Calumet Specialty Products Partners (NASDAQ:CLMT) Rating Lowered to “Hold” at TD Cowen

Calumet Specialty Products Partners (NASDAQ:CLMT) was downgraded by equities researchers at TD Cowen from a “buy” rating to a “hold” rating in a research report issued on Tuesday, Marketbeat reports. They presently have a $16.00 price objective on the oil and gas company’s stock, down from their prior price objective of $26.00. TD Cowen’s price objective would indicate a potential upside of 23.27% from the company’s previous close.

Several other equities research analysts have also weighed in on the company. UBS Group lowered Calumet Specialty Products Partners from a “neutral” rating to a “sell” rating and reduced their price objective 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 objective on shares of Calumet Specialty Products Partners in a research note on Monday. Finally, StockNews.com raised Calumet Specialty Products Partners to a “sell” rating in a research note on Monday, November 18th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Calumet Specialty Products Partners presently has a consensus rating of “Hold” and a consensus target price of $21.40.

Calumet Specialty Products Partners Stock Performance

Shares of NASDAQ CLMT opened at $12.98 on Tuesday. The stock has a fifty day moving average price of $17.83 and a two-hundred day moving average price of $19.20. The firm has a market cap of $1.12 billion, a P/E ratio of -4.70 and a beta of 1.88. Calumet Specialty Products Partners has a 1 year low of $9.97 and a 1 year high of $25.29.

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

Insider Activity

In other Calumet Specialty Products Partners news, CFO David Lunin bought 2,500 shares of Calumet Specialty Products Partners stock in a transaction dated Tuesday, March 4th. The stock was bought at an average price 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 of the company’s stock, valued at approximately $32,625. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jennifer Straumins sold 37,861 shares of the stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $21.42, for a total value of $810,982.62. Following the completion of the sale, the director now 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 position. The disclosure for this sale can be found here. Corporate insiders own 2.91% of the company’s stock.

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.