Wells Fargo & Company Cuts Calumet Specialty Products Partners (NASDAQ:CLMT) Price Target to $23.00

Calumet Specialty Products Partners (NASDAQ:CLMT) had its price objective decreased by research analysts at Wells Fargo & Company from $28.00 to $23.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the oil and gas company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 151.37% from the stock’s current price.

Other research analysts have also issued research reports about the stock. TD Cowen lowered shares of Calumet Specialty Products Partners from a “buy” rating to a “hold” rating and cut their price target for the company from $26.00 to $16.00 in a report on Tuesday, March 4th. HC Wainwright reiterated a “buy” rating and issued a $33.00 price target on shares of Calumet Specialty Products Partners in a report on Monday, March 3rd. Finally, UBS Group upgraded Calumet Specialty Products Partners from a “sell” rating to a “neutral” rating and lowered their target price for the company from $15.00 to $12.00 in a research note on Monday, March 17th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $19.80.

Calumet Specialty Products Partners Trading Down 9.5 %

Shares of CLMT opened at $9.15 on Wednesday. Calumet Specialty Products Partners has a 12-month low of $7.68 and a 12-month high of $25.29. The stock has a market cap of $786.02 million, a P/E ratio of -3.32 and a beta of 1.42. The company has a 50-day moving average of $13.39 and a two-hundred day moving average of $17.94.

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 analysts’ consensus estimates of ($1.06) by $0.59. The firm had revenue of $949.50 million for the quarter, compared to analysts’ expectations of $921.76 million. During the same quarter last year, the firm earned ($0.59) earnings per share. The business’s quarterly revenue was down 2.8% compared to the same quarter last year. As a group, analysts forecast that Calumet Specialty Products Partners will post -3.02 EPS for the current fiscal year.

Insider Activity at Calumet Specialty Products Partners

In other news, Director Stephen P. Mawer sold 3,655 shares of the company’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $12.88, for a total value of $47,076.40. Following the transaction, the director now owns 287,307 shares in the company, valued at $3,700,514.16. This represents a 1.26 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO David Lunin acquired 2,500 shares of the stock in a transaction dated Tuesday, March 4th. The shares were bought at an average cost of $13.05 per share, for a total transaction of $32,625.00. Following the acquisition, the chief financial officer now owns 2,500 shares in the company, valued at $32,625. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Company 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.