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $23.75.

Calumet Specialty Products Partners Stock Up 0.3 %

The firm has a 50 day simple moving average of $21.38 and a two-hundred day simple moving average of $18.59. The stock has a market capitalization of $1.84 billion, a P/E ratio of -7.75 and a beta of 1.90.

Calumet Specialty Products Partners (NASDAQ:CLMT) last announced its quarterly earnings results on Friday, November 8th. The oil and gas company reported ($1.18) EPS for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.59). The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $888.36 million. The business’s revenue was down 4.3% compared to the same quarter last year. During the same period last year, the firm earned $0.03 EPS. On average, research analysts predict that Calumet Specialty Products Partners, L.P. will post -2.87 earnings per share for the current year.

Insider Activity

In related news, Director Jennifer Straumins sold 37,861 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $21.42, for a total transaction of $810,982.62. Following the completion of the transaction, the director now directly owns 1,184,589 shares of the company’s stock, valued at $25,373,896.38. This trade represents a 3.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.91% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Calumet Specialty Products Partners

A number of hedge funds have recently made changes to their positions in CLMT. DRW Securities LLC acquired a new stake in Calumet Specialty Products Partners during the 2nd quarter valued at approximately $898,000. Creative Planning boosted its stake in shares of 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 valued at $1,002,000 after purchasing an additional 19,800 shares during the last quarter. Wedbush Securities Inc. acquired a new stake in shares of Calumet Specialty Products Partners during the second quarter worth $169,000. Finally, Founders Financial Alliance LLC raised its stake in Calumet Specialty Products Partners by 8.4% during the second 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 last quarter. 34.41% of the stock is currently owned by institutional investors.

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.