Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Down 8% – Should You Sell?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) shares were down 8% on Tuesday . The company traded as low as $15.63 and last traded at $14.94. Approximately 237,112 shares changed hands during trading, a decline of 82% from the average daily volume of 1,340,679 shares. The stock had previously closed at $16.23.

Wall Street Analysts Forecast Growth

CLMT has been the subject of several analyst reports. StockNews.com raised shares of Calumet Specialty Products Partners to a “sell” rating in a research note on Monday, November 18th. Wells Fargo & Company lifted their target price on Calumet Specialty Products Partners from $25.00 to $29.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. TD Cowen lowered their price objective 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. Finally, HC Wainwright upped their target price on Calumet Specialty Products Partners from $25.00 to $33.00 and gave the company a “buy” rating in a report on Monday, January 13th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.75.

Calumet Specialty Products Partners Stock Performance

The business has a 50 day moving average price of $20.75 and a 200-day moving average price of $18.82. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of -5.44 and a beta of 1.90.

Calumet Specialty Products Partners (NASDAQ:CLMT) last issued 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 business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $888.36 million. The business’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.03 earnings per share. As a group, equities analysts predict that Calumet Specialty Products Partners, L.P. will post -3.02 EPS for the current fiscal year.

Insider Activity

In other news, Director Jennifer Straumins sold 100,000 shares of the business’s stock in a transaction that occurred on 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 owns 1,388,529 shares in the company, valued at $28,589,812.11. The trade was a 6.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.91% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Calumet Specialty Products Partners

An institutional investor recently raised its position in Calumet Specialty Products Partners stock. Creative Planning raised its stake in Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) by 46.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 62,459 shares of the oil and gas company’s stock after purchasing an additional 19,800 shares during the quarter. Creative Planning owned 0.08% of Calumet Specialty Products Partners worth $1,002,000 as of its most recent filing with the Securities & Exchange Commission. 34.41% of the stock is currently 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.