Calumet Specialty Products Partners (NASDAQ:CLMT) Stock Price Down 7.1% - Here's Why

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT - Get Free Report)'s share price traded down 7.1% during trading on Tuesday . The stock traded as low as $10.29 and last traded at $10.17. 622,957 shares were traded during mid-day trading, a decline of 56% from the average session volume of 1,426,101 shares. The stock had previously closed at $10.95.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. TD Cowen downgraded Calumet Specialty Products Partners from a "buy" rating to a "hold" rating and cut their price objective for the company from $26.00 to $16.00 in a research report on Tuesday, March 4th. StockNews.com raised Calumet Specialty Products Partners to a "sell" rating in a research report on Monday, November 18th. Wells Fargo & Company cut their price objective on Calumet Specialty Products Partners from $29.00 to $28.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 5th. UBS Group downgraded Calumet Specialty Products Partners from a "neutral" rating to a "sell" rating and dropped their price target for the stock from $20.50 to $15.00 in a research report on Tuesday, February 4th. Finally, HC Wainwright reissued a "buy" rating and set a $33.00 price target on shares of Calumet Specialty Products Partners in a research report on Monday, March 3rd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $21.40.

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Calumet Specialty Products Partners Price Performance

The business has a 50-day moving average of $16.46 and a two-hundred day moving average of $18.86. The company has a market cap of $1.04 billion, a P/E ratio of -4.37 and a beta of 1.88.

Calumet Specialty Products Partners (NASDAQ:CLMT - Get Free Report) last issued its quarterly earnings data on Friday, February 28th. The oil and gas company reported ($0.47) earnings per share for the quarter, beating analysts' consensus estimates of ($1.06) by $0.59. The company had revenue of $949.50 million for the quarter, compared to the consensus estimate of $921.76 million. During the same period in the previous year, the business earned ($0.59) EPS. Calumet Specialty Products Partners's revenue for the quarter was down 2.8% compared to the same quarter last year. Equities analysts anticipate that Calumet Specialty Products Partners, L.P. will post -3.02 EPS for the current fiscal year.

Insider Activity at Calumet Specialty Products Partners

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

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.