Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Down 6.6% – Here’s What Happened

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

Analyst Ratings Changes

A number of equities analysts have recently weighed in on CLMT shares. TD Cowen dropped 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 research note on Monday, November 11th. StockNews.com raised Calumet Specialty Products Partners to a “sell” rating in a research report on Monday, November 18th. HC Wainwright lifted their price target on Calumet Specialty Products Partners from $25.00 to $33.00 and gave the company a “buy” rating in a report on Monday. Finally, Wells Fargo & Company boosted their price target on 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. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Calumet Specialty Products Partners has an average rating of “Moderate Buy” and a consensus target price of $25.75.

Calumet Specialty Products Partners Price Performance

The company has a fifty day simple moving average of $21.42 and a two-hundred day simple moving average of $18.75. The company has a market capitalization of $1.72 billion, a P/E ratio of -7.25 and a beta of 1.90.

Calumet Specialty Products Partners (NASDAQ:CLMT) last announced its earnings results 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 business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $888.36 million. The firm’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.03 earnings per share. Equities analysts anticipate that Calumet Specialty Products Partners, L.P. will post -2.87 earnings per share for the current year.

Insider Buying and Selling at Calumet Specialty Products Partners

In other news, Director Jennifer Straumins sold 37,861 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $21.42, for a total value of $810,982.62. Following the completion of the sale, the director now directly owns 1,184,589 shares of the company’s stock, valued at approximately $25,373,896.38. This represents a 3.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.91% of the company’s stock.

Hedge Funds Weigh In On Calumet Specialty Products Partners

Several large investors have recently bought and sold shares of the stock. Founders Financial Alliance LLC increased its holdings 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 purchasing an additional 3,750 shares during the period. Creative Planning grew its position in Calumet Specialty Products Partners by 46.4% during the second quarter. Creative Planning now owns 62,459 shares of the oil and gas company’s stock worth $1,002,000 after buying an additional 19,800 shares in the last quarter. DRW Securities LLC acquired a new stake in Calumet Specialty Products Partners during the second quarter worth about $898,000. Finally, Wedbush Securities Inc. bought a new position in Calumet Specialty Products Partners during the second quarter valued at about $169,000. 34.41% of the stock is currently owned by institutional investors and hedge funds.

About Calumet Specialty Products Partners

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.