Calumet Specialty Products Partners (NASDAQ:CLMT) Trading Down 7.6% – Should You Sell?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) was down 7.6% during trading on Wednesday . The stock traded as low as $15.33 and last traded at $15.71. Approximately 201,252 shares were traded during trading, a decline of 85% from the average daily volume of 1,387,004 shares. The stock had previously closed at $17.00.

Wall Street Analyst Weigh In

CLMT has been the subject of a number of recent analyst reports. HC Wainwright raised their price objective on Calumet Specialty Products Partners from $25.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. TD Cowen dropped their target price on Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating for the company in a research report on Monday, November 11th. StockNews.com raised Calumet Specialty Products Partners to a “sell” rating in a research report on Monday, November 18th. Wells Fargo & Company boosted their target price on 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. Finally, UBS Group cut Calumet Specialty Products Partners from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $20.50 to $15.00 in a research note on Tuesday. Two research analysts have rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Calumet Specialty Products Partners currently has an average rating of “Hold” and an average price target of $23.60.

Calumet Specialty Products Partners Stock Performance

The company has a market cap of $1.37 billion, a P/E ratio of -5.80 and a beta of 1.88. The business has a fifty day simple moving average of $20.19 and a 200 day simple moving average of $18.89.

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 analysts’ consensus estimates of ($0.59) by ($0.59). The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $888.36 million. The business’s revenue for the quarter was down 4.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.03 EPS. Equities research analysts expect that Calumet Specialty Products Partners, L.P. will post -3.02 EPS for the current year.

Insider Activity at Calumet Specialty Products Partners

In other Calumet Specialty Products Partners news, Director Jennifer Straumins sold 37,861 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $21.42, for a total value of $810,982.62. Following the completion of the transaction, the director now owns 1,184,589 shares of the company’s stock, valued at $25,373,896.38. This represents a 3.10 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.91% of the stock is owned by insiders.

Institutional Investors Weigh In On Calumet Specialty Products Partners

An institutional investor recently raised its position in Calumet Specialty Products Partners stock. Creative Planning lifted its stake in Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) by 46.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 62,459 shares of the oil and gas company’s stock after acquiring an additional 19,800 shares during the quarter. Creative Planning owned approximately 0.08% of Calumet Specialty Products Partners worth $1,002,000 as of its most recent SEC filing. 34.41% of the stock is owned by institutional investors and hedge funds.

Calumet Specialty Products Partners Company Profile

Calumet, Inc engages in the manufacturing, formulating, and marketing of a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. It operates through the following segments: Specialty Products & Solutions, Performance Brands, Montana/Renewables, and Corporate.