HC Wainwright Issues Pessimistic Estimate for CLMT Earnings

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) – Investment analysts at HC Wainwright dropped their FY2024 earnings per share estimates for Calumet Specialty Products Partners in a report issued on Monday, November 11th. HC Wainwright analyst A. Dayal now anticipates that the oil and gas company will post earnings of ($3.02) per share for the year, down from their prior estimate of ($2.05). HC Wainwright currently has a “Buy” rating and a $25.00 price target on the stock. The consensus estimate for Calumet Specialty Products Partners’ current full-year earnings is ($2.02) per share. HC Wainwright also issued estimates for Calumet Specialty Products Partners’ Q4 2024 earnings at ($1.13) EPS and FY2025 earnings at $0.28 EPS.

Calumet Specialty Products Partners (NASDAQ:CLMT) last announced its quarterly earnings results on Friday, November 8th. The oil and gas company reported ($1.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.59) by ($0.59). The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $888.36 million. During the same period last year, the company earned $0.03 earnings per share. Calumet Specialty Products Partners’s revenue was down 4.3% on a year-over-year basis.

Several other brokerages have also recently issued reports on CLMT. Wells Fargo & Company boosted their price target on Calumet Specialty Products Partners from $25.00 to $29.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. StockNews.com began coverage on Calumet Specialty Products Partners in a research note on Wednesday, October 23rd. They issued a “sell” rating for the company. TD Cowen reduced their price objective on shares of Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Monday. Finally, The Goldman Sachs Group reduced their price target on shares of Calumet Specialty Products Partners from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.75.

Calumet Specialty Products Partners Price Performance

Shares of NASDAQ CLMT opened at $20.49 on Thursday. The firm has a market cap of $1.76 billion, a price-to-earnings ratio of -7.42 and a beta of 1.90. The stock’s fifty day moving average price is $19.50 and its two-hundred day moving average price is $17.09. Calumet Specialty Products Partners has a one year low of $9.97 and a one year high of $25.29.

Institutional Investors Weigh In On Calumet Specialty Products Partners

A number of hedge funds have recently made changes to their positions in CLMT. Wedbush Securities Inc. purchased a new stake in Calumet Specialty Products Partners in the 2nd quarter worth about $169,000. Sapient Capital LLC increased its stake in shares of Calumet Specialty Products Partners by 9.5% in the second quarter. Sapient Capital LLC now owns 11,501 shares of the oil and gas company’s stock worth $185,000 after purchasing an additional 1,000 shares in the last quarter. ARS Investment Partners LLC raised its position in shares of Calumet Specialty Products Partners by 16.7% in the second quarter. ARS Investment Partners LLC now owns 31,500 shares of the oil and gas company’s stock valued at $506,000 after purchasing an additional 4,500 shares during the period. Founders Financial Alliance LLC lifted its stake in shares of Calumet Specialty Products Partners by 8.4% during 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 buying an additional 3,750 shares in the last quarter. Finally, FAS Wealth Partners Inc. boosted its holdings in Calumet Specialty Products Partners by 4.5% in the 2nd quarter. FAS Wealth Partners Inc. now owns 54,126 shares of the oil and gas company’s stock worth $869,000 after buying an additional 2,308 shares during the period. 34.41% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Calumet Specialty Products Partners

In other news, Director Jennifer Straumins sold 100,000 shares of the stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $20.59, for a total value of $2,059,000.00. Following the completion of the sale, the director now owns 1,388,529 shares in the company, valued at $28,589,812.11. This represents a 6.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.91% of the stock is currently owned by company insiders.

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.