Calumet Specialty Products Partners (NASDAQ:CLMT) Sets New 1-Year Low – What’s Next?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s share price hit a new 52-week low during mid-day trading on Saturday . The stock traded as low as $9.04 and last traded at $9.75, with a volume of 2272323 shares. The stock had previously closed at $11.96.

Wall Street Analysts Forecast Growth

CLMT has been the topic of several recent research reports. TD Cowen lowered shares of Calumet Specialty Products Partners from a “buy” rating to a “hold” rating and lowered their price target for the company from $26.00 to $16.00 in a report on Tuesday, March 4th. Wells Fargo & Company decreased their price objective on Calumet Specialty Products Partners from $29.00 to $28.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. HC Wainwright reaffirmed 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 upgraded Calumet Specialty Products Partners from a “sell” rating to a “neutral” rating and reduced their price target for the company from $15.00 to $12.00 in a research report on Monday, March 17th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $20.80.

Calumet Specialty Products Partners Stock Performance

The firm has a market capitalization of $837.56 million, a PE ratio of -3.53 and a beta of 1.42. The firm’s 50 day moving average price is $14.26 and its 200-day moving average price is $18.29.

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, topping analysts’ consensus estimates of ($1.06) by $0.59. The business had revenue of $949.50 million for the quarter, compared to analysts’ expectations of $921.76 million. During the same quarter in the prior year, the company posted ($0.59) EPS. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year. On average, equities research analysts expect that Calumet Specialty Products Partners, L.P. will post -3.02 earnings per share for the current fiscal year.

Insider Activity

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