Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Down 5.5% - Time to Sell?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT - Get Free Report)'s share price dropped 5.5% during mid-day trading on Friday . The company traded as low as $20.60 and last traded at $20.62. Approximately 309,967 shares changed hands during mid-day trading, a decline of 25% from the average daily volume of 411,978 shares. The stock had previously closed at $21.83.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CLMT. StockNews.com raised shares of Calumet Specialty Products Partners to a "sell" rating in a research report on Monday, November 18th. Wells Fargo & Company lifted their target price on Calumet Specialty Products Partners from $25.00 to $29.00 and gave the stock an "overweight" rating in a research report on Monday, October 21st. TD Cowen dropped their price target on Calumet Specialty Products Partners from $27.00 to $26.00 and set a "buy" rating on the stock in a research report on Monday, November 11th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $25.00 price objective on shares of Calumet Specialty Products Partners in a report on Monday, November 11th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $23.75.

Calumet Specialty Products Partners Stock Performance

The firm has a market cap of $1.84 billion, a P/E ratio of -7.75 and a beta of 1.91. The firm has a fifty day moving average of $21.29 and a 200-day moving average of $17.97.

Calumet Specialty Products Partners (NASDAQ:CLMT - Get Free Report) last posted its earnings results on Friday, November 8th. The oil and gas company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.59) by ($0.59). The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $888.36 million. The business's revenue was down 4.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.03 EPS. Equities research analysts expect that Calumet Specialty Products Partners, L.P. will post -2.87 earnings per share for the current year.

Insider Buying and Selling at Calumet Specialty Products Partners

In related news, Director Jennifer Straumins sold 100,000 shares of Calumet Specialty Products Partners stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $20.59, for a total transaction of $2,059,000.00. Following the sale, the director now directly owns 1,388,529 shares in the company, valued at $28,589,812.11. The trade was a 6.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.91% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Calumet Specialty Products Partners

Several large investors have recently bought and sold shares of the stock. Wedbush Securities Inc. acquired a new stake in Calumet Specialty Products Partners in the 2nd quarter valued at about $169,000. Founders Financial Alliance LLC raised its holdings in Calumet Specialty Products Partners by 8.4% during the 2nd quarter. Founders Financial Alliance LLC now owns 48,400 shares of the oil and gas company's stock worth $777,000 after buying an additional 3,750 shares during the period. FAS Wealth Partners Inc. lifted its stake in Calumet Specialty Products Partners by 4.5% during the second quarter. FAS Wealth Partners Inc. now owns 54,126 shares of the oil and gas company's stock valued at $869,000 after buying an additional 2,308 shares in the last quarter. DRW Securities LLC acquired a new position in shares of Calumet Specialty Products Partners in the second quarter worth about $898,000. Finally, Creative Planning increased its position in shares of Calumet Specialty Products Partners by 46.4% in the second quarter. Creative Planning now owns 62,459 shares of the oil and gas company's stock worth $1,002,000 after acquiring an additional 19,800 shares in the last quarter. Institutional investors and hedge funds own 34.41% of the company's stock.

About Calumet Specialty Products Partners

Calumet, Inc manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to various consumer-facing and industrial markets in North America and internationally. It operates through Specialty Products and Solutions; Montana/Renewables; and Performance brands segments.