Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Down 4.3% After Analyst Downgrade

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT - Get Free Report)'s stock price was down 4.3% on Wednesday after Wells Fargo & Company lowered their price target on the stock from $29.00 to $28.00. Wells Fargo & Company currently has an overweight rating on the stock. Calumet Specialty Products Partners traded as low as $12.40 and last traded at $12.48. Approximately 62,662 shares traded hands during trading, a decline of 96% from the average daily volume of 1,435,905 shares. The stock had previously closed at $13.04.

CLMT has been the subject of several other research reports. StockNews.com upgraded shares of Calumet Specialty Products Partners to a "sell" rating in a research report on Monday, November 18th. HC Wainwright restated a "buy" rating and set a $33.00 price objective on shares of Calumet Specialty Products Partners in a research report on Monday, March 3rd. UBS Group lowered shares of Calumet Specialty Products Partners from a "neutral" rating to a "sell" rating and reduced their price objective for the company from $20.50 to $15.00 in a research note on Tuesday, February 4th. Finally, TD Cowen cut shares of Calumet Specialty Products Partners from a "buy" rating to a "hold" rating and decreased their target price for the stock from $26.00 to $16.00 in a report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $21.40.

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Insiders Place Their Bets

In other news, CFO David Lunin bought 2,500 shares of the firm's stock in a transaction on Tuesday, March 4th. The stock was bought at an average cost of $13.05 per share, for a total transaction of $32,625.00. Following the completion of the acquisition, the chief financial officer now directly owns 2,500 shares in the company, valued at $32,625. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jennifer Straumins sold 37,861 shares of the firm's stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $21.42, for a total transaction of $810,982.62. Following the sale, the director now owns 1,184,589 shares of the company's stock, valued at approximately $25,373,896.38. This represents a 3.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.91% of the company's stock.

Calumet Specialty Products Partners Price Performance

The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of -4.34 and a beta of 1.88. The firm's fifty day moving average is $17.33 and its 200 day moving average is $19.10.

Calumet Specialty Products Partners (NASDAQ:CLMT - Get Free Report) last posted its quarterly earnings results on Friday, February 28th. The oil and gas company reported ($0.47) EPS for the quarter, topping 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% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.59) earnings per share. Equities research analysts forecast that Calumet Specialty Products Partners, L.P. will post -3.02 EPS for the current fiscal year.

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.