Calumet Specialty Products Partners (NASDAQ:CLMT) Reaches New 52-Week Low on Analyst Downgrade

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) reached a new 52-week low during trading on Wednesday after The Goldman Sachs Group lowered their price target on the stock from $16.00 to $14.00. The Goldman Sachs Group currently has a buy rating on the stock. Calumet Specialty Products Partners traded as low as $10.14 and last traded at $10.60, with a volume of 1079598 shares trading hands. The stock had previously closed at $10.86.

A number of other brokerages have also recently commented on CLMT. Wells Fargo & Company reduced their target price on shares of Calumet Specialty Products Partners from $28.00 to $23.00 and set an “overweight” rating for the company in a research report on Wednesday, April 9th. TD Cowen downgraded shares of Calumet Specialty Products Partners from a “buy” rating to a “hold” rating and cut their price objective for the company from $26.00 to $16.00 in a report on Tuesday, March 4th. HC Wainwright restated a “buy” rating and set a $33.00 target price on shares of Calumet Specialty Products Partners in a report on Monday, March 3rd. Finally, UBS Group raised Calumet Specialty Products Partners from a “sell” rating to a “neutral” rating and cut their price target for the company from $15.00 to $12.00 in a report on Monday, March 17th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $19.60.

Insider Activity

In other news, Director Stephen P. Mawer sold 3,655 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $12.88, for a total transaction of $47,076.40. Following the completion of the transaction, the director now directly owns 287,307 shares in the company, valued at approximately $3,700,514.16. This represents a 1.26 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO David Lunin acquired 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The shares were acquired at an average cost of $13.05 per share, with a total value of $32,625.00. Following the completion of the transaction, the chief financial officer now directly owns 2,500 shares in the company, valued at approximately $32,625. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 2.91% of the company’s stock.

Calumet Specialty Products Partners Stock Performance

The stock has a market cap of $918.31 million, a PE ratio of -3.87 and a beta of 1.42. The stock’s 50-day moving average is $11.55 and its two-hundred day moving average is $17.01.

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

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.