Calumet Specialty Products Partners (NASDAQ:CLMT) PT Raised to $29.00

Calumet Specialty Products Partners (NASDAQ:CLMT) had its price objective raised by investment analysts at Wells Fargo & Company from $25.00 to $29.00 in a research report issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the oil and gas company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 36.79% from the stock’s previous close.

CLMT has been the subject of several other research reports. The Goldman Sachs Group decreased their price target on shares of Calumet Specialty Products Partners from $17.00 to $15.00 and set a “buy” rating for the company in a report on Monday, August 5th. HC Wainwright reiterated a “buy” rating and set a $25.00 price objective on shares of Calumet Specialty Products Partners in a report on Thursday, October 17th. StockNews.com assumed coverage on Calumet Specialty Products Partners in a research report on Tuesday, October 15th. They issued a “hold” rating for the company. Finally, TD Cowen raised their target price on shares of Calumet Specialty Products Partners from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

Calumet Specialty Products Partners Stock Performance

Shares of CLMT stock opened at $21.20 on Monday. The firm’s 50 day moving average price is $18.45 and its two-hundred day moving average price is $16.41. Calumet Specialty Products Partners has a 52-week low of $9.97 and a 52-week high of $25.29. The stock has a market cap of $1.70 billion, a PE ratio of -302.86 and a beta of 1.92.

Calumet Specialty Products Partners (NASDAQ:CLMT) last announced its quarterly earnings data on Friday, August 9th. The oil and gas company reported ($0.48) EPS for the quarter, topping analysts’ consensus estimates of ($0.55) by $0.07. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $889.17 million. During the same period last year, the firm earned ($0.19) earnings per share. The firm’s revenue for the quarter was up 11.4% on a year-over-year basis. As a group, sell-side analysts predict that Calumet Specialty Products Partners will post -1.97 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CLMT. Founders Financial Alliance LLC lifted its stake in Calumet Specialty Products Partners by 8.4% in the 2nd quarter. Founders Financial Alliance LLC now owns 48,400 shares of the oil and gas company’s stock valued at $777,000 after acquiring an additional 3,750 shares in the last quarter. Creative Planning lifted its position in shares of Calumet Specialty Products Partners by 46.4% in the second quarter. Creative Planning now owns 62,459 shares of the oil and gas company’s stock worth $1,002,000 after purchasing an additional 19,800 shares in the last quarter. DRW Securities LLC bought a new position in Calumet Specialty Products Partners in the second quarter valued at $898,000. Wedbush Securities Inc. acquired a new stake in shares of Calumet Specialty Products Partners in the second quarter valued at about $169,000. Finally, Wasserstein Debt Opportunities Management L.P. raised its stake in shares of Calumet Specialty Products Partners by 2.9% during the 2nd quarter. Wasserstein Debt Opportunities Management L.P. now owns 6,891,314 shares of the oil and gas company’s stock worth $110,606,000 after purchasing an additional 193,063 shares in the last quarter. 34.41% of the stock is owned by institutional investors and hedge funds.

About Calumet Specialty Products Partners

Calumet, Inc manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to various consumer-facing and industrial markets in North America and internationally. It operates through Specialty Products and Solutions; Montana/Renewables; and Performance brands segments.