Calumet Specialty Products Partners (NASDAQ:CLMT) Given Buy Rating at HC Wainwright

Calumet Specialty Products Partners (NASDAQ:CLMT)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $25.00 price objective on the oil and gas company’s stock. HC Wainwright’s price target would indicate a potential upside of 79.21% from the stock’s previous close.

Other analysts have also issued reports about the company. The Goldman Sachs Group decreased their target price on Calumet Specialty Products Partners from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Monday, August 5th. StockNews.com started coverage on Calumet Specialty Products Partners in a report on Monday. They set a “hold” rating for the company. Finally, TD Cowen lowered their target price on Calumet Specialty Products Partners from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Calumet Specialty Products Partners currently has an average rating of “Moderate Buy” and a consensus target price of $19.33.

Calumet Specialty Products Partners Stock Performance

Shares of CLMT stock traded up $0.31 during trading hours on Monday, hitting $13.95. 418,709 shares of the company were exchanged, compared to its average volume of 183,780. The company has a 50 day simple moving average of $15.02 and a two-hundred day simple moving average of $15.41. The firm has a market cap of $1.12 billion, a P/E ratio of -200.14 and a beta of 1.93. Calumet Specialty Products Partners has a fifty-two week low of $9.97 and a fifty-two week high of $19.91.

Calumet Specialty Products Partners (NASDAQ:CLMT) last issued its earnings results on Friday, August 9th. The oil and gas company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.08). The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $889.17 million. During the same quarter in the previous year, the company posted ($0.19) earnings per share. The firm’s quarterly revenue was up 11.4% compared to the same quarter last year. As a group, sell-side analysts expect that Calumet Specialty Products Partners will post -1.9 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Gregory J. Morical sold 11,111 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $15.04, for a total value of $167,109.44. Following the completion of the sale, the senior vice president now directly owns 33,845 shares of the company’s stock, valued at approximately $509,028.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.91% of the company’s stock.

Institutional Investors Weigh In On Calumet Specialty Products Partners

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wedbush Securities Inc. purchased a new stake in shares of Calumet Specialty Products Partners during the 2nd quarter valued at $169,000. Wasserstein Debt Opportunities Management L.P. boosted its holdings in shares of Calumet Specialty Products Partners by 2.9% in the 2nd quarter. Wasserstein Debt Opportunities Management L.P. now owns 6,891,314 shares of the oil and gas company’s stock worth $110,606,000 after buying an additional 193,063 shares during the last quarter. FAS Wealth Partners Inc. boosted its holdings in shares of 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 during the last quarter. Raymond James & Associates boosted its holdings in shares of Calumet Specialty Products Partners by 13.4% in the 2nd quarter. Raymond James & Associates now owns 572,057 shares of the oil and gas company’s stock worth $9,182,000 after buying an additional 67,689 shares during the last quarter. Finally, ARS Investment Partners LLC boosted its holdings in shares of Calumet Specialty Products Partners by 16.7% in the 2nd quarter. ARS Investment Partners LLC now owns 31,500 shares of the oil and gas company’s stock worth $506,000 after buying an additional 4,500 shares during the last quarter. Hedge funds and other institutional investors own 34.41% of the company’s stock.

About Calumet Specialty Products Partners

Calumet Specialty Products Partners, L.P. 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; Performance brands; Montana/Renewables; and Corporate segments.