Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Down 6.6% - Should You Sell?

Shares of Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT - Get Free Report) traded down 6.6% during mid-day trading on Tuesday . The stock traded as low as $19.78 and last traded at $20.54. 262,750 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 921,490 shares. The stock had previously closed at $22.00.

Analyst Upgrades and Downgrades

A number of research firms have commented on CLMT. StockNews.com raised Calumet Specialty Products Partners to a "sell" rating in a report on Monday, November 18th. TD Cowen reduced their price objective on Calumet Specialty Products Partners from $27.00 to $26.00 and set a "buy" rating for the company in a report on Monday, November 11th. Wells Fargo & Company boosted their target price on shares of Calumet Specialty Products Partners from $25.00 to $29.00 and gave the company an "overweight" rating in a research note on Monday, October 21st. Finally, HC Wainwright raised their price target on Calumet Specialty Products Partners from $25.00 to $33.00 and gave the stock a "buy" rating in a research note on Monday. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $25.75.

Calumet Specialty Products Partners Price Performance

The company has a 50-day moving average price of $21.42 and a 200 day moving average price of $18.75. The firm has a market capitalization of $1.63 billion, a PE ratio of -6.87 and a beta of 1.90.

Calumet Specialty Products Partners (NASDAQ:CLMT - Get Free Report) last released its quarterly earnings data on Friday, November 8th. The oil and gas company reported ($1.18) earnings per share (EPS) for the quarter, missing the consensus estimate 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 prior year, the firm posted $0.03 EPS. Calumet Specialty Products Partners's revenue was down 4.3% on a year-over-year basis. As a group, research analysts anticipate that Calumet Specialty Products Partners, L.P. will post -2.87 earnings per share for the current year.

Insider Activity at Calumet Specialty Products Partners

In related news, Director Jennifer Straumins sold 100,000 shares of the company's 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 transaction, the director now directly owns 1,388,529 shares in the company, valued at approximately $28,589,812.11. This represents a 6.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.91% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CLMT. 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. Wedbush Securities Inc. purchased a new stake in shares of Calumet Specialty Products Partners during the second quarter valued at $169,000. Creative Planning grew its holdings 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 purchasing an additional 19,800 shares during the last quarter. Finally, DRW Securities LLC purchased a new position in Calumet Specialty Products Partners in the 2nd quarter worth about $898,000. Hedge funds and other institutional investors own 34.41% of the company's stock.

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.