Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Down 8.8% – Should You Sell?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s share price dropped 8.8% on Tuesday . The stock traded as low as $16.56 and last traded at $16.79. Approximately 272,552 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 1,301,233 shares. The stock had previously closed at $18.40.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CLMT. TD Cowen decreased their price target on 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 increased 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. StockNews.com raised Calumet Specialty Products Partners to a “sell” rating in a research report on Monday, November 18th. Finally, HC Wainwright increased their price target on shares of 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. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Calumet Specialty Products Partners currently has a consensus rating of “Moderate Buy” and an average target price of $25.75.

Calumet Specialty Products Partners Price Performance

The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of -5.80 and a beta of 1.90. The firm has a 50 day moving average price of $21.01 and a 200-day moving average price of $18.82.

Calumet Specialty Products Partners (NASDAQ:CLMT) last posted 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. Calumet Specialty Products Partners’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.03 earnings per share. Equities research analysts predict that Calumet Specialty Products Partners, L.P. will post -3.02 earnings per share for the current year.

Insider Buying and Selling

In other Calumet Specialty Products Partners news, Director Jennifer Straumins sold 100,000 shares of Calumet Specialty Products Partners stock in a transaction dated 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 completion of the sale, the director now directly owns 1,388,529 shares of the company’s stock, valued at $28,589,812.11. The trade was a 6.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.91% of the stock is owned by insiders.

Institutional Investors Weigh In On Calumet Specialty Products Partners

A hedge fund recently raised its stake in Calumet Specialty Products Partners stock. Founders Financial Alliance LLC raised its stake in Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) by 8.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 48,400 shares of the oil and gas company’s stock after purchasing an additional 3,750 shares during the period. Founders Financial Alliance LLC owned 0.06% of Calumet Specialty Products Partners worth $777,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 34.41% of the company’s stock.

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.