Calumet Specialty Products Partners (NASDAQ:CLMT) Trading Down 5.8% Following Analyst Downgrade

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s share price dropped 5.8% during trading on Thursday after Wells Fargo & Company lowered their price target on the stock from $23.00 to $21.00. Wells Fargo & Company currently has an overweight rating on the stock. Calumet Specialty Products Partners traded as low as $13.24 and last traded at $13.07. Approximately 192,659 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 880,876 shares. The stock had previously closed at $13.87.

Other equities analysts have also issued reports about the stock. UBS Group upgraded shares of Calumet Specialty Products Partners from a “sell” rating to a “neutral” rating and lowered their target price for the stock from $15.00 to $12.00 in a research report on Monday, March 17th. The Goldman Sachs Group decreased their price target on Calumet Specialty Products Partners from $16.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, April 30th. Bank of America assumed coverage on Calumet Specialty Products Partners in a report on Tuesday. They set a “buy” rating and a $15.00 price target for the company. TD Cowen downgraded Calumet Specialty Products Partners from a “buy” rating to a “hold” rating and decreased their price target for the stock from $26.00 to $16.00 in a report on Tuesday, March 4th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $33.00 price target on shares of Calumet Specialty Products Partners in a report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $18.50.

Insider Buying and Selling at Calumet Specialty Products Partners

In other news, CFO David Lunin purchased 2,500 shares of the company’s stock in a transaction dated Tuesday, March 4th. The stock was acquired at an average price of $13.05 per share, for a total transaction 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 $32,625. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Stephen P. Mawer sold 3,655 shares of the firm’s stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $9.29, for a total value of $33,954.95. Following the completion of the transaction, the director now owns 283,652 shares of the company’s stock, valued at approximately $2,635,127.08. This represents a 1.27% decrease in their position. The disclosure for this sale can be found here. 2.91% of the stock is owned by corporate insiders.

Calumet Specialty Products Partners Stock Performance

The stock has a market cap of $1.16 billion, a PE ratio of -4.87 and a beta of 0.89. The business has a 50-day moving average of $11.31 and a 200 day moving average of $16.40.

Calumet Specialty Products Partners (NASDAQ:CLMT) last released its quarterly earnings data on Friday, May 9th. The oil and gas company reported ($1.03) earnings per share for the quarter, missing the consensus estimate of ($0.41) by ($0.62). The firm had revenue of $993.90 million during the quarter, compared to analyst estimates of $899.62 million. Calumet Specialty Products Partners’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.51) earnings per share. Equities analysts expect that Calumet Specialty Products Partners, L.P. will post -3.02 EPS for the current fiscal year.

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.