HC Wainwright Weighs in on Calumet Specialty Products Partners, L.P.'s Q3 2024 Earnings (NASDAQ:CLMT)

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT - Free Report) - Equities research analysts at HC Wainwright cut their Q3 2024 earnings per share estimates for shares of Calumet Specialty Products Partners in a research note issued on Monday, August 12th. HC Wainwright analyst A. Dayal now forecasts that the oil and gas company will post earnings per share of ($0.57) for the quarter, down from their prior forecast of ($0.46). HC Wainwright currently has a "Buy" rating and a $25.00 target price on the stock. The consensus estimate for Calumet Specialty Products Partners' current full-year earnings is ($1.90) per share. HC Wainwright also issued estimates for Calumet Specialty Products Partners' Q4 2024 earnings at ($0.40) EPS, FY2024 earnings at ($2.05) EPS and FY2025 earnings at $0.32 EPS.

Other equities research analysts have also recently issued reports about the company. TD Cowen dropped their target price on Calumet Specialty Products Partners from $20.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday. The Goldman Sachs Group lowered their price objective on Calumet Specialty Products Partners from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Monday, August 5th. Finally, StockNews.com initiated coverage on Calumet Specialty Products Partners in a report on Monday. They issued a "hold" rating on the stock. One analyst has rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $19.33.

Calumet Specialty Products Partners Stock Up 8.4 %

Shares of NASDAQ:CLMT traded up $1.34 during trading on Thursday, reaching $17.29. 1,023,093 shares of the company's stock traded hands, compared to its average volume of 202,054. Calumet Specialty Products Partners has a fifty-two week low of $9.97 and a fifty-two week high of $19.91. The firm has a market cap of $1.39 billion, a PE ratio of -247.00 and a beta of 1.93. The company has a 50-day simple moving average of $15.00 and a 200-day simple moving average of $15.41.

Calumet Specialty Products Partners (NASDAQ:CLMT - Get Free Report) last posted its earnings results on Friday, August 9th. The oil and gas company reported ($0.48) EPS for the quarter, beating analysts' consensus estimates of ($0.55) by $0.07. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $889.17 million. During the same quarter last year, the business earned ($0.19) earnings per share. Calumet Specialty Products Partners's revenue was up 11.4% on a year-over-year basis.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Wasserstein Debt Opportunities Management L.P. purchased a new position in Calumet Specialty Products Partners in the 4th quarter worth approximately $119,698,000. Raymond James Financial Services Advisors Inc. lifted its stake in Calumet Specialty Products Partners by 46.9% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 29,131 shares of the oil and gas company's stock worth $521,000 after purchasing an additional 9,300 shares in the last quarter. GSA Capital Partners LLP purchased a new position in Calumet Specialty Products Partners in the 1st quarter worth approximately $493,000. Corient Private Wealth LLC purchased a new position in Calumet Specialty Products Partners in the 4th quarter worth approximately $8,312,000. Finally, ICA Group Wealth Management LLC purchased a new position in Calumet Specialty Products Partners in the 4th quarter worth approximately $116,000. 34.41% of the stock is owned by hedge funds and other institutional investors.

Calumet Specialty Products Partners Company Profile

Calumet Specialty Products Partners, L.P. 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; Performance brands; Montana/Renewables; and Corporate segments.