Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Down 12.3% After Analyst Downgrade

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT - Get Free Report) traded down 12.3% on Thursday after Wells Fargo & Company lowered their price target on the stock from $28.00 to $23.00. Wells Fargo & Company currently has an overweight rating on the stock. Calumet Specialty Products Partners traded as low as $8.78 and last traded at $8.87. 203,988 shares were traded during mid-day trading, a decline of 74% from the average session volume of 786,419 shares. The stock had previously closed at $10.11.

A number of other brokerages have also issued reports on CLMT. TD Cowen lowered 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 research report on Tuesday, March 4th. HC Wainwright restated a "buy" rating and set a $33.00 price objective on shares of Calumet Specialty Products Partners in a report on Monday, March 3rd. Finally, UBS Group upgraded Calumet Specialty Products Partners from a "sell" rating to a "neutral" rating and dropped their target price for the company from $15.00 to $12.00 in a research note on Monday, March 17th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $19.80.

Insider Activity at Calumet Specialty Products Partners

In other news, Director Stephen P. Mawer sold 3,655 shares of the business's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $12.88, for a total transaction of $47,076.40. Following the completion of the sale, the director now owns 287,307 shares in the company, valued at approximately $3,700,514.16. The trade was a 1.26 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO David Lunin purchased 2,500 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The stock was acquired at an average price of $13.05 per share, for a total transaction of $32,625.00. Following the acquisition, the chief financial officer now directly owns 2,500 shares of the company's stock, valued at $32,625. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. 2.91% of the stock is owned by insiders.

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Calumet Specialty Products Partners Price Performance

The business's 50-day moving average price is $13.25 and its 200 day moving average price is $17.90. The firm has a market capitalization of $851.31 million, a price-to-earnings ratio of -3.59 and a beta of 1.42.

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) EPS for the quarter, topping analysts' consensus estimates of ($1.06) by $0.59. The firm had revenue of $949.50 million during the quarter, compared to analyst estimates of $921.76 million. During the same quarter in the prior year, the firm earned ($0.59) EPS. The business's quarterly revenue was down 2.8% compared to the same quarter last year. As a group, sell-side analysts expect that Calumet Specialty Products Partners, L.P. will post -3.02 earnings per share for the current year.

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.