Calumet Specialty Products Partners (NASDAQ:CLMT) Stock Price Down 5.5% – Here’s What Happened

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) fell 5.5% on Friday . The company traded as low as $20.60 and last traded at $20.62. 309,967 shares were traded during mid-day trading, a decline of 25% from the average session volume of 411,978 shares. The stock had previously closed at $21.83.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CLMT. 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 research note on Monday, November 11th. Wells Fargo & Company lifted 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 note on Monday, October 21st. StockNews.com raised shares of Calumet Specialty Products Partners to a “sell” rating in a research report on Monday, November 18th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $25.00 target price on shares of Calumet Specialty Products Partners in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $23.75.

Calumet Specialty Products Partners Trading Down 4.7 %

The stock’s 50 day simple moving average is $21.27 and its 200 day simple moving average is $17.92.

Calumet Specialty Products Partners (NASDAQ:CLMT) last issued its earnings results on Friday, November 8th. The oil and gas company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.59). The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $888.36 million. The company’s quarterly revenue was down 4.3% on a year-over-year basis. During the same period last year, the firm posted $0.03 EPS. On average, equities research analysts predict that Calumet Specialty Products Partners, L.P. will post -2.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jennifer Straumins sold 100,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $20.59, for a total transaction of $2,059,000.00. Following the sale, the director now directly owns 1,388,529 shares in the company, valued at approximately $28,589,812.11. This represents a 6.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.91% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Wasserstein Debt Opportunities Management L.P. boosted its holdings in shares of Calumet Specialty Products Partners by 2.9% during the second quarter. Wasserstein Debt Opportunities Management L.P. now owns 6,891,314 shares of the oil and gas company’s stock valued at $110,606,000 after acquiring an additional 193,063 shares during the period. Raymond James & Associates boosted its stake in Calumet Specialty Products Partners by 13.4% during the 2nd quarter. Raymond James & Associates now owns 572,057 shares of the oil and gas company’s stock valued at $9,182,000 after purchasing an additional 67,689 shares during the period. Creative Planning increased its stake 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 valued at $1,002,000 after purchasing an additional 19,800 shares during the period. DRW Securities LLC acquired a new position in shares of Calumet Specialty Products Partners during the second quarter worth approximately $898,000. Finally, FAS Wealth Partners Inc. grew 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 in the last quarter. 34.41% of the stock is currently owned by institutional investors.

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.