Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Down 8.8% – Time to Sell?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s stock price was down 8.8% during trading on Tuesday . The company traded as low as $16.56 and last traded at $16.79. Approximately 272,552 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 1,301,233 shares. The stock had previously closed at $18.40.

Wall Street Analysts Forecast Growth

CLMT has been the subject of several research analyst reports. TD Cowen cut their price target on 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 shares of Calumet Specialty Products Partners to a “sell” rating in a research report on Monday, November 18th. Wells Fargo & Company increased their price target on shares of Calumet Specialty Products Partners from $25.00 to $29.00 and gave the company an “overweight” rating in a report on Monday, October 21st. Finally, HC Wainwright boosted their price objective on Calumet Specialty Products Partners from $25.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $25.75.

Calumet Specialty Products Partners Stock Performance

The company has a market capitalization of $1.35 billion, a P/E ratio of -5.73 and a beta of 1.90. The firm’s fifty day moving average is $21.18 and its 200 day moving average is $18.84.

Calumet Specialty Products Partners (NASDAQ:CLMT) last issued its quarterly earnings results on Friday, November 8th. The oil and gas company reported ($1.18) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.59). The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $888.36 million. During the same quarter last year, the firm posted $0.03 EPS. The business’s revenue for the quarter was down 4.3% on a year-over-year basis. On average, analysts forecast that Calumet Specialty Products Partners, L.P. will post -2.92 EPS for the current year.

Insider Transactions at Calumet Specialty Products Partners

In other news, Director Jennifer Straumins sold 37,861 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were 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 approximately $25,373,896.38. This trade represents a 3.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 2.91% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Creative Planning increased its stake in shares of Calumet Specialty Products Partners by 46.4% during the second quarter. Creative Planning now owns 62,459 shares of the oil and gas company’s stock valued at $1,002,000 after buying an additional 19,800 shares during the period. Founders Financial Alliance LLC grew 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 acquiring an additional 3,750 shares in the last quarter. Finally, DRW Securities LLC purchased a new position in Calumet Specialty Products Partners during the 2nd quarter valued at about $898,000. 34.41% of the stock is currently owned by hedge funds and other institutional investors.

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.