Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Up 3.7% – Still a Buy?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) shares shot up 3.7% during mid-day trading on Wednesday . The company traded as high as $12.60 and last traded at $12.69. 73,200 shares were traded during trading, a decline of 90% from the average session volume of 700,350 shares. The stock had previously closed at $12.23.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CLMT. UBS Group upgraded Calumet Specialty Products Partners from a “sell” rating to a “neutral” rating and lowered their target price for the company from $15.00 to $12.00 in a research note on Monday, March 17th. HC Wainwright reissued a “buy” rating and issued a $33.00 price target on shares of Calumet Specialty Products Partners in a research note on Monday, March 3rd. TD Cowen lowered shares of Calumet Specialty Products Partners from a “buy” rating to a “hold” rating and cut their price objective for the company from $26.00 to $16.00 in a research report on Tuesday, March 4th. Finally, Wells Fargo & Company decreased their target price on shares of Calumet Specialty Products Partners from $29.00 to $28.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Calumet Specialty Products Partners presently has an average rating of “Hold” and an average price target of $20.80.

Calumet Specialty Products Partners Stock Performance

The company has a market cap of $1.07 billion, a P/E ratio of -4.57 and a beta of 1.88. The firm has a 50 day moving average price of $15.05 and a 200-day moving average price of $18.55.

Calumet Specialty Products Partners (NASDAQ:CLMT) last announced its earnings results on Friday, February 28th. The oil and gas company reported ($0.47) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.59. The company had revenue of $949.50 million for the quarter, compared to the consensus estimate of $921.76 million. During the same period in the previous year, the company earned ($0.59) EPS. The firm’s revenue for the quarter was down 2.8% compared to the same quarter last year. On average, sell-side analysts forecast that Calumet Specialty Products Partners, L.P. will post -3.02 EPS for the current fiscal year.

Insider Activity at Calumet Specialty Products Partners

In other Calumet Specialty Products Partners news, CFO David Lunin acquired 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was acquired at an average price of $13.05 per share, with a total value of $32,625.00. Following the transaction, the chief financial officer now owns 2,500 shares of the company’s stock, valued at approximately $32,625. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.91% of the stock is currently owned by company insiders.

About Calumet Specialty Products Partners

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.