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

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) shares dropped 7.6% on Wednesday . The stock traded as low as $15.33 and last traded at $15.71. Approximately 201,252 shares changed hands 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 research reports. UBS Group cut shares of Calumet Specialty Products Partners from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $20.50 to $15.00 in a research note on Tuesday. HC Wainwright lifted their price objective 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. Wells Fargo & Company boosted their target price on shares of Calumet Specialty Products Partners from $25.00 to $29.00 and gave the stock an “overweight” rating in a research report 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, TD Cowen dropped their target price on shares of Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Monday, November 11th. Two research analysts have rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Calumet Specialty Products Partners presently has an average rating of “Hold” and an average price target of $23.60.

Calumet Specialty Products Partners Stock Performance

The stock has a market capitalization of $1.37 billion, a PE ratio of -5.80 and a beta of 1.88. The business’s 50-day moving average is $20.19 and its two-hundred day moving average is $18.89.

Calumet Specialty Products Partners (NASDAQ:CLMT) last released its quarterly earnings results on Friday, November 8th. The oil and gas company reported ($1.18) earnings per share (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 analyst estimates of $888.36 million. During the same period in the previous year, the business earned $0.03 earnings per share. The firm’s revenue was down 4.3% on a year-over-year basis. Equities analysts forecast 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 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 value of $2,059,000.00. Following the completion of the sale, the director now owns 1,388,529 shares in the company, valued at $28,589,812.11. The trade was a 6.72 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.91% of the stock is currently owned by corporate insiders.

Institutional Trading of Calumet Specialty Products Partners

A hedge fund recently raised its stake in Calumet Specialty Products Partners stock. Creative Planning boosted its stake in Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) by 46.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm 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 about 0.08% of Calumet Specialty Products Partners worth $1,002,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 34.41% of the company’s stock.

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.