Calumet Specialty Products Partners (NASDAQ:CLMT) Reaches New 52-Week Low - Here's Why

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT - Get Free Report) hit a new 52-week low during trading on Saturday . The stock traded as low as $9.04 and last traded at $9.75, with a volume of 2272323 shares traded. The stock had previously closed at $11.96.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. HC Wainwright reissued a "buy" rating and issued a $33.00 price objective on shares of Calumet Specialty Products Partners in a research report on Monday, March 3rd. TD Cowen lowered shares of Calumet Specialty Products Partners from a "buy" rating to a "hold" rating and decreased their price target for the stock from $26.00 to $16.00 in a research report on Tuesday, March 4th. Wells Fargo & Company cut their price objective on shares of Calumet Specialty Products Partners from $28.00 to $23.00 and set an "overweight" rating for the company in a research report on Wednesday. Finally, UBS Group raised Calumet Specialty Products Partners from a "sell" rating to a "neutral" rating and decreased their target price for the stock from $15.00 to $12.00 in a research report on Monday, March 17th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $19.80.

Calumet Specialty Products Partners Stock Down 12.2 %

The company has a market capitalization of $762.91 million, a P/E ratio of -3.17 and a beta of 1.42. The firm has a fifty day simple moving average of $13.57 and a 200-day simple moving average of $18.00.

Calumet Specialty Products Partners (NASDAQ:CLMT - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $949.50 million for the quarter, compared to analyst estimates of $921.76 million. The business's revenue for the quarter was down 2.8% on a year-over-year basis. During the same period last year, the company posted ($0.59) earnings per share. On average, sell-side analysts predict that Calumet Specialty Products Partners, L.P. will post -3.02 earnings per share for the current fiscal year.

Insider Transactions at Calumet Specialty Products Partners

In related news, Director Stephen P. Mawer sold 3,655 shares of the business's 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 transaction, the director now owns 287,307 shares in the company, valued at $3,700,514.16. The trade was a 1.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO David Lunin purchased 2,500 shares of the firm's stock in a transaction on Tuesday, March 4th. The shares were acquired at an average price of $13.05 per share, with a total value of $32,625.00. Following the completion of the acquisition, the chief financial officer now owns 2,500 shares in the company, valued at approximately $32,625. This trade represents a ∞ increase in their position. 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.