Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Down 5.2% - Here's Why

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT - Get Free Report)'s stock price fell 5.2% during mid-day trading on Friday . The stock traded as low as $12.63 and last traded at $12.69. 412,451 shares traded hands during trading, a decline of 40% from the average session volume of 684,999 shares. The stock had previously closed at $13.38.

Analysts Set New Price Targets

Several equities research analysts have recently commented on CLMT shares. UBS Group upgraded shares of Calumet Specialty Products Partners from a "sell" rating to a "neutral" rating and lowered their price target for the stock from $15.00 to $12.00 in a research report on Monday, March 17th. Wells Fargo & Company reduced their price objective on shares of Calumet Specialty Products Partners from $29.00 to $28.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 5th. 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. Finally, HC Wainwright reaffirmed a "buy" rating and set a $33.00 price objective on shares of Calumet Specialty Products Partners in a research note on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $20.80.

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Calumet Specialty Products Partners Trading Down 2.4 %

The firm's fifty day moving average price is $15.19 and its 200-day moving average price is $18.59. The company has a market cap of $1.06 billion, a price-to-earnings ratio of -4.50 and a beta of 1.88.

Calumet Specialty Products Partners (NASDAQ:CLMT - Get Free Report) last released its quarterly earnings results on Friday, February 28th. The oil and gas company reported ($0.47) EPS for the quarter, topping analysts' consensus estimates of ($1.06) by $0.59. The business had revenue of $949.50 million for the quarter, compared to analyst estimates of $921.76 million. During the same period in the prior year, the business earned ($0.59) EPS. The company's revenue for the quarter was down 2.8% compared to the same quarter last year. As a group, research analysts anticipate that Calumet Specialty Products Partners, L.P. will post -3.02 EPS for the current year.

Insider Buying and Selling at Calumet Specialty Products Partners

In related news, CFO David Lunin bought 2,500 shares of Calumet Specialty Products Partners stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average cost of $13.05 per share, with a total value of $32,625.00. Following the purchase, the chief financial officer now owns 2,500 shares in the company, valued at approximately $32,625. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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.