Calumet Specialty Products Partners (NASDAQ:CLMT) Sets New 1-Year Low – Here’s Why

Shares of Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) reached a new 52-week low on Saturday . The company traded as low as $9.04 and last traded at $9.75, with a volume of 2272323 shares changing hands. The stock had previously closed at $11.96.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CLMT shares. TD Cowen downgraded Calumet Specialty Products Partners from a “buy” rating to a “hold” rating and cut their price target for the company from $26.00 to $16.00 in a research note on Tuesday, March 4th. Wells Fargo & Company cut 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. HC Wainwright reiterated a “buy” rating and set a $33.00 price target on shares of Calumet Specialty Products Partners in a research note on Monday, March 3rd. Finally, UBS Group upgraded Calumet Specialty Products Partners from a “sell” rating to a “neutral” rating and reduced their price objective for the stock from $15.00 to $12.00 in a research note on Monday, March 17th. One research 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, the stock currently has an average rating of “Hold” and an average target price of $20.80.

Calumet Specialty Products Partners Stock Performance

The stock has a market capitalization of $837.56 million, a P/E ratio of -3.53 and a beta of 1.42. The company’s 50-day moving average price is $14.26 and its 200 day moving average price is $18.29.

Calumet Specialty Products Partners (NASDAQ:CLMT) last announced its quarterly earnings data on Friday, February 28th. The oil and gas company reported ($0.47) EPS for the quarter, beating the consensus estimate of ($1.06) by $0.59. The business had revenue of $949.50 million during the quarter, compared to analysts’ expectations of $921.76 million. During the same quarter in the previous year, the firm earned ($0.59) earnings per share. Calumet Specialty Products Partners’s revenue was down 2.8% on a year-over-year basis. Analysts predict that Calumet Specialty Products Partners, L.P. will post -3.02 earnings per share for the current year.

Insider Activity

In other Calumet Specialty Products Partners news, Director Stephen P. Mawer sold 3,655 shares of Calumet Specialty Products Partners stock in a transaction on Monday, March 24th. The shares were sold at an average price of $12.88, for a total value of $47,076.40. Following the sale, the director now directly owns 287,307 shares in the company, valued at approximately $3,700,514.16. The trade was a 1.26 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO David Lunin acquired 2,500 shares of the company’s stock in a transaction on Tuesday, March 4th. The shares were bought at an average cost of $13.05 per share, with a total value of $32,625.00. Following the acquisition, the chief financial officer now directly owns 2,500 shares in the company, valued at approximately $32,625. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 2.91% 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.