Calumet Specialty Products Partners (NASDAQ:CLMT) Trading Down 7.6% - Here's What Happened

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT - Get Free Report) fell 7.6% during trading on Wednesday . The company traded as low as $15.33 and last traded at $15.71. 201,252 shares changed hands during trading, a decline of 85% from the average session volume of 1,387,004 shares. The stock had previously closed at $17.00.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CLMT. Wells Fargo & Company boosted their price objective on shares of Calumet Specialty Products Partners from $25.00 to $29.00 and gave the stock an "overweight" rating in a research note on Monday, October 21st. UBS Group downgraded Calumet Specialty Products Partners from a "neutral" rating to a "sell" rating and lowered their price target for the company from $20.50 to $15.00 in a research report on Tuesday, February 4th. HC Wainwright increased their target price on Calumet Specialty Products Partners from $25.00 to $33.00 and gave the company a "buy" rating in a research note on Monday, January 13th. StockNews.com raised Calumet Specialty Products Partners to a "sell" rating in a research report on Monday, November 18th. Finally, 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 research report on Monday, November 11th. Two investment analysts have rated the stock with a sell rating and four have given a buy rating to the company's stock. According to data from MarketBeat, Calumet Specialty Products Partners has an average rating of "Hold" and an average price target of $23.60.

Calumet Specialty Products Partners Price Performance

The firm has a 50 day moving average of $19.83 and a 200-day moving average of $18.91. The stock has a market capitalization of $1.39 billion, a P/E ratio of -5.87 and a beta of 1.88.

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 analysts' consensus estimates of ($0.59) by ($0.59). The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $888.36 million. The company's revenue for the quarter was down 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.03 EPS. As a group, equities analysts expect that Calumet Specialty Products Partners, L.P. will post -3.02 earnings per share for the current year.

Insiders Place Their Bets

In other Calumet Specialty Products Partners news, Director Jennifer Straumins sold 37,861 shares of the firm's stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $21.42, for a total transaction of $810,982.62. Following the completion of the transaction, the director now owns 1,184,589 shares in the company, valued at $25,373,896.38. This trade represents a 3.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.91% 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.