Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Down 5.3% - What's Next?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT - Get Free Report) was down 5.3% during mid-day trading on Friday . The stock traded as low as $20.64 and last traded at $20.71. Approximately 133,784 shares changed hands during trading, a decline of 62% from the average daily volume of 352,902 shares. The stock had previously closed at $21.87.

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Analysts Set New Price Targets

Several analysts have issued reports on CLMT shares. StockNews.com started coverage on shares of Calumet Specialty Products Partners in a research report on Tuesday. They set a "hold" rating for the company. TD Cowen upped their price target on shares of Calumet Specialty Products Partners from $22.00 to $27.00 and gave the company a "buy" rating in a research report on Thursday. The Goldman Sachs Group cut their price target on shares of Calumet Specialty Products Partners from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Monday, August 5th. Finally, HC Wainwright restated a "buy" rating and set a $25.00 price target on shares of Calumet Specialty Products Partners in a research report on Thursday. One analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Calumet Specialty Products Partners presently has an average rating of "Moderate Buy" and a consensus price target of $22.33.

Check Out Our Latest Stock Report on Calumet Specialty Products Partners

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Calumet Specialty Products Partners Price Performance

The company has a market capitalization of $1.61 billion, a P/E ratio of -286.57 and a beta of 1.92. The stock's 50 day moving average is $18.19 and its 200-day moving average is $16.32.

Calumet Specialty Products Partners (NASDAQ:CLMT - Get Free Report) last released its quarterly earnings results on Friday, August 9th. The oil and gas company reported ($0.48) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.55) by $0.07. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $889.17 million. During the same period in the previous year, the company earned ($0.19) earnings per share. Calumet Specialty Products Partners's quarterly revenue was up 11.4% on a year-over-year basis. On average, equities research analysts anticipate that Calumet Specialty Products Partners, L.P. will post -1.97 EPS for the current year.

Hedge Funds Weigh In On Calumet Specialty Products Partners

Institutional investors and hedge funds have recently made changes to their positions in the business. Raymond James & Associates increased its stake in shares of Calumet Specialty Products Partners by 13.4% during the second quarter. Raymond James & Associates now owns 572,057 shares of the oil and gas company's stock valued at $9,182,000 after purchasing an additional 67,689 shares in the last quarter. GSA Capital Partners LLP bought a new position in shares of Calumet Specialty Products Partners during the first quarter valued at approximately $493,000. Wasserstein Debt Opportunities Management L.P. increased its stake in shares of Calumet Specialty Products Partners by 2.9% during the second quarter. Wasserstein Debt Opportunities Management L.P. now owns 6,891,314 shares of the oil and gas company's stock valued at $110,606,000 after purchasing an additional 193,063 shares in the last quarter. J.W. Cole Advisors Inc. grew its holdings in shares of Calumet Specialty Products Partners by 4.3% during the first quarter. J.W. Cole Advisors Inc. now owns 20,600 shares of the oil and gas company's stock valued at $306,000 after buying an additional 850 shares during the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new stake in shares of Calumet Specialty Products Partners during the first quarter valued at approximately $119,000. Institutional investors own 34.41% of the company's stock.

About Calumet Specialty Products Partners

(Get Free Report)

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.

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