Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) Receives Average Rating of “Buy” from Brokerages

Shares of Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) have earned a consensus rating of “Buy” from the four ratings firms that are covering the firm, MarketBeat Ratings reports. Four analysts have rated the stock with a buy recommendation. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $23.75.

CLMT has been the subject of several recent research reports. StockNews.com began coverage on Calumet Specialty Products Partners in a report on Wednesday, October 23rd. They set a “sell” rating for the company. HC Wainwright restated a “buy” rating and set a $25.00 price objective on shares of Calumet Specialty Products Partners in a research note on Monday. The Goldman Sachs Group cut their target price on Calumet Specialty Products Partners from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Wells Fargo & Company upped their price target on shares of Calumet Specialty Products Partners from $25.00 to $29.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. Finally, TD Cowen dropped 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 report on Monday.

Calumet Specialty Products Partners Price Performance

CLMT stock opened at $20.49 on Friday. The firm has a market cap of $1.76 billion, a price-to-earnings ratio of -7.42 and a beta of 1.90. Calumet Specialty Products Partners has a 1-year low of $9.97 and a 1-year high of $25.29. The firm has a fifty day moving average price of $19.50 and a two-hundred day moving average price of $17.09.

Calumet Specialty Products Partners (NASDAQ:CLMT) last announced its quarterly earnings data on Friday, November 8th. The oil and gas company reported ($1.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.59). The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $888.36 million. During the same period in the previous year, the company posted $0.03 earnings per share. The firm’s revenue was down 4.3% on a year-over-year basis. As a group, analysts expect that Calumet Specialty Products Partners will post -2.02 EPS for the current fiscal year.

Insider Buying and Selling at Calumet Specialty Products Partners

In other Calumet Specialty Products Partners news, Director Jennifer Straumins sold 100,000 shares of the firm’s 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 approximately $28,589,812.11. This trade represents a 6.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.91% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CLMT. Wedbush Securities Inc. acquired a new position in Calumet Specialty Products Partners in the second quarter valued at about $169,000. Sapient Capital LLC boosted its stake in Calumet Specialty Products Partners by 9.5% during the 2nd quarter. Sapient Capital LLC now owns 11,501 shares of the oil and gas company’s stock worth $185,000 after acquiring an additional 1,000 shares during the last quarter. ARS Investment Partners LLC grew its holdings in Calumet Specialty Products Partners by 16.7% during 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 increased its stake in Calumet Specialty Products Partners by 8.4% in the second quarter. Founders Financial Alliance LLC now owns 48,400 shares of the oil and gas company’s stock valued at $777,000 after purchasing an additional 3,750 shares in the last quarter. Finally, FAS Wealth Partners Inc. increased its stake in Calumet Specialty Products Partners by 4.5% in the second quarter. FAS Wealth Partners Inc. now owns 54,126 shares of the oil and gas company’s stock valued at $869,000 after purchasing an additional 2,308 shares in the last quarter. Institutional investors own 34.41% of the company’s stock.

Calumet Specialty Products Partners Company Profile

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.