Calumet Specialty Products Partners (NASDAQ:CLMT) Trading Down 4.1% - Here's What Happened

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT - Get Free Report) shares were down 4.1% during mid-day trading on Monday . The stock traded as low as $22.50 and last traded at $22.61. Approximately 212,708 shares were traded during trading, a decline of 66% from the average daily volume of 634,645 shares. The stock had previously closed at $23.58.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. StockNews.com upgraded Calumet Specialty Products Partners to a "sell" rating in a research note on Monday, November 18th. HC Wainwright reaffirmed a "buy" rating and set a $25.00 target price on shares of Calumet Specialty Products Partners in a research note on Monday, November 11th. TD Cowen reduced their price target on shares of Calumet Specialty Products Partners from $27.00 to $26.00 and set a "buy" rating on the stock in a report on Monday, November 11th. Finally, Wells Fargo & Company increased their price objective on shares of Calumet Specialty Products Partners from $25.00 to $29.00 and gave the company an "overweight" rating in a report on Monday, October 21st. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $23.75.

Calumet Specialty Products Partners Stock Down 4.8 %

The business's fifty day moving average is $21.36 and its two-hundred day moving average is $18.56. The stock has a market capitalization of $1.93 billion, a PE ratio of -8.13 and a beta of 1.90.

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 for the quarter, missing analysts' consensus estimates of ($0.59) by ($0.59). The firm had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $888.36 million. During the same quarter in the previous year, the business posted $0.03 EPS. The firm's revenue was down 4.3% on a year-over-year basis. Sell-side analysts expect that Calumet Specialty Products Partners, L.P. will post -2.87 EPS for the current fiscal year.

Insider Buying and Selling at Calumet Specialty Products Partners

In other Calumet Specialty Products Partners news, Director Jennifer Straumins sold 37,861 shares of the business's stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $21.42, for a total transaction of $810,982.62. Following the transaction, the director now owns 1,184,589 shares in the company, valued at $25,373,896.38. The trade was a 3.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 2.91% of the company's stock.

Hedge Funds Weigh In On Calumet Specialty Products Partners

A number of large investors have recently made changes to their positions in the company. Wedbush Securities Inc. bought a new stake in Calumet Specialty Products Partners in the second quarter worth about $169,000. Founders Financial Alliance LLC lifted its stake in shares of 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 acquiring an additional 3,750 shares during the last quarter. DRW Securities LLC purchased a new position in Calumet Specialty Products Partners during the 2nd quarter valued at $898,000. Finally, Creative Planning grew its position in Calumet Specialty Products Partners by 46.4% in the 2nd quarter. Creative Planning now owns 62,459 shares of the oil and gas company's stock valued at $1,002,000 after acquiring an additional 19,800 shares during the last quarter. 34.41% of the stock is owned by hedge funds and other institutional investors.

Calumet Specialty Products Partners Company Profile

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.