Calumet Specialty Products Partners (NASDAQ:CLMT) Trading Down 8.3% – Time to Sell?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s share price fell 8.3% on Wednesday . The stock traded as low as $18.50 and last traded at $18.84. 304,025 shares traded hands during mid-day trading, a decline of 19% from the average session volume of 375,689 shares. The stock had previously closed at $20.55.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CLMT shares. StockNews.com began coverage on shares of Calumet Specialty Products Partners in a research report on Wednesday, October 23rd. They set a “sell” rating for the company. The Goldman Sachs Group lowered their target price on 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. TD Cowen upped their price objective on Calumet Specialty Products Partners from $22.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Wells Fargo & Company increased their price objective on Calumet Specialty Products Partners from $25.00 to $29.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Finally, HC Wainwright restated a “buy” rating and issued a $25.00 target price on shares of Calumet Specialty Products Partners in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $24.00.

Calumet Specialty Products Partners Stock Performance

The company has a fifty day moving average price of $19.11 and a two-hundred day moving average price of $16.86. The company has a market cap of $1.68 billion, a P/E ratio of -61.25 and a beta of 1.90.

Calumet Specialty Products Partners (NASDAQ:CLMT) last posted its quarterly earnings results on Friday, August 9th. The oil and gas company reported ($0.48) earnings per share for the quarter, topping the consensus estimate 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. The firm’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.19) EPS. Research analysts anticipate that Calumet Specialty Products Partners, L.P. will post -2.17 EPS for the current year.

Institutional Trading of Calumet Specialty Products Partners

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Deuterium Capital Management LLC acquired a new position in shares of Calumet Specialty Products Partners during the 1st quarter worth about $159,000. Wedbush Securities Inc. acquired a new stake in Calumet Specialty Products Partners in the 2nd quarter valued at about $169,000. Sapient Capital LLC grew its holdings in Calumet Specialty Products Partners by 9.5% during 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 during the period. GSA Capital Partners LLP acquired a new position in Calumet Specialty Products Partners during the first quarter worth approximately $493,000. Finally, ARS Investment Partners LLC raised its stake in 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 buying an additional 4,500 shares during the period. 34.41% of the stock is owned by institutional investors.

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.